RSM250H1 Lecture Notes - Lecture 1: Marketing Myopia, Swot Analysis, Cash Register
Document Summary
Creating product and services that gives value to consumers. All about serving the needs of consumers. Analysis: consumer analysis, competition analysis, internal analysis and, swot analysis. Action (4ps: product: customer solution (variety, design, brand name, price: customer cost (price, discounts, credit terms, promotion: communication (advertisement, place: convenience (location, transportation, service. Caused by focusing too much on features of products and services instead of the needs of consumers. Economic value: reduced cost of ownership. Buying two cars for around the same price buy one is cheaper. How much do i pay and what do i get for it . Maximum price one should be willing to pay (firms offer prices lower than this as an incentive. Functional value: value of tangible features. The features or functional benefits of a product, too many features without benefit doesn"t add value. Experimental value: value of intangible features, can be created in four ways : branding, designing, customer experience and/or customer service, emotional benefits.
