MARK 201 Lecture Notes - Lecture 4: Business Ethics, Toothpaste, Cognitive Dissonance
Document Summary
80% or more of companies with all resources at their disposal - 80% of their new products fail (and many of these are brand extensions - modifications to an existing product flying under a brand name) Apple is first but not always best in technology - nobody owns this process. 70% of buying decisions are word-of-mouth driven. Word-of-mouth marketing well suited for some products, bad for others. Still lots of work and resources as any type of advertising. Creating a website there"s a lot (644 million) You need promotion, convenience need traffic. Go with the premise that you are solving a problem (a want or maybe a need but most likely a want) - maslow"s hierarchy of needs. Self-actualization - achievements (ex. how much i learn, even though people still value metric of grades) Habit is extremely difficult to break (ex. what brand of toothpaste do you use?) Some products/services has 150 different criteria requires a lot of depth and.
