Session 1 - Introduction_1

Session 1 - Introduction_1 - Welcome to Introduction to...

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1 Welcome to Introduction to Marketing! MKTG-UB.0001 Professor Eric Greenleaf Fall 2011
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Session 1 - Introduction 2 Today’s Agenda Marketing successes and failures What is marketing? How is marketing different from other business skills? Course details and your responsibilities
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Session 1 - Introduction 3 Most business successes or failures are caused by successful or failed marketing
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4 What marketing successes and failures can you think of? Why did they succeed or fail?
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5 What is marketing?
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6 What is marketing? What is marketing at Apple?
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Session 1 - Introduction 7 What is marketing? 1) Marketing strategy Marketing Strategy - What is our overall plan for our product? Consumer behavior Segmentation Positioning Economic value of customers Profit: Crunch the numbers
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Session 1 - Introduction 8 Don’t forget marketing research “Eyes and ears” of the firm Keeps you in touch with Customers Competitors Trends in the marketplace Be proactive, not reactive
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Session 1 - Introduction 9 What is marketing? 2) The marketing mix – “Four Ps” Marketing Mix – What actions will we use in the marketplace to implement our strategy? Pricing Product Partnerships Promotion (Communication)
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Session 1 - Introduction 10 Marketing mix is more than sum of its parts Balance Don’t put too much emphasis on any single activity in the marketing mix Coordinate Each part of marketing mix must work well with other parts
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Session 1 - Introduction 11 What is marketing’s role in a firm? One opinion on marketing’s role: “If we want to know what a business is, we have to start with its purpose… There is one valid definition of business purpose: to create and keep a customer .” Peter Drucker, a widely-read business school professor and former NYU faculty member (1909-2005).
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Session 1 - Introduction 12 Most successful concept of marketing Effective marketing strategy satisfies consumer needs and creates consumer value while allowing the firm to achieve its objectives. Concept we’ll study in this class Let’s take a closer look at this concept
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Session 1 - Introduction 13 Satisfy customer needs Define product or service in terms of customer needs = ?
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Session 1 - Introduction 14 What customer needs do GoPro HD video cameras satisfy?
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Session 1 - Introduction 15 React to changing customer needs WSJ 8.31.10
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Session 1 - Introduction 16 React to changing customer needs New York Times – 10.25.09
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Session 1 - Introduction 17 Garmin has expanded from GPSs to meet changing consumer needs Fish finders and other marine products Hiking Many Sports Airplanes Kid-trackers As well as GPS apps http://www.garmin.com/us/
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Session 1 - Introduction 18 StubHub a success NYT 8.2.07
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Session 1 - Introduction 19 Try to anticipate consumer needs
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