MKTG 300 Lecture Notes - Lecture 2: Central Processing Unit, Opportunity Cost
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Brand equity totality of the value of the brand; really hard to measure e. g. computer processor: intel vs amd (amd is cheaper; consumers do not trust amd; even though amd could be just as good as intel) Valid request is being denied ( e. g walmart/mass retailers) Value is the difference between benefits and cost. Cost: financial cost, time cost, opportunity cost, switching cost. Marketers job is to make sure consumer understands the benefits. Satisfaction is the difference between evaluation of performance and expectations. Companies can try to increase their performance or lower customer expectation or both simultaneously. Under promising set customers expectation under reality. Chapter 2: strategic planning + the mktg plan. Mission statement 1. statement that reveals what business the company is in and their long-term philosophy; what they aspire to be in the long run; their mission. A good mission statement should focus on consumers" benefits. Needs to fit in to these 3 categories:
