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by: Bas Khan

PrincipalsofMarketingWeek1.pdf MKTG 31200-03

Marketplace > Marketing > MKTG 31200-03 > PrincipalsofMarketingWeek1 pdf
Bas Khan


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About this Document

These notes cover everything we learned in the first week, in a lot fo detail, starting with the definition of marketing and ending at the suggestions of an 'American Myopia'.
Jim Johnson
Class Notes
Marketing, business, Principals of Marketing
25 ?





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This 4 page Class Notes was uploaded by Bas Khan on Friday January 29, 2016. The Class Notes belongs to MKTG 31200-03 at a university taught by Jim Johnson in Winter 2016. Since its upload, it has received 8 views.

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Date Created: 01/29/16
Principals of Marketing Week 1 Notes Our class is on Monday and Wednesdays at 4:00 – 5:15, and our professor is James Randall Johnson. Although our professor does not supply powerpoints and weekly notes, you do have the luxury of skipping class whenever you might please – so if that would interest you these notes should provide invaluable as I will be using them myself to ensure I get the best grade possible. Our grading is according the 3 exams, and 3 HBR cases. Our first exam is on February 22 .nd I will not only be providing detailed notes every week regarding the content covered, but will also be creating study guides for every exam that we have. You may contact me anytime for clarification of principals. Principals of Marketing Theoretical Correctness and being Pragmatically Useless: Our course text will cover a wide range of materials, but it is important to note the difference between knowledge and practical application. The idea being is that the book should be used to the extent where its concepts can soundly interact with real world principals. This is elaborated upon by stating that a definition should properly define, and not cause more questions. The Definition of Marketing according to the AMA (American Marketing Association): • Marketing is the activity, set of institutions, and processes for creati ng, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. What is a widget? – it is a reference term to describe a generic product (i.e.: something that does something) Consumer Products and Marketing: Why does everyone have an IPhone? • Technological Consistency • Simplicity • User Experience • Brand Association • Convenience • Multiplatform Applications The long story short behind the IPhone is that its level of popularity has a lot to do with the perception of it, as well as the ease of its use. The more people using an IPhone, the more convenient it is to use it yourself. The interface can be understood by children, there are minimal preloaded applications, it is so popular that other software companies prioritize their applications for Apple before other user alternatives. The list goes on and on. Product Introduction and Life Cycle: So how do companies adapt to a products life cycle? In the IPhone example, sometime around the decline of their last phone model they release the new and improved IPhone that, well really is identical to the last, but lets just pretend its revolutionary because fingerprints (I’m an android guy). Allow us to look at the Arm and Hammer baking soda example. First they developed baking soda for baking, and at a certain time right abooout here ^ (see graph above) they needed to rebrand and remarket the same good ol’ product. So what happened? Did you know you could use it as tooth paste!? No way, so then the sales went back up, and eventually down. Then did you know you could use it for an upset stomach? No way! So sales went… and then did you know you could use it to collect odors in your fridge? (but wait people left it in their fridge too long so sales went down… so rebrand again to say only X amount of months is okay!) And so and so forth. The idea is simply remarketing the same thing for more purchases. So now that we have establish that Marketing is the shit, what makes up marketing? The 4 P’s of Marketing The 4 C’s of Marketing • Price • Consumer • Product • Cost • Promotion • Communication • Placement • Convenience As you can see above, there are two different ways to look at the principals, but they are identical. Price is how you mark your product, Product is the creation of an item and how to make it applicable to your customers, Promotion is communicating with them effectively so that they are aware of its uses (and of course believe they need it so bad they would die without it). And then Placement is about where you decide to market your product, it is synonymous with convenience due to the fact that people are willing to pay more for convenience (Soda at local 711 as opposed to further away Walmart). The major difference between the C’s and P’s of marketing falls between Product, and Consumer. The change is due to the fact that your product is wholly dependent on your consumer – and by knowing your consumer better (maybe even better than they know themselves) you will have the information and research needed to create a product with the potential for more profit. The Connotations of Marketi ng in Today’s Society: Nothing is worse to a numerical based CEO than a marketing department. How can you measure the success of marketing campaigns, and how does changing a logo’s colors to make it look ‘real purty’ convince anyone it was worth that $25,000? Marketing can often be seen as the pesky exception to producing a sound cost-benefit analysis, because it is difficult to quantify. We looked at an article that had a number of relevant facts about Marketing departments within various firms. (article: The decline and dispersion of Marketing competency) • A CMO (Chief Marketing Officer) has an average employment term of 23 months. • 35% of CEO’s say their marketing department needs improvement or cuts. The bottom line seems to be that there is a difficulty of marketing metrics, and it seems to lean toward more of a social science than it does a business field. The USA and Institutional Investors : One thing that is taking place in America is that Institutions are investing in publicly traded stock. It isn’t a massive concern, until we realize that a majority of all investments are solely contingent on quarterly profits. In 1950 only 7% of publicly traded companies were owned by Institutional investors, in012 it was 74%. The issue being is that they have no personal incentive or investment to commit to a company beyond it making the money it was meant to for them. So If a publicly traded miracle cancer drug is having set backs and taking longer than expected – the Institutional Investors will say bye bye investments, and sorry people who decided to get cancer. There is no public concern, and definitely no loyalty. So what effects does that have on companies and CEOs? Well allow me to type the word ‘American Myopia’ and all that means is that there is a shortsightedness within business. Because CEO’s are constantly pressured to focus on short term gains to retain shareholders, they will do what ever necessary to see results now (as opposed to planning long term). The implications of this suggest that companies will actually become less competitive, and rather simply attempt to satisfy brief financial increases as opposed to investing for innovation. End Week 1


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