MKT lecture notes for EXAM 1

MKT lecture notes for EXAM 1 - Meeson MKT 320F lecture...

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Meeson – MKT 320F – lecture notes Wednesday, January 18, 2006, lecture 1 Pg 8-book definition of marketing It is a process that the facilitates an exchange of values b/t customer and producer of that product and that product may be a physical product or a service or it may be an idea; politicians regularly sell us their ideas for their vote o This exchange of values is something you and I value o We market everything, we market ourselves to get into college and to get a job o The value you receive is the date, the job, the etc The only 2 things that matter in business o 1) produce product o 2) sell it interesting in marketing side: you’re involved with everything in business doesn’t cover everything for large corporations 3 ways of getting rich Topsy Tail (UT MBA student) Fishing story- 1978 Bass Pro Shops $350 million sold company The Marketing Mix (The 4 Ps) 1. product o create a product that will sell o over 80% of all new products fail b/c most are copies of something that has been done o you need something simple! o Would you have thought of the ipod? You can get that one song you want and have the tunes arranged the way you want. Changed the music industry. o Mic Jagger (sp?)-economics 2. price o price of product makes a difference o o Price as too high or too low (ppl will look at it and think that can’t be too good for that price) o Michael Dell understood he had to stand behind his guarantee b/c he was not well-known. 3. promotion o the communications part o how you communicate the benefits of the product o you always are selling benefits NOT features o GM- ABS (anti-lock braking system): stops you faster and straighter Back then ppl were concerned about airbags—ppl understood airbags as opposed to ABS o Ford almost went under in 1980s-design a car you’d be proud to have in your driveway 4. place (really it’s “distribution”) o how you get the product to the consumer o what does the consumer want these days? Convenience of time and place! Look at the internet. Look at amazon.com!—you want your books tomorrow? No problem! o Look at 7/11 (revolutionary stores)—placed neighborhood stores in Within a few yrs, other stores like AMP started putting gas stations with convenience stores (you need gas and a few things from the store) Ohio first Building on convenience to get product to consumer o Advertisers need to find a new way to advertise About 5 yrs ago at the super bowl (largest audience) spent an entire yr budget on super bowl spots Did not have a movement in market share, therefore no more advertisements in months o Pop-up blockers 1
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Meeson – MKT 320F – lecture notes Go back to look at history where marketing has gone, you will find companies that look like any of these eras. Production Era (1860-1920)
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This note was uploaded on 04/22/2008 for the course MKT 320 taught by Professor Miller during the Fall '08 term at University of Texas.

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MKT lecture notes for EXAM 1 - Meeson MKT 320F lecture...

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