MCS 1000 Study Guide - Comprehensive Final Guide: Financial Market, Profit Margin, Anti-Spam Techniques

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sylvain Charlebois

Document Summary

An idea that companies can make money by selling small amounts of items that only a few people want, provided they sell enough different items. Marketers often group consumers by their psychological orientations: e. g. , harley-davidson"s buyers. Those who are thrill-seekers & have an affinity for a counter cultural image. Firms can be segmented by: organizational behaviour, industrial psychographics, organizational demographics. Concentrated targeting strategy: focusing a firm"s efforts on offering one or more products to a single segment. Custom marketing strategy: an approach that tailor"s specific products & the messages about them to individual customers. Positioning: developing a market strategy that clearly differentiates a firm"s brand form it"s competitors along key dimensions of value that are important to target consumers or customers. Establish a brand image for one"s offer in the minds of target consumers. This analysis includes assessment of: strengths/weaknesses of one"s firm, one"s ability to create sustainable competitive advantage, opportunities/threats in external environment.