COMM 296 Study Guide - International Monetary Fund, Customer Relationship Management, Market Segmentation

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Published on 15 Feb 2014
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People value items differently; depends on the person
Sony tape recorder marketed to university students instead of general public
May need to find the people in order to market the product to them
Multiple choice or short answer
Majority coming from the textbook and in-class lecture
Exams are objective
September 4
Wednesday, September 04, 2013
8:29 AM
COMM 296 Page 1
Apple: customer service, app store, Apple care, etc.
Value does not just have to come at the transaction, it can come before or after
Companies should choose between competing in value or prices
If the same product with lower value changes in price, there may be a switch to
alternatives
If things with high in value, may have less competition when the price changes
Everyone in the value chain is able to make money with higher value products
"What can I do, so that you and I can make money together?"
Companies may have several different things, complementary or not, to create/increase
value
May be different from country to country in Europe, USA to Canada, etc.
Consumers from different countries have different ideas on value
The value is in the eye of the beholder
Consumer behaviour is much different than in NA
Disney did not change when they put a park in Hong Kong
North American based companies need to tailor their goods/services to new markets
Companies must not only understand the value/needs of the customer but much more
Value
CEO must know what the target/objective of the company is
Divisions of a company must have similar/same goals
Companies must know who their target(s) is/are in order to have the same goals and
max. operations
Goals and Target(s)
The experience and culture may be valued differently between people
Value can come from previous experiences
The more you understand, other person's perspective, helps to market products
Global Value
Everything they do has a purpose to grab your attention
Things may not be labelled as a marketing expense but it is related
Location, interior design, employee training
Starbucks
September 9
Monday, September 09, 2013
8:24 AM
COMM 296 Page 2
Marketers have to give consumers a reason to buy a product
Good companies are able to create value for their consumers through marketing
Buy because you trust them, you know them, etc.
Companies need to first build a relationship with consumers
4P's
4C's
Product
Consumer Need
Price
Consumer Willingness to Pay
Place
Consumer Convenience
Promotion
Consumer Communication
September 11
Wednesday, September 11, 2013
8:28 AM
COMM 296 Page 3