BSB126 Study Guide - Final Guide: Integrated Marketing Communications, Brand Loyalty, Target Costing

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20 Jan 2017

Document Summary

Topic one- introduction to marketing and the marketing concept. The marketing concept: an organisation should strive to satisfy the needs of consumers while also trying to achieve the organisations goals. Customer orientation: creating an item which fulfils a pre-existing customer need. Marketing vs. selling: marketing is the process of developing, pricing, promoting and distributing. Market segmentation: aggregating prospective buyers into groups that have common needs and will respond similarly to marketing actions. Positioning: altering the space in one"s mind on important features compared to competitors. Market aggregation: treat the total market as a single segment. Multiple-segment concentration: select 2 or more segments. Single-segment concentration: focus on one segment (a niche" market) Information search: seeking value: problem recognition: perceiving a need, alternative evaluation: assessing value, purchase decision: buying value, post purchase behaviour: value in consumption or use. Routine problem solving: little effort, habitual purchase (eg. milk, salt) Limited problem solving: need help deciding due to little time/effort to research (eg. kettle)

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