MOS 1023B Lecture Notes - Lecture 6: Target Market, Marketing Mix, Marketing Strategy

• School: Bishop's University
• Department: business management
• Course: MOS 1023B
• Professor: Dale Wood

Document Summary

An organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Discover unmet customer needs; research potential market; produce a good/service capable of satisfying targeted customers; promote, price, and distribute good/service. Successful organizations focus on building customer relationships throughout. Best marketers give consumers what they want and anticipate consumers" needs before they surface. When two or more parties benefit from trading something of value (such as goods, services, or cash), they have entered an exchange process: marketing creates utility. Power of a good or service to satisfy a want or need. Create time utility by making a good or service available when customers want to purchase it. Create place utility by making a product available in a location convenient for customers. Create ownership utility through an organized transfer of goods and services from the seller to the buyer: developing a marketing strategy.