BUAD301 Lecture Notes - Lecture 1: Risk Aversion, Subliminal Stimuli, Classical Conditioning
31 May 2016
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Competition: all actual and potential rivals, offerings, substitutes that a buyer might consider. Brand comp: similar products/ services to the same consumers at same price: coke vs. pepsi. Industry comp: all companies making the same product: not substitutable: toyota vs. ferrari. Form comp: all companies that have products that supply same service: toyota and harley both help you move. Generic: all companies compete for the same consumer dollar: buying a toyota vs. buying a pool. Needs- everything about a company revolves around who their customer is. Product: doesn"t have to be tangible, now most things have a product and service element. Restaurant would be in the middle of the product service spectrum. What are they giving up for this product. How much will customers have to pay to get same benefits elsewhere. Persuasion- celebrity appeal, must be careful when choosing one however as to not have a celeb that poorly represents the brand.
