BUS 111W Lecture Notes - Lecture 1: Doritos, Tostitos

• School: University of Waterloo
• Department: Business (Wilfrid Laurier University)
• Course: BUS 111W
• Professor: Laura Allen

Document Summary

An integrated system of activities designed to plan, price, promote and distribute, want- satisfying goods and services to present and potential customers. 2 keys to success chap 3: 1. Convince the customer through consistency: provide a unique benefit. Typically, this is a segment of the market that is not being served (pg 110: how to determine target market, market segmentation, perceptual mapping, preference analysis. Bases for segmentation: state-of-being (demographic, geographic, state-of-mind (psychographic, product usage (behavioural) (usage-rate, benefits sought (benefit) Find the observable variables most likely to discriminate among the benefit segments to develop prototypical customer profiles. 3 maps (perceptual mapping, preference analysis, perecputal mapping and preference. Determine which of the segments will be the target market. By finding the biggest gap between how the customer perceives the competition meets their needs perceptual map and what they really want preference analysis. Draw axes that represent the relevant dimensions/criteria by which people perceive and evaluate different product offerings.