MKT-3010 Lecture Notes - Lecture 1: Retail, Marketing Mix
Document Summary
Product: creating value: collaboration with suppliers and customers , create offerings that have value, goods (most straight forward type of product, you can test it), services (cannot test them out ahead of time. Ex: this class, every time it has been done, it goes a little differently), and ideas. Price: capturing value: trade value for offerings, anything a consumer gives up its not just about money, its about anything they give up to obtain the product. Ex: students standing in line for tickets: tricky- getting the price right is tricky. Sometimes people don"t want to buy it unless it is expensive. Place: delivering value: get offerings to the consumer, optimize value. Ex: food production: the things that are in the background that people haven"t thought about: getting the right product to the right customer at the right time. Promotion: communicating value: describe offerings- we describe them to the consumers in ways that they will want it, learn from customers.
