We are continuing with Module 4 -- Marketing of your Business. The primary reading is Chapter 11, which we went over last week.
This week, re-read the three secondary readings - a couple of which you have read before
a. The 5 Ps of Marketing
b. Who is Your Customer?
c. Customer Pain Point
Complete DQs 1 & 2 by Friday, October 23 - Respond to your peers by Sat, October 24.
DQ1: Based on Chapter 11 and Secondary Reading on 'Who Is Your Customer?'
Yes, we have heard that customers are always right. Rita who bought the chips last week deserved to be better treated, and many of you said that it was important not to ignore the 1% who were dissatisfied but here is another way marketers look at their customers. https://www.entrepreneur.com/article/229294
After reading this, let us rethink which 1% should Ritz Carlton focus if they were not satisfied, or should the store focus on Rita who spends $75 every week?
DQ2: Based on Chapter 11 and Secondary Reading '5Ps of Marketing'
As discussed in the secondary reading - 5 Ps of Marketing - positioning is the way your customers perceive you relative to competition. It becomes your brand identity. Positioning is not your ranking among your customers -- it is the image that customers have about your brand (relative to competition) -- And a positioning map can show how you are viewed relative to competitors. Here is an example of a positioning map. If you were an entrepreneur planning to enter the automobile market, where would you like to be positioned relative to the others on this map? Can you capture the positioning in one sentence?
Attachment:- Readings.rar