MARK 201 Lecture Notes - Lecture 3: Toothpaste, Caffeine, Perfect Competition
Document Summary
Michael porter - leading strategist in marketing at harvard background in economics. Want to differentiate your product in a way that affects customer value. Michael porter - 3 forms of strategy (resources tab under sakai) Perfect competition - the lowest cost producer wins - gets customers. Able to purchase labor and product inputs cheaper because you are same product better, more efficiently, and cost effective buying larger amounts. Taking a segment or multiple segments in the market and just appealing/crafting customized solutions for those segments. Nightmare for a marketer demand much less or greater than you intimacy expect. Finding the weakness in the strength of your competitors. Wendy"s doesn"t market to children at all. When wendy"s sees mcdonald"s marketing to children (mcdonald"s strength) mcdonald"s started marketing towards adult (mclean burger, Environmental scanning organization to identify and interpret potential trends. Gender doesn"t mean what it used to not as much weight segmenting are married households the market based on gender.
