BUS 348 Lecture Notes - Lecture 1: Value Proposition, Friendster, Brand Awareness

• School: Stony Brook University
• Department: Business Management
• Course: BUS 348
• Professor: petercap

Document Summary

There must be a market for just about everything and anything but this doesn"t mean that all those markets are good markets: friendster- like myspace. Friendster made an impact but there was no advantage to being first; myspace learned from them and did better; then facebook did the same thing. Being first doesn"t always mean you will always be successful. Sure, some people are left out of target market. If they have millions of social media followers. But some celebrities mess up so the integrity of the brand gets ruined. Value proposition: the value promised by an offering; what the uniqueness about the product is. Can be used to highlight points of difference: especially important for commodity products because they are all the same inherently (ex: tax filing) Supplier provides good or service to consumer. Who"s also interested in that information: competitors competitive nature of marketplace is what keeps good products always coming out.