BUSN 70 Lecture Notes - Lecture 2: Reference Group, Persuasion, Customer Relationship Management

• School: Santa Clara University
• Department: Business
• Course: BUSN 70
• Professor: Bunger

Document Summary

It allows firms to communicate the value of the produts/services to their target markets. Purpose of marketing: )t"s a necessary function of reaching customers, establishing relationships, and driving. Changeable factor to stimulate/ respond to competitor"s actions. Marketing concept: idea that an organization should try to satisfy customer"s needs thru coordinated activities. Place: (distribution) transportation, warehouse, + other accomodations like does the product need to be cold. Customer benefits (what buyers receive in exchange) - customer costs (what buyer must give up to to achieve its goals. Nonprofits, gov institutions, and people must market themselves to spread awareness to achieve desired outcomes receive benefits) = customer value. >market strategies: select target market, develop a marketing mix to satisfy the target market. Concentration approach: 1 strategy for a single market segment. Multisegment approach: many strategies for 2+ segments ex: toyota and lexus. Niche approach: narrow segments w/ unique needs ex: personal jet rentals. ***women are the largest market segment @ 51%***