MKTG101_L01_01_W10_Captions_English (United Kingdom).txt

[Auto-generated transcript. Edits may have been applied for clarity.] Firing back after a scathing report depicted it as a bruising workplace.

It's described as a cutthroat. Taylor.

Amazon is firing back at the world's largest. Amazon is firing back after a scathing.

Report depicted it as a bruising workplace. It's described as a cutthroat corporate jungle where workers are pitted against one another.

80 hour workweeks are the norm, and falling ill can mean is on its.

Okay. Hello, everyone. Hello. Hello.

Hello. Okay, so this is week ten.

I'm sure we all now need a break. I'll try my best to make the lecture today fun.

I believe I won't be adding in new, very new information for you.

It's the lecture today. It's going to be kind of a recap or trying to put everything together.

You have been learning a lot during the past nine weeks.

So the title of the lecture today is marketing, Planning and Management.

Before talking about the lecture, I'm Doctor Abdullah.

I'm a lecturer at the marketing department, and I've been working at Lancaster now for more than ten years.

And, uh, I'm very happy to be here with you today. I always like to engage with year one because I believe all of you are.

All of you are really full of energy. Okay, this is your first year at the university, so hopefully you are not bored yet.

So. As I said, the topic is marketing, planning and management and this is associated with chapter two in our book and that is the link.

You can directly access access the link before talking about the action plan and how we should think about strategy versus tactics and all that.

I would like to ask you a question, because you have covered a lot of topics previously,

and I believe that all of you now have a really solid background on what does marketing mean?

So if I ask you when I say marketing, what is the first word that pops into your mind?

One word or two words or three? What do you think?

What would be your answer? Come on.

There's no. By the way. Whenever I teach seminars or lectures, my rule is there's no right or wrong answer.

You can say anything. Yeah. Propaganda.

Okay, that's really interesting. And I 50% agree with you.

Yes. Part of marketing is about propaganda. What else?

Anyone would like to share? You don't need to raise your hand.

Just say anything. Yeah. Exchange.

Yeah, that's that's an excellent word. It is truly an exchange.

What else? I like the word exchange, but I'm looking for a specific word.

What? Can anyone guess? Probably a word that you have been hearing a lot every week from week one till now, and I will talk about it a lot too, today.

What? Relationships?

Yes, true. It's very similar to an exchange. Yes, I agree with you relationship, but still not the word I'm looking for.

Yeah, because the customer. Yes, marketing should be customer centred, but still not the word I'm looking for.

Exactly creating value. Value is the core of marketing.

You might think I'm a bit cheesy in saying that, but I will explain to you why.

Okay, and this would be the core of the marketing plan actually, before talking about marketing plan and management.

And I'd like to go through this quickly with you if you remember.

All those topics were covered previously.

You started to learn about marketing, probably by this slide,

thinking about the total product or even before the total products you were introduced to the history of marketing.

It was a story about marketing, how marketing started, and then followed by that by Alan presented a couple of lectures for you,

and he dived into the idea of the substance as a brand, the service, the symbol, so on.

And the moving from that.

You talked about a lot about channels, different types of channels, and the differences between B2C and B2B markets and how even markets are created.

Hello. Come in. And one of the really most important lectures is this idea of regulation and responsibility, because we have a framework to work on.

So this was kind of all the topics that were introduced to you from week one to week ten.

What's next? Before I get to talking about marketing planning,

I would like to share with you my view about marketing because this is the first time we meet and we are meeting today and also tomorrow.

So just take a couple of minutes, the first five minutes to talk to you about what does marketing means to me.

Why? For the last 25 years I've been studying, working, learning and still learning till now about marketing.

So for me, if anyone ask me, uh, I have been working in marketing.

What is marketing for you? I will simply say marketing is everything.

Again, very cheesy, but when you think about it, why I'm saying that I am saying that because when you think about all the things around us, okay.

Everything can can be marketed. It's not only tangible products, people, ideas, policies, lots of things.

So from the first second you open your eyes.

When you wake up in the morning, you are exposed to a marketing message.

