MKT 702 Lecture Notes - B & M, Trivago, Fixed Cost
30 Mar 2014
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The brand is what is in people"s mind. We need to have some sort of frame of reference to see where we have placed the brand in the perception of customers. Marketing research not necessarily needs to be done with a lot of money. No such thing as a perpetual sustainable advantage because our competitors move and morph and grow. Value is more than the price paid for a product, and is ultimately decided by the customer themselves. In the long term we influence how the customers understands who and what the brand is. So critical to our success as marketers, should not just be passed off to the accountants. The value of eating out is much more than the meal cost itself. Price is more than just dollars, related to overall value and making outrageous claims is very dangerous, because our customers will interpret this in different ways. Sometimes less dollars makes us suspicious (99cent steak).
