Lecture 1

Question 1

When do we buy products/services and what is marketing about?

Answer 1

when the value > cost. Marketing is about increasing the value to be able to increase the cost to increase profit. Bottom line becomes higher. Value is a perception and marketing is a lot about psychology.

Question 2

How do you explain target?

Answer 2

need to focus on the right market and communicate it well.

Question 3

How does social media play a part in marketing?

Answer 3

Social media is an accelerator to consumer change and behavior. Agile methods is the new way of working. Small teams cycle of maybe two weeks.

Question 4

What’s the difference between monopoly and segmenting the market?

Answer 4

Monopoly - you’re not pushed to increase the value (systembolaget)

Segmenting the market - first telephones. Multiple offers. Market segmentation is a process that consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location.

Question 5

Can you reach the objective over time without a brand?

Answer 5

Probably not. The brand is the summary/promise of all the good things about the product. No association for where you can find the product/service without a brand.

The consumer buys the experience not necessarily the product - ex coca cola, nutella.

Question 6

In two steps how would you describe creating a brand?

Answer 6

• Identify the goods and services of one or multiple sellers.
• Differentiate them from those of competition

Question 7

What’s the difference between product and brand when it comes to satisfying needs?

Answer 7

Product satisfies basic needs (caffeine intake, excuse for a pause), brand satisfies basic and psychological needs.

example: starbucks.
consistency, status, expectation
choice made with intangible elements (immateriella)

Question 8

How do we usually make decisions?

Answer 8

Influencing elements, rational and non rational elements. We justify irrational elements with rational elements. Most of the time we make decisions through emotions.

Question 9

What are some rational/irrational factors with decision making for a trip?

Answer 9

Rational:
cost
travel time
visa

Irrational:
deserving
association from movie etc, exotic experience
telling about it

Question 10

What are the three levels of a product?

Answer 10

1. Core product/core benefit
2. Actual product
3. Augmented product (förändrad)

Each level makes the brands more distinctive.

EXAMPLE:
Flight/Car
1. Takes you from point A to B fast.
2. speed, fuel consumption, design, durability, safety (unique)
3. quick check in, choice of seat, hot meal, car service from airport (for friction pen it’s the ink)