Whether you look at the alarm that is set on your bedside and you look what time is it you are exposed to a brand,

or whether the first thing you do is that you hold your mobile and see what were the first things,

uh, the recent discussions on Facebook or on any social media, you will find that you are exposed to lots of marketing messages.

So it's you are surrounded by a lot. So this is why, in a way or another, yes,

marketing is everything because the list is endless here actually can be starting

from tangible products to ideas to place to even profit and non profit,

okay, to um, whether it's consumer markets, B2B markets, international markets and that's something that we should be able to think about.

So I hope you remember that um, from uh, from the previous lectures.

But whenever I want to talk about marketing, I would like to start talking about it in a very boring way.

Okay. Boring way. Like what? Boring way? Like introducing the different definitions that are available for marketing.

Okay. Those are definitions.

What I did is that I copied and pasted those definitions from, um, the first one is from the American Marketing um Association.

Okay. And the second one from the Chartered Institute of Marketing.

And this is from Cutler and Keller, and this is from Cutler and Armstrong.

This was an old book for Cutler. Another book is, uh, Cutler and Keller 2016.

And the list of definitions are truly endless.

Okay. I can even add ten more different definitions about marketing.

I think specifically those definitions, because they highlight my, uh, opinion and my way of thinking about marketing.

So the first one is how have value?

Okay. You think about communicating, creating, communicating, delivering and exchanging value.

What's interesting value not only for customers. Okay.

Because you said marketing is customers. Definitely it is customers, but not only customers.

You need to think about all other stakeholders involved within the marketing process.

It's a it's an exchange. It's a relationship. But is it a relationship between the company and between the consumers only?

No, that would be a very simple way to look at marketing.

So you need to understand all the stakeholders.

And particularly something that is very important now is at society at large when it comes to sustainability and climate change and all that.

You can never ignore how you should be part and building communities in certain societies.

Okay, so that was the first definition by the American Marketing associations, the idea of creating value for different stakeholders.

The second definition, I like it because it traces the idea of as a marketeer, you shouldn't be reactive, okay?

You should be able to anticipate, predict. What's happening?

So the question is, if I asked you this question, what do you think?

Does marketing satisfy needs or create needs?

What do you think? Can marketing create needs?

Yes, exactly how my anticipating and predicting how there might be a certain problem that no one is aware of.

Okay. And a certain company can anticipate that under predicted and create a very successful product.

And this product goes viral and that's it. So the idea of anticipation and prediction is really important when it comes to marketing.

If you want to be a successful company and if you want to be a market leader.

The third definition is, uh, the idea of relationships.

Someone here is marketing is about relationships.

Yes. Building strong and long term relationship.

It's not only one time relationship not to be successful.

This relationship need to last for long term.

You need to build your loyal customer base to continue and sustain in the market.

Okay, so it's also all definitions are really interesting and adds a different idea.

Each definition at the different layer about marketing. But the most favourable, uh,

definition to me and the definitions that makes me feel that I'm really doing

something important is the last one is that marketing is an art and science.

Okay, so art and science, yes, that's true.

And I will tell you why. And art and science of doing what?

Of choosing your target market and getting and keeping at not only keeping growing

your customer base and trying to create and deliver and communicate value.

Okay, so let's talk more about the art and science. And you want can figure out what does it mean by science and what does it mean by art.

Can anyone give me examples or think about the.

Do you really think that marketing can be an art? Yeah.

Sort of the science is like, why, Mark? Okay.

Uh, the science y marketing is done. And the art.

How it's done. I agree that the art is how it's done is how we are building a relationship.

But tell me when you think about the think about you as a consumer, how you behave with certain brands,

how you are loyal to certain brands, and ask yourself why you are loyal to those brands.

Yeah. Is science about, uh, understanding the, uh.

Understood? Yes. He asked about creating. Yes.

Yes, exactly. So that's a very important point.

The science is about marketing research.

You need to study your target consumers.

You need to understand them. You don't need only to understand the consumer, but you need to understand everything surrounding your consumers,

all the factors that the consumer takes into consideration to decide on your product.

