COMM 200 Lecture Notes - Lecture 10: Target Market, Marketing Mix, Psychographic

• School: Queen's University
• Department: Commerce
• Course: COMM 200
• Professor: Darren Mc Caugherty

Document Summary

The ultimate goal of a marketer is to create value in the eye of the consumer. The purpose of marketing is to design, develop and communicate value. Value, in this context, refers to the ability to communicate, to existing and potential customers, why their product/service offering meets the needs of individuals and why it is superior to competitive alternatives. The marketing process begins long before the advertising strategy is developed. Marketing assesses market dynamics (identifying needs and solutions) and ensures that customers are aware of and have access to the product through distribution channels. Customers don"t buy products or services; they buy solutions to problems or needs. Customers will not pay more for a product if they can get a similar one for less. The greater the ability of an organization to deliver solutions to customers" problems or needs which are interpreted to be of higher quality, uniqueness, enhanced importance or convenience, the greater its value becomes.