Something for Those Studying Business or Marketing

By Lifetime Library on December 24, 2013 in Lifetime Learning Blog
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This is an interesting video. The main speaker is a professor of marketing at Stanford. The gist of the video is product reviews on the Internet have taken over the “value of brand”. He says that what people say about a product or service essentially trumps what the seller/marketer tries to do with branding and brand image. Discuss this one with your teachers. Think this one out. If a product is really bad, it should get bad reviews. But don’t people who have negative experiences always blow their horn more often? Can you truly simply rely on these Internet posts? Is there such a thing as “gang attitudes”? (Whereby a few people come together to complain and others jump on-board because it seems like the thing to do?) YES… the world of Internet comments and reviews are much more swift and sure when trashing a product that’s really bad. But shouldn’t that make sellers and marketers react quicker — and make changes and fixes — and address the negatives — and do it to their benefit – and that of their customers? If a markers/seller has really good products — and gets good product reviews online, can’t they then continue to build brand equity? Sure, brand equity can be taken down a few notches more quickly than in the past by Internet commentary. But conversely, isn’t this how the competitive marketplace works? We might argue that the issue and concept of “brand” isn’t dead. But… there are lots of questions in this one. It’s a fun one! Think about it, discuss with with your class, your teachers, etc. If you’re in business, think about it too. There may be no right answer — other than that it forces you to think it through and determine what is right for you — and the customers you serve. And isn’t that REALLY what it’s about?  (Too bad that when you view this video on YouTube that StandfordBusiness has disabled comments. Most of you can weed through comments by the ‘trolls’ and take in the valid comments to help you think this one through!)

 

 

 

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