So that's the science. With all the different research methods and data analysis and the big data analysis now on social media.

Believe it or not, there was a research carried up in Cambridge like in 2011.

And this research, the idea. They collected lots of like millions of likes on the Facebook.

And they created an algorithm and analysed the data.

And one of the main outcomes that they can predict. If you like curly fries, you are smart.

And if you like motorbikes, you are not. It was a very it was a very interesting and intriguing study by Cambridge.

I can share the link with you later. And it was long time ago.

Even so, the science of marketing is how to collect data and analyse it,

and this data should be helpful for you to build on this long relationship with the consumer, to build on a loyal base of customers.

And you can only do that by having this emotional connection.

And the emotional connection is the art of marketing.

Okay, I will give you an example. It's a very controversial example whether marketing is art or science or is both.

This was a long time ago, an ad. Okay, uh, that was developed.

It's about an anti. Okay. And this ad like can can you see the girl who is supposed to be a smoker is pierced.

Okay. Hooked. To, uh, to, to kind of it's like a metaphor that if you are smoking,

you will be like that, you are hooked to something and you cannot get away from it.

Okay. What happened when this ad was posted, uh, on billboards and on TVs and things?

The ad created, like, lots of complaints, around 1006, more than 1600 complaints.

And there was lots of issues around it.

And they ended up actually banning the ad.

Okay, the American the Advertising Standards Authority is the ASA.

This is the organisation that is controlling kind of how the brands are communicating

with the consumers and making sure that brands are following rules and regulations.

I'm sure you were introduced to that in the lecture about regulations.

So the ASA banned those ads and those posters.

And the reason why those ads were banned for, of course, lots of reasons, is the picture itself is very disturbing, not only for, uh,

for younger kids, for example, because there were there were billboards on, on the streets and it was posted in a certain way near to some schools.

And this created a backlash that young kids on the way while you are going to school,

they were really upset about such photos, and even it was upsetting for smokers too, because it's kind of, uh, very, um.

Very difficult situation. So what do you think of that?

This campaign was banned. What I am trying to do here is I'm trying to present a situation where marketing was used as an art, okay?

But it was not successful because at the end,

what makes a certain campaign successful is that if this campaign lasted for a couple

of years and your consumers still remember this campaign for the good reasons,

but what's happening here is that this campaign was remembered for the bad reasons, for disturbing reasons.

So in a way or another, from a marketing perspective.

Okay. The campaign was not successful, but from the NHS perspective,

they believe that this campaign was successful because of the amount of enquiries and how people are really.

Uh, seeking help and contacting.

Anti-smoking helpline and website. Trying to learn how they can stop that.

So it was kind of a reality check for some smokers.

So you can see how certain campaigns can be a little bit controversial.

So what I'm trying to say is this something good or bad? It's an example of how the idea of art can be used.

But what made that banned is that they did a new science.

This. Art campaign was not backed up by enough science because with little bit of science was piloting the campaign, for example, in the market.

Before publishing it, they would have anticipated that this campaign would create an enormous public backlash.

And at the end, as a marketeer, you don't want that.

So you need to find the right balance between how to make your campaign viral, but for a good reason.

And this is a marriage of art and science for marketing.

So this is why I do like the definition of art and science.

And this is why it's it's not only about customer satisfaction.

If you only focus about marketing as a science, it means that you are focusing on customer satisfaction,

on asking your consumers to fill in those questionnaires and those surveys, and calculating that percentage whether your consumer is satisfied or not.

Okay. But if you want to build this long term relationship, then it's all about customer loyalty okay.

And customer loyalty is what all marketers should aim for by building this emotional relationship with, uh, with the consumer.

And the emotional relationship is built through different means is build through marketing communication tools.

Is built through a strong brand identity.

Okay. So by now, I think.

Hopefully I did you enough. I tried to share with you how I stand.

What does marketing mean for me? And?

I hope that you take that into consideration. Now let's start.

The topic of today's lecture and tomorrow's lecture two.

So today's lecture is covered. Uh, is covering chapter two in your main book.

