COMM 103 Chapter Notes - Chapter 10: Competitor Analysis, Potato Chip, Decision-Making
12 Feb 2015
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Marketing is the process through which organizations design, develop, and communicate the value of their products and/or services. (value = why it is superior to competitors" product/service offerings) Consumer behaviour principles: principle 1: customer don"t buy products or services they buy solutions to problems or needs, principle 2: customers will not pay more for a product if they can get a similar product for less. Value proposition = service + product + brand + cost + emotional benefits (perceived value) Six rs of marketing: right need, right solution, right value proposition, right methodology for delivery, right price to charge, right communication method to use. An effective and well-defined market position + superior marketing effort = profitability and growth. Positioning is the ability of an organization to develop a unique, credible, sustainable, and valued place in the minds of our customers for its brand, products and/or services.
