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Marketing 451 Notes

by: Sydney Gonzalez

Marketing 451 Notes MKTG 525

Sydney Gonzalez

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About this Document

Marketing Research
Dr. Cinelli
Class Notes
25 ?




Popular in Marketing Research

Popular in Marketing

This 2 page Class Notes was uploaded by Sydney Gonzalez on Friday August 26, 2016. The Class Notes belongs to MKTG 525 at University of Mississippi taught by Dr. Cinelli in Fall 2016. Since its upload, it has received 7 views. For similar materials see Marketing Research in Marketing at University of Mississippi.

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Date Created: 08/26/16
MKTG 451 01/25/2016 ▯ Power has shifted to the consumer  Availability of information ▯ Jeff Jarvis – June 2005 “Dell Hell” blogged about it  Bought a dell, it didn’t work  Dell lost about half of its market capitalization  Change of leadership, Michael Dell forced to return  CONSUMERS HAVE SO MUCH POWER ▯ Dave Kell – musician “United Broke My Guitar”  Flew united, laid over in Chicago  Airport workers were man handling their guitars, they broke it  Asked United to reimburse him, United thru stupid policy back on them and wouldn’t help (waited 1 too many days)  Wrote a song about it, it went viral. Severely hurt United  Now he is a speaker to companies about the power of the consumer ▯ Massive Increase in Product Selection  Ex. Model T – no competition, now SO much comp  Companies need to differentiate themselves and gain the trust of customers ▯ Audience and Media Fragmentation  Way more outlets to advertise on – SOCIAL MEDIA  Positive social media o Coke “Chok” Campaign o “You can still dunk in the dark.” During the Super Bowl  Negative ▯ Changing Value Propositions  Must offer consumers value for their money  Ex. Flightcar (airport rental cars) ▯ Privacy, Security, Concerns  Ex. Ashley Madison, Target – data breaches  Target found out the daughter was pregnant before the Dad due to the purchasing habits ▯ Unclear Legal Jurisdiction  Counterfeit things are normal in china  Censorship laws are different in each place  How do you operate in different countries ▯ Marketing reasons for new products’ failure  Insignificant point of difference  Too little market attractiveness  Poor execution of the marketing mix  Poor product quality or sensitivity to customer needs  Bad timing  No economic access to buyers ▯ Organizational Reasons for Failure  Not listening to “voice of the consumer” o I know better than my customers what’s good for them!  Skipping steps in new product process o Eg. Launching a product without adequate lab testing leading to expensive recalls  Pushing a poorly conceived product for quick revenue o Let’s launch it. We have to meet our sales targets this year to get our bonuses!  “Groupthink” o ex. Ash Experiment  Not learning from past failures ▯ ▯


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