MRKT 354 Lecture Notes - Lecture 1: Customer Retention, Disintermediation, Alibaba Group
Document Summary
Marketing strategy: building a sustainable competitive advantage in the mind of customers, ultimate objective of any marketing strategy is to attract, satisfy and retain target customers, customers, heterogeneous, changing needs, dynamics/competition, limited resources. In a challenging environment: power shift to consumers, faster and cheaper access to more information, such as price comparison, huge selection of products, amazon"s long tail, shifting demand, netflix, itunes, spotify. Intensified global competition: ebay and aliexpress, new business models, airbnb/uber, media fragmentation, us consumers spend more time in apps than watching tv, flurry. Analytics 2015: disintermediation, fintech, privacy and ethical concerns. Marketing strategies are focused on meeting customer needs and achieving customer satisfaction: the strength of a company"s customer focus also depends on how well it understands key competitors and evolving competitive forces. Benefits of customer focus: long run survival, beat competitors in long run with higher customer satisfaction and realize higher profits in the short term.