And you are talking about marketing, planning and management.

And this is kind of the main, uh, figure that summarises the whole chapter, the strategic planning process, how that.

You shouldn't only think about the market offering.

If you remember all the previous lectures, okay, most of your previous lectures are from week 1 to 9.

It was mainly focusing on marketing offering.

Starting from as a product, as a brand, as a service.

All of that. This is what you offer as a brand to the consumers.

But are you operating in isolation?

No, you are not. You are part of a corporation. You are part of a big company.

So this is why you need to align what you are doing here with the mission of the main company.

So if you're talking about corporate planning, um, there are different factors here or different activities associated with corporate planning,

such as the corporate mission building, corporate culture, uh, establishing them as a business units itself.

Are you a company that has a specialised business unit such as, uh, Rolex, for example,

as a luxury brand, they are focusing on a certain, um, target market on certain types of products.

Or you are a very diversified company such as Unilever.

So you don't have only one business unit.

You have several business units in addition to, of course, assigning um, uh resources to different business units.

What I want to focus on in the lecture is two interesting things.

The idea of the mission and the building corporate culture.

Okay. Let's talk about the mission. Okay.

When you go to your chapter two and, um, and read the chapter, you will find that these are the five characteristics for a strong mission.

Okay.

If you are writing a strong mission or if you want to evaluate whether there's a company mission that is available on the website is good or not.

So try to think about those those characteristics.

Is the mission focusing on a specific goal or it's kind of highlighting different, uh, goals that are unrelated?

Do they stress what are the values that the company seeks to deliver to the consumer?

Are the words using making this mission statement memorable?

Is it a very long mission statement?

Usually, mission statements shouldn't be very long. Okay.

Is it focusing on tomorrow? On the next month? On the next year?

Now it should be long term. I'll give you some examples in the next um slide.

Probably those examples are here. They are not covering the five characteristics but Google and Tesla and um,

and Ikea is a global brands who are really good in, in articulating what they are doing in a memorable way.

Okay. So when it comes for, for Google, for example, what is the main idea of of Google.

Own information. Whatever they are doing, it has to do with information and making this information more accessible and useful to consumers.

So if you if you read the mission once, it will kind of stick into your mind.

It would be very, very memorable because it is true. It reflects what they are truly doing.

And it's it's memorable. How about Tesla?

Whenever you mention the brand. Tesla. What is the first thing that comes into your mind is sustainability.

And this is of course reflected in their. Statement.

Finally, Ikea is making everything better.

Making everything simple. So those mission statements are memorable for certain for certain reasons.

Some of them are focusing on, um, consumers.

Okay. But if I ask you the next one here, this is a mission statement.

We aim to provide the best customer service and highest quality products.

How would you evaluate that? We just think this is a good mission statement.

Do you think it's memorable? No.

Is it good? Why?

What? Why? It's not good. It's too vague.

Yeah, and it's too general. It can be applied to any company.

Any company should aim to provide the best product and serve their consumers in the best, in the best way.

Is there anything unique about your mission statement?

About this mission statement? No. Is it memorable?

No. It it looks like it's kind of highlighting your target market.

So your target marketing is customers, but is it related to, um, company values, for example?

No, it's not even clear. It's a very general, very, very vague.

So that's why whenever you evaluate later on Google, what are the best mission statements.

Okay. And try to compare between between different brands relevant to those characteristics.

Is it specific? Is it memorable? Is it, um, highlighting the company value?

Is it for a long term or short term things like that.

This will allow you to evaluate, um. Is that.

The mission statement.

In addition to the mission statement, when you think about, uh, the corporate business as a unit, is the culture, okay, corporate culture.

What does corporate culture mean? The environment itself.

Is it friendly? Okay or not? Southwest is one of the companies that are really well known of is that the culture

is based on providing supportive and one of the key words now on key trends.

Now, whenever you read any consumer, um, reports or any trends that are published on Mintel,

for example, is the idea on inclusivity, how this how the market,

how is the environment of the company is providing that is very supportive to their workers and think about the,

um, well-being of their employees and respond to any complaints.

