m1l3 - Spring 2008 Module 1 Delighting Customers Lecture 3...

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David Robinson © D. Robinson, 2008 Spring 2008 Module 1 Delighting Customers Lecture 3: Product I
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Class 3: Product I The size of the US economy—and its influence on the global economy Consumer and Organizational Markets The Marketing Mix Goods and services Product classes for consumers and organizational buyers New Product Development Process
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Some Review of Lecture 1 Marketing is about delighting customers Firms have to choose which customers to delight Then, they plan how to delight them by designing an effective Marketing Mix
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[Sidebar: Why everyone worldwide is in a panic about a slowdown in the US economy]
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The US Economy is the tail that wags the Global dog The US economy (GDP) is about $13 trillion per year About 28 percent of the world total of $47 trillion
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Two thirds of the US Economy is Consumption (rather than investment) US Economy: $13 trillion 2/3 is Consumer’s consumption 1/3 is Investment Capital equipment Housing, etc
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Result: US Consumer Purchases are 1/5 th of the world’s economic activity : Rest of the world, $33.5 trillion Total US, $13 trillion US B2B, $4 trillion US Consumer purchases, $9 trillion
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Consumer and Business Markets
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Marketing Strategy D e f i n e t h e M a r k e t S e g m e n t t h e M a r k e t C h o o s e A t t r a c t i v e S e g m e n t s D e s i g n a M a r k e t i n g m i x A p p e a l t o t h e T a r g e t s P o s
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