MKT 100 Lecture Notes - Lecture 1: Starbucks, Competitive Advantage, New Product Development

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Polina Buchan

Document Summary

Week 1 theory files: marketing mix and strategy. Product: creating value by designing products and services that meet the wants, needs and desires of customers. Decisions on managing a brand over time. Adding new products and services by implementing the new product development process. Assessing which products should be developed, continued, enhanced or stopped. Development of customer service processes and procedure. When asking yourself what a company is marketing, the first inclination is to say that the company is marketing their product or service. However, companies tend to focus on the intangibles (e. g. enjoyment, luxury, pampering, etc. ) in the way they market the product because it gives them more leeway in terms of how they promote the product. Choosing the correct pricing strategy for consumers high, skimming, low, penetration, meeting the competition. Determined by nature of customer, nature of market, quality of competition and companies goals in terms of covering costs and making a profit.