2008_Intro-Lecture.STUDENT_COPY

2008_Intro-Lecture.STUDENT_COPY - MAR 5805 Marketing...

Info iconThis preview shows pages 1–14. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: MAR 5805 Marketing Management Course Lecture Packet #1 2 Course Introduction 3 Objectives Overview of the Role of Marketing in a Business Discuss How to Analyze a Marketing Case Review Marketing Math Concepts 4 Role of Marketing in a Business Must first ask: What is the purpose of a business? 5 Marketing s role (Cont d) Peter Drucker: If we want to know what a business is we have to start with its purpose. There is only one valid definition of a business purpose: to create a customer . ... Because it is (the purpose of a business) to create a customer, the business enterprise has two --- and only these two ---functions: marketing and innovation . 6 Marketing s role (Cont d) Marketing is so basic that it cannot be considered a separate function (i.e., a separate skill or work) within the business. It is the whole business seen from the customers point of view . Concern and responsibility for marketing must, therefore permeate all areas of the enterprise . 7 Marketing s role (Cont d) Jack Welch , former CEO of GE: We used to give speeches to our people: No one can guarantee you a job other than satisfied customers. Nothing creates work other than products and services that create satisfied customers. Business Week , March 8, 2004 8 Marketing s role (Cont d) Not: Engineering / production Products Profits ($) 9 Marketing s role (Cont d) More like: Knowing the customer engineering / production --- influenced by consumer research* products the customer wants/needs marketing the products with customer appeal satisfied customers Profits ($) 10 Marketing is More Important than Ever Consumer heterogeneity Competition is global and more cut-throat Information explosion Media proliferation Shifts in trade power Product maturity Increasing commoditization 11 Commoditization is the cancer of the 21 st century. Peter Georgescu, Chairman Emeritus, Young & Rubicam Goal of marketing is to prevent commoditization . Stanford Business Magazine , (May, 2006) Example: Seagate Disk Drives vs. Intel Chips Seagate has about 30% of hard disk drive market Huge increases in storage capacities But products remains a low involvement tech commodity No perceived differences among PC disk drives Prices are decreasing with margins near 6% Intel Inside campaign has convinced consumers that: Microprocessor is most important PC component Intel chip is best Intel price affords a 50% gross margin Business Week, Jan. 15, 2006 Importance of Knowing the Consumer Seagates introduced a new Pocket Drive...
View Full Document

Page1 / 93

2008_Intro-Lecture.STUDENT_COPY - MAR 5805 Marketing...

This preview shows document pages 1 - 14. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online