COMM 103 Lecture Notes - Lecture 8: Payback Period, Marketing Mix, Customer Engagement

• School: Queen's University
• Department: Commerce
• Course: COMM 103
• Professor: Gregory Libitz

Document Summary

Marketing mix: (cid:396)efe(cid:396)s to a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)"s st(cid:396)ategi(cid:272) a(cid:374)d ta(cid:272)ti(cid:272)al de(cid:272)isio(cid:374)s (cid:396)elati(cid:374)g to its p(cid:396)odu(cid:272)t/se(cid:396)(cid:448)i(cid:272)e offerings, pricing, distribution, and marketing communication efforts and approaches: product strategy: value proposition attributes versus product attributes. The o(cid:448)e(cid:396)all (cid:862)e(cid:454)pe(cid:396)ie(cid:374)(cid:272)e(cid:863) that the (cid:272)usto(cid:373)e(cid:396) has (cid:449)ith the p(cid:396)odu(cid:272)t/se(cid:396)(cid:448)i(cid:272)e, this shifts i(cid:374)to the value. Proposition attributes, and it focuses on building positive performance gaps between the company a(cid:374)d it"s (cid:272)o(cid:373)petito(cid:396)s. tangible product attributes + intangible product attributes = develop positive performance gaps over competitors. Truly successful brands, which ass power to a company and/or its products and services, are those that have evolved to the top of the brand ladder. Predetermined purchase list: refers to the ranking of products/services that purchasers develop for all the options available when making a purchase decision. To be at the top you need to succeed in distinctive product attributes, distinctive product benefits, and distinctive emotional or psychological commitment and have an active and loyal customer base.