One of the worst, for example, is Uber. In 2017, they were faced with terrible allegations in relating to um.

Um, they have really high tolerance of unethical behaviour,

and there were lots of problems and internal investigations that led to change in leadership, actually.

So your corporate culture or where you work is really important.

Is it only important for employees? Are we talking only about employees here?

What do you think? What do you think about the corporate culture?

Imagine. Let's imagine the worst situation after.

Um. I hope you don't fall into that situation. But after graduation, you started to work at a at the company.

And this company had a terrible culture.

Ever. How would you feel? Would you stay?

You might stay because you might not have other options, so you will have to stay.

Then you find another job. Would you be happy staying?

Of course not. And what is the key for employees?

Unhappy employee is equal. Unhappy customer.

If your employees are not happy, they won't be able to deliver the best service to your customers so you won't be able to.

Design products they won't be able to be. An engaged member of the company.

So it's not only about the employees. Okay. It affects customer satisfaction.

It affects lots of different things. I'll ask you about Amazon.

Anyone is aware of of this debate about whether Amazon is a good place to work in or not?

Okay. So what is your expectation? Would you be happy working at Amazon after you finish your degree here?

Yes or no. It depends.

What position. Uh. Okay, that's a good answer.

Uh, so what is your expectation? Would you think working at Amazon is.

Is something rewarding? Some of you not there?

Yes, I would, I would assume yes. Amazon is one of the top global brands all over the world.

And it's one of the brands that has a really high customer satisfaction rate and even loyal customers too.

But I would like you to watch this video. Okay.

Where is it? Okay here. The world's largest retailer.

Amazon is firing back after a scathing report depicted it as a bruising workplace.

It's described as a cutthroat corporate jungle where workers are pitted against one another.

80 hour workweeks are the norm, and falling ill can mean you're out of a job.

Let's step back for a moment. Is it really that intense? Tonight, former employees give their side to our Cynthia McFadden.

Amazon may have one of just about everything on its massive shelves.

This one of its many fulfilment centres. The size of 28 football fields.

The company has become the most highly valued retailer in the world, outranking Walmart.

But as other tech companies outdo each other with employee benefits, for example,

Netflix recently announced it would give a year long parental leave to male and female employees.

An article in Sunday's New York Times suggests Amazon is taking a contrary direction.

There is definitely a sense from people that we talked to that Amazon does not really care about their personal lives.

You can't reveal any weaknesses or you will be in trouble.

Even an Amazon recruitment video acknowledges it isn't the work environment for everyone.

You love it or you don't. There is, you know, no middle ground, really.

The times recounts several alarming anecdotes from former employees, from one who said, nearly every person I work with I saw cry at their desk.

Men included two a woman who miscarried twins but went on a business trip the next day.

Her boss, she says, told her I'm sorry the work is still going to need to get done.

And another woman who had thyroid cancer and was given a low performance rating after she returned from treatment.

But today, Nadia Shaw Shaumbra told us, and her nine years as an executive at Amazon, that's not what she saw when I read the article.

It sounded absolutely horrible, but it just didn't resonate.

Was a company I worked for for many years.

In a CNBC documentary last year, John Rosman and Randy Miller, former executives at Amazon, said CEO Jeff Bezos does set a high bar.

He has a low tolerance for thinking small, acting small or not being extremely sharp or rationalising.

If you start giving rationalisations and excuses pointing in the other direction, [INAUDIBLE] just listen to trends.

He's got a very effective sarcastic bent, but that certainly wasn't the tone Bezos took in an email yesterday to his 150.

Okay, so so that's the main idea about Amazon.

It's very controversial case. There's lots of debate about that.

Whether Amazon is a good um or has a.

A positive corporate culture or not.

And when you read this is what's available on the website.

Working at Amazon, it's threatened in a very positive way, but it seems that this was not the, um, the situation for lots of employees.

And when you go to, um, Glassdoor, it's one of it's, it's like an American website where current and former employees it you do rating.

Okay. So Amazon is rated uh by previous employees 3.6.

