Notes

Stretching: Stretching beyond current range. Let's do something different
Filling: Lengthen within current range
filling is when you add more product items within the present range of the product line.
Stretching is when you increase the current product line beyond the current product range.
Brand Equity: Differential effect that brand knowledge has on consumer response to the market. The more expensive, the more you want it. Not going down in price. Relatively inelastic price.
Sales promotion: Not the product bringing you, but the sales promotions. They are short-term incentives. Middle men = supermarkets
Current trends in IT: Big data analysis and security
4 Types of V's data: Volume, Variety, Velocity (speed), Veracity (advertising)
Why were Neilson interested in polling families? -> To know what they like to watch. Therefore, advertisements.

What is marketing? Delivering value to customers and for managing relationships
The marketing process is capturing value
Expected a 10 but performance is 8 -> Post purchase dissonance
Two marketing and sales concepts.
Old way = Selling concept. New way = Marketing concept
Need customer need before engineering. Want profits through customer satisfaction
Perceived value: Customer's evaluation of he difference between all the benefits and all the costs of a marketing offer relative to those of competing offers
Global marketing. All of us are different because we all came from different ethnic backgrounds. Global marketers need to become sensitive to cultural biases
Global Strategies: McDonald's strategy is a standardized strategy
Market research process
Primary data: You're the one gathering the info
Secondary data: Data that is already in the internet
Big data: Major players
STP: Makert segmentation, targeting, positioning
Enterprise: Firm strategy is a niche strategy
3 levels of a product. Lipstick is a core product.
The major stages of product development