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Bus 1050, Week 7

by: sophia_hella

Bus 1050, Week 7 BUS 1050

Marketplace > University of Utah > BUS 1050 > Bus 1050 Week 7
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About this Document

Markets/customers, why you buy, needs vs. wants, war and marketing
Business Foundations
Class Notes
business, Marketing
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This 2 page Class Notes was uploaded by sophia_hella on Tuesday October 4, 2016. The Class Notes belongs to BUS 1050 at University of Utah taught by in Fall 2016. Since its upload, it has received 17 views.


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Date Created: 10/04/16
Tuesday, October 4, 2016 Bus 1050: Week 7 Market: the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Decisions Faced by the Marketer • Market segmentation/selection (the who) • 4 P’s - Product, Place, Price, Promotion (the what, where, how, and how much) The Participants • 3 C’s - Company, Customer, Competition
 (sometimes called 4 C’s but channel above) Marketing by Creating Customer Value 1. At bare minimum, offer products that perform 2. Surpass customer expectations 3. Do not price unrealistically 4. Give guarantees 5. Give the buyer facts 6. Build relationships Marketing Mix Elements Product: the physical unit, package, warranty, after-sale service, image value, etc. Price: list price, credit terms, allowances, flexibility, discounts Place: channels, middlemen, market coverage, transportation Promotion: objectives, personal selling, advertising, sales promotion, public relations, word of mouth 1 Tuesday, October 4, 2016 Customer Market Segmentation Geographic: nations, states, regions, countries, cities, neighborhoods Demographic: age, gender, family size, life cycle, race, occupation, income Psychographic: lifestyle or personality Behavioral: occasions, benefits, uses, attitudes, loyalty, buyer-readiness Multi-Attribute: smaller and better defined target groups, geoclustering Branding Distinction Brand: a name, term, symbol, design or combination that identifies a sellers product and differentiates its competition Brand Name: part of the brand that can be spoken, including letters, words or numbers that differentiates the goods and services of a seller from their competitors Brand Mark: elements of a brand that cannot be spoken; used on all or most of a company’s products Trade Character: a person, personified character or animal used to identify a product or business Trade Mark: exclusive right to use a brand, brand name, brand mark or trade character that has been given legal protection 2


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