It's it's not bad when you go to the to Glassdoor and see and go to lots of different global brands,

you will find that most of them kind of around that, uh, that range.

But uh, lots of things are highlighted that pay is good, but there is no work life um balance long hours.

So the main things that were really highlighted about Amazon culture is that it's very fast paced, high expectations.

There is no place for any excuses, uh, work and life balance.

Some say it can be challenging while others are happy with that.

It's a very competitive atmosphere. And guess what?

Some works better, some employees works better under competitive environment, and some employees like this high, fast paced style.

So I think the aim conclusion is that it's it.

That's a very important question for you.

When you start thinking about your career later on, what is what kind of corporate culture would you like to work in,

especially if you are aiming to stay in that job for a long time?

Care. Care about that. Because whatever happen, it gets, um, at Amazon, maybe it's right for you, or maybe it's not for you.

Okay, so this is why the idea of corporate culture is really important.

But at the end, no one, of course, could claim that it's a terrible, uh, corporate culture.

It's not like Uber. But at the same time, there are some brands who are doing better.

Okay, so when you go again to Glassdoor, you will find that Google, for example, the rating is 4.3, which much higher.

Of course there is an Amazon if you want to know more about that.

This is the list actually of the best places to work on in in UK is the link.

The link is here in 2024. So we thought I focussed.

I tried to focus here on the corporate planning.

I focussed on the uh, mission, how you can evaluate the mission, and also how you can think about the corporate culture and how it affects everything.

It affects how your customer perceive you. It affects how your employees are engaged within the company.

But let's move to the next step here. Let's move through the market to the offering itself.

The business unit, as I said, it depends on the company.

Some companies have very specialised product line and some companies have very diversified portfolio.

How would you develop marketing strategy? What is the first thing that you think about when it comes to marketing strategy?

By the way, this information should've been you. The market offering.

It should've been you. Why?

Because for the past couple of weeks, you have been learning a lot about the product, the brand, the consumer, um, channels, all of that.

What I'm trying to do here is put everything together in a sensible flowchart or in a sensible steps.

So if you are, um, uh, if you are recruited as a marketing manager and you were asked to develop the marketing strategy for,

uh, for the company, what would be the first thing you think about?

Before the target market. Make sure that you familiarise yourself with everything on the corporate level, okay?

You need first as an employee to make sure that you know everything here.

You know what is the mission? You know the culture, you know the different business units.

And then you move on to the marketing strategy.

Because as I said at the beginning of the lecture, whatever you are offering here or whatever you are designing,

that it's not in isolation or what's happening on the higher level.

So let's talk about the first step.

The first step in developing a marketing strategy or the core two elements in developing any marketing strategy are two things.

First, the target market. And second, the value proposition.

Okay. What type of values are you offering? And this this figure here summarises the target market.

When you think about the target market traditionally, um, it's consumers who are your consumers.

But again, it's not that simple. Okay. Your target market your consumers customers are affected by lots of other C's.

They are affected by collaborators, by the company itself or the employees,

by the competitors, and by the general context in which your customer exists.

Okay. So although that you might think, um, as a marketeer, that you need to identify as a type of your consumers,

you cannot identify the type of the consumer unless you understand this model.

What what Kotler and Keller call is A5C framework.

Five C because you have five words starts with C.

Very very funny. Customers. Competitors.

Collaborators. Company and the general context.

What I would like to focus on. I still have like ten minutes.

What I can focus on today and then we can continue the discussion.

Tomorrow is, um, customers. Okay.

Can you see this triangle? Okay. This triangle is a very popular diagram.

In understanding how the organisation should look like.

Okay. So here at the base, you have the customers.

Okay. And the customers are in direct contact and directly engage with front line employees.

And then on top of that you have the managers. And then the managers are in direct contact with the board of directors.

The top managers. Okay. What's happening now?

I think we are all familiar with this triangle diagram.

This is the traditional way, the traditional chart of any organisation.

That's obsolete now. That doesn't work, okay.

It doesn't work for lots of things. It doesn't work because consumers now are different.

Consumers now have new capabilities.

