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BOOK FOR MKT MANAGEMENT - CHAPTER 1 INTRODUCTION There are...

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CHAPTER 1 INTRODUCTION There are no Lawyers, Doctors, or Architects We all sell something. Lawyers and Doctors and Architects sell their respective services. As with any marketer, they have to price their product, advertise it and place it. A doctor in a fancy Beverly Hills office commands more money than a doctor on the wrong side of town. A lawyer with the name Kennedy will have more customers than a lawyer with the name Tsalikis. An architect has to find out the needs of the customer in order to build their house. Do they have kids; what is their income; do they cook a lot; how many cars they own? My son argues that he does not sell anything. My answer is that he sells “cuteness”. Jokingly, I argue that if he was not very cute his allowance would have been smaller. We all have to market ourselves whether to get a job or find a mate. Marketing and marketing research is pervasive. For example: Who runs the Greek political elections? Answer: American advertising companies. Why?: There is no reality, only perception/image and marketing creates both. Pollsters/marketers find the issues that voters are concerned with and the politicians promise them such. The Miami Herald has thousands of stories to publish everyday. Which stories make the paper? The ones that sell. Death, fires sell more than nice stories so that is what the media gives us. The Miami Herald uses 5 th grade English. Why? Politicians pretest all their speeches using focus groups. The lesson is that no matter what you do in life, you will need to become a marketer and a marketing researcher. What will I do on the first day on my marketing job? Inevitably, every semester I get a question such as this: “I am starting my marketing job on Monday. What should I do? Here is my answer (see Graph A): 1. As with everything you need to do in your life, you start with the objectives . The answer to the questions: “Why am I doing this?” “What do I want to achieve?” Let me clarify with some examples. In advertising, the commercial will be different if your objective is to create a long term good image for the product or if you want to tell the customers about the upcoming 50% sale. In pricing, if your objective is to gain long term market share and drive away possible competitors, you set low prices. If you want to create an image of quality, you set high prices. 1
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In your personal life, ask: “Why am I getting married?”, “Why am I getting this job?”, “Why should I buy this house?” 2. Then you analyze the competition. What are the industry trends; the windows of opportunity; the strengths and weaknesses. But more importantly, the USP (unique selling proposition); the differentiating point; the thing that sets you apart. Why should people buy from you and not from your competition.
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