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Marketing 1 - Marketing1 14:18 Class Notes Environment is...

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Marketing 1 14:18 Class Notes Environment is always changing and one strategy might not work for all History of Marketing Production era- (mid 19th century) emphasis on production of product and efficient distribution o This era is over, but it is like not producing enough of a much wanted product like Tickle Me Elmo Sales era- (1920’s) emphasis on moving inventory (sales) o One car is not enough, you need two cars. More of everything. The production builds up and they realize they need to sell these things. And people realize they want more of one product o Negative image on marketing (sleazy sales person), but great for the economy Marketing era (1950’s) emphasis on the marketing concept o This era is huge and the foundation for everything we will talk about o * Marketing concept: we maximize profits by satisfying customer needs * o For the first time we move from emphasis on selling product to an emphasis on understanding the customer o Very difficult for companies to maintain this view Do Marketers create needs”- No, we understand and work with customer needs to create a “want” or preference for our product Grand Theft Auto satisfies the need for aggression, competition etc. Need= physical or emotional requirement o Marketers understand the needs but do not create them. o We understand needs and create wants Want= preference Sales to Marketing era- Shift from sales being in charge to marketing being in charge.
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“What was the main point of the Levitt article” Define your business in terms of need satisfaction for the customer as opposed to product. o If you define in terms of product satisfaction, it will become outdated. o BP Oil- we sell gasoline—business of energy o Columbia- we make movies—business of entertainment o Xerox- we make copiers—business of documentation o Carrier- we make a.c./furn.—business of comfort o Revlon- we make cosmetics –business of confidence/beauty Advantages of Marketing Concept Our existence outlasts any particular product Products are easier to sell Better able to spot new product opportunities o Once you start focusing on the needs, you can see all sorts of opportunities that didn’t exist and build it into product o Cell phones satisfy need for companionship. I feel naked without my cell phone. So marketers thought what else can we put into a cell phone to increase companionship and individuality i.e. internet, ringtones, games Not afraid of change o Marketing concept says that overtime eventually things will change so we should embrace it Relationship Era- emphasis on building long-term, value added relationships with customers and suppliers How to get a job Start thinking like a marketer Recognize that you are a product Make yourself a good value
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o Work on your packaging/ingredient list Marketing news- AMA Do research Prepare yourself for the interview Major Marketing Career Options Sales Retailing Product Management
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