There are lots of different marketing realities that are surrounding us, that force companies and brands to be in direct contact with the consumers,

starting from the top management and service managers and the front line managers.

It's not the job only of the front line employees to interact with the consumers.

Now, actually, recent research in marketing, you will find that there are lots of positive results that in that,

uh, board of directors, the top management team.

You should have a representative of customers.

So you think about your target market, your customers, and you include in your meetings here in the board of directors,

a customer who is representing how customers think, how what customer wants.

So here at the board of directors, it shouldn't be only about the finance manager, the marketing manager, the R&D manager.

No, you should have a different perspective. And this perspective comes only from the customer.

This is why this is a chart. Now this is what is called likelihood modern customer oriented organisation chart.

Okay. So always remember that. So this is why the customer is important, and this is why the customer is at the centre here.

Of this of this diagram. Okay.

Collaborators can be anyone. Anyone who is partnering with you.

Distributors or suppliers. Anyone who affects your customer journey.

Anyone who affects the interaction between the brand and the consumer.

Of course, as a company is employees competitors.

There are lots of things you can think about competitors like Porter's five model framework.

And what? What about the context? The environment and why context is important.

Because we don't live in isolation. And I will tell you why. I'll give you an example.

Next slide I think. Yeah. So the context is what the context is related to the environments and different types of environment we are living in,

whether it's technological environment, whether it's social environment, what's happening around you that you cannot really control.

Okay. And guess what? What's happening around you affects how we behave as consumers.

So that's a recent report on Deloitte that.

Consumers now are really interested in sustainable behaviour.

And 1 in 4 consumers would pay more if they know that this brand is aiming for sustainability,

if they know that this brand value sustainability and if you can recycle the product.

So the behaviour change. And change is due to what?

Change? Due to my mobile. Sorry.

Change due to the context. Our behaviour as consumers is affected by where we live in.

Okay, so this is why I remember this for this foresee uh, 55C.

Okay. What comes next is remember, the first thing in, uh, thinking about the strategy is identifying your target market.

The second thing is the aim of marketing was creating value.

Okay, so you need to identify the value.

But is it only creating value for your consumers.

Now. You interact with different stakeholders.

So this is why you need to create value. Yes, for your consumers.

And also you need to create value for your employees, whoever is supporting your business.

And additionally collaborators all stakeholders such as suppliers distributors.

The list is endless. Who supports your business?

When you mix all that together, this will present your optimal value proposition.

So as a marketeer before engaging into the tactics.

Okay. And the specific, uh, tactics that will help you to.

Have a long term relationship with your consumers.

You need to think about the value. But the question is how do we define value?

Okay. How do we define value? As a consumer.

How do you define value, guys? What is value for you?

If it helps the. Helps fulfil fulfil your objective and what is your objective dependent on?

Yes. Dependent on what? For example.

Okay, I will now tell you what I mean. I completely agree with you.

It's my question is very general. And of course it is dependent in certain situations.

You might care about price. Okay. While others you might care about quality.

So this is what I mean, that for some of us and dependent on the situation, some of us value is equal price.

If I have a good price then that would be my.

That is this. This is good for me. I don't care really. I don't want to buy the top product.

I don't want to buy luxurious brand. As long as the product is good and works well, that's it.

And the price is good. That's it. For others, the quality is really important.

They want to buy a product to last with them for ten years, for example.

This is why they care about quality. For others, it's a balance between both okay.

For other consumers it's related to some emotional factors empathy, how interacting with that brand can create an environment of empathy innovation.

I want to be buying a brand that's really innovative.

I want to be into a brand that care about sustainability.

Okay, so this is part of how we should understand value as a marketeer, don't have this limited, um, understanding that value is mainly about price.

Now look at all this diagram.

It's, it's it's a combination of lots of different things and your aim and your role as a marketeer to uncover this complexity and understand more.

What is the key value that is driving your customers?

Okay, I think what I would do, um, I'll stop here.

Okay. And tomorrow we will continue the discussion about value and other defects, specifically the tactics.

Okay. So thank you for attending today and hope to see you tomorrow.