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Chapter final

MARK 201 Chapter final: Marketing Final Notes

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Concordia University
MARK 201
Steven Laing

Marketing Targeting Strategies Undifferentiated marketing targets the whole market with one offer. • Mass marketing • Focuses on common needs rather than what’s different Differentiated marketing targets several different market segments and designs separate offers for each. • Goal is to achieve higher sales and a stronger position • More expensive than undifferentiated marketing Concentrated marketing (Niche marketing) targets a large share of one or a few smaller segments or niches. • Limited company resources • Knowledge of the market • More effective and efficient Micromarketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations. It includes: 1. Local marketing: Involves tailoring brands and promotion to the needs and wants of local customer groups. Examples are Cities, Neighborhoods and Stores. 2. Individual marketing: Involves tailoring products and marketing programs to the needs and preferences of individual customers. ➢ One-to-one marketing ➢ Mass customization & Markets-of-one marketing Three Levels of Product and Service Core Customer Value: Is the most basic level and addresses the question “What is the buyer really buying?” When designing products, marketers must define the core, problem solving benefits or services that consumers seek. People who buy smart phones are buying more than a cellphone, email device, or personal organizer. They are buying freedom and on-the-go connectivity to people and resources. Actual Product: At this level, product planners must turn the core benefit into an actual product. They need to develop product and service features, design, a quality level, a brand name and packaging. Augmented Product: It must be built around the core benefit and actual product by offering additional consumer services and benefits. • The Samsung/Apple/HTC solution offers more than just a communication device. It provides consumers with a complete solution to mobile connectivity problems. Consumer products Are products and services bought by final consumers for personal consumption. Convenience products are consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort. Shopping products are consumer products and services that the customer compares carefully on suitability, quality, price, and style. These are less frequently purchased. Specialty products are consumer products and services with unique characteristics or brand ID for which a significant group of buyers is willing to make a special purchase effort. Unsought products are consumer products that the consumer doesn’t know or knows about but doesn’t normally think of buying. Managing New-Product Development Customer-centered new product development focuses on finding new ways to solve customer problems and create more customer satisfying experiences. • Begins and ends with solving customer problems Team-based new-product development is a development approach where company departments work closely together in cross-functional teams, overlapping in the product-development process to save time and increase effectiveness. Sequential new-product development is a development approach where company departments work closely together individually to complete each stage of the p
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