Mark2051 Notes

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MARK2051 What is marketing strategy? The process of matching the organisation’s strengths to the customer needs, with the aim of achieving a competitive advantage in the market. The combination of product, price, distribution and promotion most suited to a particular group of consumers. • Goal: the create a sustainable competitive advantage in the market • All the elements of the marketing strategy that lead to the development of the competitive advantage require good understanding of consumer behaviour Marketing strategy process: • 1. Segment: understand consumers a. Determine the dimensions (age, geography, subculture) b. Determine the heterogeneity c. Define the needs & goals 2. Target: choose consumers a. Evaluate each segment in…show more content…
Reducing the need gap below the point motiving change in behaviour for habitual buyers Gestalt psychology: the name given to the school of psychology that examines the process by which information about a stimulus is organised and categorised by the human brain into patterns. Th ink sw ap Do cu me nt Cognitive interpretation: a process whereby stimuli are placed in existing categories of meaning Affective interpretation: the emotional or feeling response triggered by a stimulus Lecture 4 – Stimulus Perception Stimulus: an object or an event in the external environment becomes a stimulus when it comes into contact with the consumer’s sense organs Sensory organs Eye Principles of visual perception o Trichromatic theory There are 3 cones: 1. S cones – sensitive to blue 2. M cones – sensitive to green 3. L cones – sensitive to red o Opponent process theory There are 3 mechanisms that respond to a pair of opposites: Blue-yellow Green-red Black-white o Gestalt • Ears Senses airborne chemical molecules • Related to memories & emotions • Consists of 10 million rods embedded in the olfactory epithelium – responding to different chemicals Th Olfactory ink sw Detects different physical characteristics of pressure waves: • Pitch: perception of the frequency of sound waves (umber of wavelengths that pass a fixed point in a unit of time) • Loudness: the perception of the intensity of sound (the pressure exerted by sound
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