COMM 131 Study Guide - Final Guide: Customer Relationship Management, Market Segmentation, Value Proposition

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Published on 13 Apr 2013
School
Queen's University
Department
Commerce
Course
COMM 131
Professor
Chapter 1: Marketing: Creating and Capturing Customer Value
Marketing Management: is the art and science of choosing target markets and building profitable
relationships with them
Marketing Process:
Understand the marketplace and customer needs
Design a customer-driven marketing strategy
Construct marketing programs
Build customer relationships
Developing a customer-driven marketing strategy
Selecting customers to serve:
Must decide who it will serve by dividing the market into segments (market segmentation) and
deciding which segment they like (target marketing)
Cannot serve all customers
Choosing a value proposition:
How will you differentiate and position yourself in the marketplace?
Value proposition Values/ benefits customers will get
Customers need the question answered, “why should I buy your brand rather than a
competitors?”
Marketing management orientations:
What weight should be given to the interests of customers, organization and society?
The production concept
Customers will favour products that are highly available and highly affordable
focus on improving efficiency
Product Concept
Consumers will favour products with the most quality, performance and features
Selling concept
Consumers will not buy products unless it undertakes a large-scale selling and promo effort
High risk
Marketing Concept
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Document Summary

Chapter 1: marketing: creating and capturing customer value. Marketing management: is the art and science of choosing target markets and building profitable relationships with them. Must decide who it will serve by dividing the market into segments (market segmentation) and deciding which segment they like (target marketing) Value proposition values/ benefits customers will get. Customers need the question answered, why should i buy your brand rather than a competitors? . Customers will favour products that are highly available and highly affordable focus on improving efficiency. Consumers will favour products with the most quality, performance and features. Consumers will not buy products unless it undertakes a large-scale selling and promo effort. Depends on knowing the needs and wants of the target market and delivering these satisfactions better than competitors. After getting their marketing strategy, a company develops a marketing program that will deliver the product to the target market. Marketing mix: product, price, place, promo.

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