24415 Lecture Notes - Lecture 1: Fast-Moving Consumer Goods, E-Book, Relationship Marketing
Document Summary
Comprehensive case analysis: company can be local or international, analyse its existing strategy and identify problems and their symptoms, can print pages from ebook version of textbook and bring into final exam. What is marketing strategy: about making managerial choices regarding how to create distinctive positions in the marketplace and how to deliver unique customer value, a game plan of where to play and how to win. Product vs value/utility: custo(cid:373)ers do(cid:374)(cid:859)t (cid:271)uy a produ(cid:272)t for its features (cid:271)ut rather for the (cid:448)alue they (cid:272)a(cid:374) derive from the product, advertisers now use emotional appeal to sell a product in ads. Consumption utility: marketers can also create utility through branding and experience, consumers now pay for experience, luxurious goods provide the utility of social status/brand image. Paradigm shift in marketing: today marketing is not about just understanding customers but also creating value for other stakeholders and trying to satisfy their needs (customers, clients, partners and society)
