COMM 320 Lecture Notes - Lecture 6: Product Differentiation, Integrated Marketing Communications, Corporate Communication
11 Nov 2018
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An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that (cid:271)e(cid:374)e t the organizati on and its stakeholders. **marketing practices vary depending on the type of company and the products and services it sells. Marketing is very important: establishes a customer market, differentiates product or service to customers, gains customer acceptance, cultivates loyalty. ** entrepreneurial companies must be able to switch marketing gears quickly to attract new customer segments. Entrepreneurial marketing: little or no market share (confined geographic market presence, restricted access to distributors, low brand awareness and customer loyalty, limited market information, market-related dangers, overestimating demand, underestimating competitor response, making uninformed distribution decisions. Entrepreneurs face unique marketing challenges: limited by, financial and managerial resources, time, market information, muddling decision-making with personal biases, marketing at an early stage, to multiple audiences. **marketing allows entrepreneurs to leverage scarce resources through innovative business approaches.
