MKT 600 Lecture Notes - Lecture 2: Profit Margin, Competitive Advantage, Breach (Security Exploit)
2 Dec 2018
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Document Summary
4ps : traditional view (4ps) product, price, promotion, and place, additions to 4ps, product, price, promotion, and place, people (employees/serve the customer, product, price, promotion, place, packaging, positioning and people. Managers tend to switch quickly into solution mode without checking whether they really understand the problem. Example: ted rogers elevator: different ways of framing can lead to different solutions, taking time to understand the problem will improve your company"s change of success because the right actions will be taken. Humza: if we solve the wrong problem or solve the problem incorrectly, it can have very negative consequences. Example: mgm resorts served with hundreds of lawsuits following shooting at mandalay bay. Resort and casino in las vegas in october 2017. Millions of dollars of bad publicity : thousands of people posted #boycottmgm on twitter the day lawsuit announced, some claimed they cancelled reservations, petition posted on change. org to demand mgm resorts drop their lawsuit got about.
