HADM 2410 Lecture Notes - Lecture 1: Veggie Burger, Marketing Myopia, The Takeaway

• School: Cornell University
• Department: Hotel Administration
• Course: HADM 2410
• Professor: Chekitan Dev

Document Summary

Success in this class is based on key takeaways from case studies. Understanding the marketplace & customers" needs and wants. Design a customer-driven market strategy (this connects the company with the customer) Integrated marketing program that delivers superior value (it ensures all the parts of creating value are connected value) e. g. don"t sell tiffany prices (super expensive) at. Capturing value: matching the created value to the price to generate profits for the company. Need- marketers look to satisfy unmet and expressed needs. Wants- the form human needs take as they"re shaped by culture and individual personality. Wants are described in terms of objectives that will satisfy needs. Demands- wants become demands, when backed by buying power. People have unlimited wants but limited resources, so choose products that give the most satisfaction for money. Customer value- the difference between the benefits the customer gains from owning/using a product and the costs of getting the product.