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Who am I? 1 Key Concepts: The Marketing Concept Marketing should focus first on identifying the needs and wants of the consumer. Market-driven companies include Dell, Harley-Davidson, Intel, UPS. Two steps of the marketing concept: Determine customer needs and wants through research. Develop, manufacture, market, and service goods that fill those needs and wants—solve customers’ problems. 2 Key Concepts: Differentiation and Competitive Advantage A brand’s competitive advantage is where it’s different from its competitors and superior in some way. In marketing, this concept is called differentiation. Areas of differentiation include: Price Design Performance Distribution Brand image Reliability (Maytag’s lonely repairman) 3 Key Concepts: Added Value Added value can come from differentiation Ways to add value: More convenient to buy Lower price More useful features Higher quality Status symbol More knowledgeable employees 4 Why do you spend more here? 5 How Does Home Depot add value? 6 Key Concepts: Branding Branding is the way marketers create a special meaning for a product. Brand image is based on communication and on the consumer’s personal experiences with the product. Brand Equity refers to the financial value based on the reputation and meaning the brand name has acquired over time. Principle: Effective branding transforms a product by creating a special meaning based on an emotional connection. 7 Tiffany’s-Special Meaning? 8 9 2-*** Table 2.1 Most Valued Global Brands Brand Market Value ($ Billions) 1. Coca-Cola 2. Microsoft 3. IBM 4. General Electric 5. Intel 6. Nokia 7. Toyota 8. Disney 9. McDonald’s 10. Mercedes-Benz $67 $57 $56 $49 $32 $30 $28 $28 $28 $22 Source: Interbrand Group; quoted in “Best Global Brands,” Business Week, August 7, 2006, p. 54. Reprinted with permission. 10 11 A Motorcycle is a Motorcycle… But a Harley is Something Different 2-12 12 When I say Marlboro… What do you think of? What images? 13 Something you’ve probably never seen A cigarette TV ad 14