Marketing at Technische Hochschule Nürnberg

A want is an item that fulfils a need and a demand is a want backed by the ability to pay.

Negative demand, irregular demand, latent demand, non-existent demand, declining demand, full demand, overfull demand and unwholesome demand.

A demand that doesn't exist yet, but will in the future.

Segment, target and position. Identify market segment, then zoom in on target group and finally position your product.

Value propositions are how the consumer ranks their buying options.

It describes the consumer's ability to substitute different goods for each different need.

Relationship marketing, external  marketing, performance marketing and internal marketing

The tracking of performance measures such as finances, returns on marketing investment (ROMI) and benchmarking.

Core competencies are how the business communicates the value of their products/services.

a) if you're good at support processes, then you should aim to be a cost leader.

b) If you're good at primary activities, you need a differentiation strategy.

Product, price, place and promotion

Needs a basic items every human needs to exist.

•  Stated need (customer specifically says – I want a cheap car)
• Real need (Realistically, it also needs to be cheap, but also have low running costs, be safe etc.)
• Unstated need (in the mind of the customer – I need warranty with this)
• Delight need (small add-ons that are expected – a box of chocolates for buying a new car)
• Secret need (a status that comes with buying a product- you have an IPhone, everyone thinks you’re rich).