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Whether qualifications make one “better than” someone else is a moot point, but we do seem to have found a nugget of wisdom here.
Consumers seek a range of benefits (consciously or unconsciously) when they make buying decisions. Some may put a higher value on competitive price, others legroon, wider seats, catering, punctuality, hot towels and chokkies, etc, etc
Few if any offerings in the marketplace will give you everything so consumers have to make trade-offs. They compromise on what seems the best deal for them at the time.
Vendors pitch their offerings at those segments (groups of consumers) which they see as most attractive. (often but not always the most profitable). They tweak their offerings to differentiate themselves from competitors, whilst keeping the target segment firmly in focus. They stay out of segments that are unattractive but that does not alwasy mean those segments aren’t attractive to someone else (like Ryanair).
Not easy, especially when you factor in the dimension of time – the fact that consumers are fickle and change their expectations over time, and competitors are changing all the time, as is the outside world.
It’s a hectic race against a moving target – the elusive and irrational consumer, but with big prizes if you can get it right and keep getting it right.
Whoo, whoo … I’ve just realised I’m regurgitating my old MBA marketing theory course notes. I’d better stop before NTarrant attacks me for trying to show I’m better than him !!!