COMM 200 Chapter Notes - Chapter 10: Market Segmentation, Competitor Analysis, Competitive Advantage
24 Dec 2016
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In the simplest context, the purpose of marketing is to design, develop, and communicate value. Principle #1: customers 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. To be successful in the execution of its overall corporate strategy, an organization must be successful at both the product strategy level and the business strategy level. Successful positioning objectives: communicate the solution effectively to the targeted customer, understand the market to be served, understand the customer to be targeted, deliver the solution in a way that is superior to competitors. Positioning is all about developing a unique, credible, sustainable, and valued place in the minds of customers for the brand, product, and service. The concept of market segmentation recognizes that one size does not fit all .
