summary of the first part of the marketing management course namely the 3C's analysis, the importance of this first analysis for a comapny in a competitive market. The topic is broaden with notes from reading regarding the concepts discussed in this first part ( e.g. coherence premium, competitive ...
Marketing Management Summary
The 3 C’s (Customer, Company, competitors)
I. The customer: what bene ts are di erent segments looking for?
—> Readings: Consumer Decision Journey, branding the digital age.
II. The company: Do I have resources allowing me to provide those bene ts?
—> Readings: coherence premium, strategic business units
III. The competition: Can I provide those bene ts better than the competitors?
—> Readings: ght against low-cost rivals, ignoring trends, competitive strategy
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, > 3Cs: market analysis (what are needs, the market, and the rm’s abilities)
THE CUSTOMER
• Study of consumer behavior = study of the processes involved when customers
select, purchase, use and dispose of products, services, ideas, and experiences.
◦ Value creation & customer needs
• Economic value (total cost ownership), functional (enhanced tangible bene ts),
experiential (intangible psychological), and social value (from interaction with
other users) —> subjective
• // diamond-water paradox according to the Labor Theory of Value
◦ Consumer decision-making process
• Need of recognition: how do consumers come to recognize a need, often they
do not even think about it…
▪ Deprivation, context, product, highlight (word-of-mouth, ad, social
media)
• Information search: consumer identify the available option and gather
information about them
▪ Consider set formation
• Memory-based (feeling that makes you think about this brand)
hard to recall
• Stimulus-based (grabs attention)
▪ Consider set perception
• Selective retention: retain points to support attitudes
• Selective attention: screen out information
• Selective distortion: modify based on what you already know
• Basic perception: physical brain modi cation of information
• Evaluation & choice purchase: processing competitive brand information and making a
nal judgment
▪ Traditional multi-attribute model: the gold standard rational model
• Customers’ weight attributes importance, the model multiple the
valuation of the customer on a certain aspect by its importance
• Valuation: 7/10
• Importance: 40%
▪ Strategy = change customers’ beliefs about their / competitors’ attributes,
attach more importance to attributes they excel in => shift buyers’ ideal
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