MK222 Lecture Notes - Lecture 1: Pest Analysis, Ibuprofen
26 Jun 2018
School
Department
Course
Professor
● Themes
○ Emotion
○ Trust
○ Quality
○ Awearness
○ Price
○ Risk Reduction
○ Digital Consumption
○ Brand name/generic
■ Calling a product by a brand name eve when it is not a product of that
brand
● Band-aids
● Kleenex
● Advil
● Sandwich Cookies
○ Purchase Decisions
○ Trends
○ Category Leadership
○ Generic vs. Brands
● The 4 P’s of Marketing
○ Product
○ Price
○ Place
○ Promotion
● Marketing
○ Marketing is the activity, set of instructions, and process for creating
communicating, delivering, and exchanging offerings that have VALUE for
customer, clients, partners, and society at large
○ Goals
■ Business discipline about markets, with a focus on the exchange of food,
services and ideas
■ Aims to develop successful exchanges among customers, collaborators
and the company that drive value
● What is value?
○ Price
○ Quality
○ Positive Gain? Negative gain?
○ Durability
○ Personal assessment of the net worth obtained from an activity
○ Captures how much gratification a consumer receives from consumption
○ Utilitarian
■ Rational and practical
● Gratification derived from problem solving
