The 2Cs of Marketing PDF

7.2 The 2 Cs of Marketing What are the 2 Cs of marketing? The 2 Cs of marketing are: (1) Customer (2) Competition They are always at the top of the marketer’s mind. Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational...

7.2 The 2 Cs of Marketing What are the 2 Cs of marketing? The 2 Cs of marketing are: (1) Customer (2) Competition They are always at the top of the marketer’s mind. Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 9 © This material may not be reproduced without the written permission of the publisher. Target markets Target markets are those prime groups of customers that may be ready to purchase your product or service. ✔ It is often said that 80% (or more) of a marketer’s effort should be directed to the 20% who regularly purchase their products or are likely to do so. © Shutterstock_83588047 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 10 © This material may not be reproduced without the written permission of the publisher. Sizing up the competition It is important to “size up” the competition. ✔ The more competing products are sold, the less will be the sales of your own products. ✔ Besides, you have to be able to convince the customer of the superiority of your product over that of your competitor. © Shutterstock_267039110 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 11 © This material may not be reproduced without the written permission of the publisher. Direct competition ✔ Competing products are virtually identical. ✔ An example is a McDonald’s Big Mac and a Harvey’s burger. © Shutterstock_1897764097 ✔ Both are fast- food burgers. Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 12 © This material may not be reproduced without the written permission of the publisher. Indirect competition With indirect competition, the products are different but could substitute for each other. ✔ An example of indirect competition is Honda CRV (a recreational vehicle) and a Toyota Camry (a family sedan). © Shutterstock_1746792431 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 13 © This material may not be reproduced without the written permission of the publisher. Gaining a large market share By gaining a large market share means you have effectively overcome the competition. ✔ Gaining significant market share is a goal of every Canadian business. ✔ If you achieve a decisive market share, you receive the bulk of purchases from this group of consumers. © Shutterstock_2204850571 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 14 © This material may not be reproduced without the written permission of the publisher. Training to become a marketer Literacy and numeracy are valuable assets in the marketing side of a business. ✔ Marketing courses are offered in many high school business studies programs ✔ Marketing is offered at most business schools at Canadian colleges and universities. ✔ You can get hands-on experience in marketing by working in the marketing department at a local © Shutterstock_2259202021 business or by volunteering for a not-for-profit business. Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 15 © This material may not be reproduced without the written permission of the publisher. Do consumers benefit from competition? Competition benefits consumers by: ✔ Higher-quality products offered by these firms trying to out-do each other ✔ Greater variety of products ✔ Products coming out more quickly ✔ Lower prices (as firms compete) Fewer competitors are not good for consumers. Consumer must be careful to weigh the pros and cons of various products lest they be duped into © Shutterstock_1729703581 purchasing something they do not need. Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 16 © This material may not be reproduced without the written permission of the publisher.