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University of Toronto St. George
Rotman Commerce
John Oesch

March 16 2011(chapter 15, 16, 17) RSM session 20 Marketing, Pricing and Distribution 1. Marketing: Thinking about marketing strategically all the way, including all departments in the firm. Not just getting customers for our best products and services; but also getting products and services for our best customers.(connecting buyers and sellers) Value creation: providing valuable productsservices profitably planning and executing the development, pricing, promotion and distribution of ideas, goods, services to create exchanges that satisfy both buyers and sellers objective Two basic activities: identifying customer needs and wants &getting the product to the customer Massive Innovation and Physical distribution (two underlying factors) FedExs competition=Ups offers ground delivery but FedEx does not The Value Targeted advertising (Google) databasedata mining viral marketing (i.e. Facebook, youtube customers put their experience up there) the basic ideas apply to all industries including accounting firms, consulting firms, government. Relationship marketing: emphasizes lasting relationships with customers and suppliers. (i.e. banks offer economic incentives to encourage longer-lasting relationships) 2. Strategy: the Marketing Mix - The combination of product, pricing, promotion, and distribution strategies used in marketing a product Marketing plan: a detailed strategy for gearing the marketing mix to meet consumer need and wants 3C (uncontrollable): consumer, competition, company. Firms do not get the chance to choose what customers choose, and firms cannot control the competition and other companies in the industry. 4P: product, pricing, promotion, place Segmentation: The act of slicing up the total market Market segmentation: dividing a market into categories of customer types
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