Marketing 101 Lecture Notes Essay

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LECTURE 1: What is Marketing? Evolution of Marketing: Product OrientationSalesConsumerCompetitorCRMValue (brand equity) 5 C’s (Strategic) * Company * Customers * Competitors * Collaborators * Context 4 P’s (Tactical- “marketing mix”) * Product * Promotion * Price * Place LECTURE 2: Customer Behavior Consumer Decision Making Process: Adoption Process (of new concepts that do not rely on previous purchases) (textbook): AwarenessInterestEvaluationTrialDecision (purchase)Confirmation (reinforcement) Basic Consumer Needs * Esteem * Control * Belonging * Meaningfulness Book’s Hierarchy of needs: PSSP: physiological, safety, social, personal Multi-Attribute Model (High…show more content…
Identify, 2.Measure, and 3.Evoke Brand associations lead to inferences that result in schemas and brand extensions Brand Name: * Four Easy “tests” * say, spell, read, remember * Four “Fit” tests * target market, benefits, culture, legal Packaging reinforces brand and delivers value (to both customers and collaborators) LECTURE 5: PLC Practical Problems with PLC * Sales patterns often aren’t very smooth * Noisy data * Sometimes can’t sort out trial vs. repeat * Hard to know which stage of PLC is in effect * Conflicting factors make it hard to judge skim vs. penetration * Questions about cause-and-effect * Does PLC drive strategy or vice versa? * Can become a self-fulfilling prophecy * Level of analysis * Generally applies for the (sub)category, not specific brands New Product Development (book): Idea GenerationScreeningIdea EvaluationDevelopment (product and mix)Commercialization In Decline, you must: 1. Withdraw, 2.Harvest, 3.Niche, or 4.Market Leadership Skim versus Penetration Skim – Sold to smaller group of customers who will pay a high price (Who are already more likely to want the product); low-selling effort, high price Example: iPad – High price

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