Marketing Management Lecture Week 1 FALL 2010

Marketing Management Lecture Week 1 FALL 2010 - MARKETING...

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ARJUN CHAKRAVARTI FALL 2010 MARKETING MANAGEMENT
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Course Description Introductory Course Self Contained–no prerequisites Knowledge of Basic microeconomics is an advantage. You have 6 weeks to get up to speed on the basics. Macro, Statistics, and cognitive psychology help, but I’ll teach you what you need. Course Objectives Define the marketing function in the organization Provide structure for solving marketing problems in an analytical way. Develop adaptive decision making skills with an applied project. Effective communication. Offer a forum to present and defend own and critique others’ recommendations
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Instructor: Dr. Arjun Chakravarti About the Instructor Ph. D University of Chicago Research Interests: Consumer and Manager Behavior, Group Dynamics Behavioral Economics, public policy Undergraduate – University of Colorado, Boulder Industry Experience: Consultant, Product Marketing Manager Several industries, major firms, SME, technology incubation Personal: Lived all over the U.S., family is of Indian origin. Married, no children* Contact Information Downtown Campus: Room 451 (Mon, Wed, Fri) Main Campus: 3424 S. State, Room 4C8 1 (Tues/Thurs) Email: arjun.courses@gmail.com Phone: To be provided.
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Roadmap What is Marketing? Strategic Marketing Framework Quantitative Tools for Strategic Marketing
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What is marketing?
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Common Misconception I “Marketing equals (deceptive) advertising” (Getting people to do what I want) Promotion is only one facet Deception doesn’t last creating value for the lifetime of the consumer does. Marketers are responsible for determining : Sources of consumer value and segmentation Market analysis, and distribution channels Product lines, and pricing …. All before they even begin thinking about a promotions framework.
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But why do people not believe me? Chevy Volt (Claim: 230 mpg city) What is wrong with this claim? Essentially an arbitrary claim… 1. Assumes battery charge every night! 2. Can go 40 miles without consuming gas 3. 50 mpg thereafter. Math: driving car 100 miles per day only uses one gallon!–Amazing performance! It’s not 230 mpg but why risk sounding dishonest?
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“Marketing is ‘soft’ and lacks rigor” Relies heavily on Micro and Macroeconomic theory Product release decisions, investment decisions, pricing Theory of Games, Strategy and Incentives Distribution channels, managerial and competitive responses, strategic/”rational” consumers Empirically advanced relative to other fields Experiments, regression, discrete choice analysis, simulation Cognitive science Learning and Memory, Decision Making, Persuasion, Neuroscience Theory and Practice are two sides of the same coin. More on this in a bit…
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Marketing Management Lecture Week 1 FALL 2010 - MARKETING...

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