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Lecture 1

ADM 3321 Lecture Notes - Lecture 1: Competitive Advantage, Marketing Myopia, Voice Of The Customer

Course Code
ADM 3321
Michael Mulvey

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Lecture 1
Introduction to Consumer Behaviour
5 group of people
!A process of identifying and satisfying customer needs (while
making a profit).
!How can we satisfy consumer needs?
The assets of a business count for nothing without customers.
Building on a Legacy of Insight
!Sustainable competitive advantage
!Focus on customers
!Importance of benefits
!Thoughts and emotions
!Buying meanings and symbols
Developing a competitive advantage
!The knowledge society
o!If executives’ organizations struggled it was usually from
outdated ideas, a narrow conception of a problem, or internal
o!To understanding and serve customers effectively, managers
need to know much more about consumers than they do.
Know Thy Customer
!“The only sustainable source of competitive advantage in the 1990s
and beyond is superior knowledge of the consumer or prospect.” –
Bob Lauterborn
Focus on Customer Needs
!“What business are you in?”
!Marketing Myopia:
o!Having a short-sighted view of an industry
o!Results in failure to predict and adapt to the future
!Marketing should focus not on products but on customers.
What people really buy
!Each potential client relates to a product as a cluster of value
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