1 Welcome to Introduction to Marketing! C55.0001 – Professor Eric Greenleaf Fall 2008.
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Transcript of 1 Welcome to Introduction to Marketing! C55.0001 – Professor Eric Greenleaf Fall 2008.
1
Welcome to Introduction to Marketing!
C55.0001 – Professor Eric Greenleaf
Fall 2008
2Session 1 - Introduction
Today’s Agenda
Marketing successes and failures
What is marketing?
How is marketing different from other business skills?
Course details and your responsibilities
3Session 1 - Introduction
Most business successes or failures are caused by successful or failed marketing
4
What marketing successes and failures can you think of?
Why did they succeed or fail?
5
What is marketing?
6
What is marketing?
What is marketing at Apple?
7Session 1 - Introduction
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
8Session 1 - Introduction
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
9Session 1 - Introduction
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)
10Session 1 - Introduction
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 –
11Session 1 - Introduction
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).
12Session 1 - Introduction
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
13Session 1 - Introduction
Satisfy customer needs
Define product or service in terms of customer needs
= ?
14Session 1 - Introduction
What customer needs does this product satisfy?
= ?
15Session 1 - Introduction
React to changing customer needs
New York Times – 8.2.07
16Session 1 - Introduction
React to changing customer needs
New York Times
7.24.08
17Session 1 - Introduction
Try to anticipate consumer needs
18Session 1 - Introduction
Create consumer value
Value = Utility - price Satisfy needs at a price that consumers
are willing to pay
19Session 1 - Introduction
Allow firm to achieve objectives
Expensive to satisfy consumer needs and provide consumer value
Firm must achieve its objectives Marketing should be a profitable
investment Firm must understand and predict the
bottom-line impact of marketing actions
20Session 1 - Introduction
Successful marketing creates valuable assets
20
NYT7/3/08
21Session 1 - Introduction
How can Google make money from YouTube?
New York Times
7.9.08
22Session 1 - Introduction
Don’t overspend on marketing
Source: “Satellite radio Howard's wayJan 12th 2006, The Economist
23
What marketing is not –Three outdated concepts of
marketing
24Session 1 - Introduction
FIGURE 1-5FIGURE 1-5 Four different market orientations in the history of
American business
25Session 1 - Introduction
What marketing is not –Three concepts of marketing to avoid
Technology and production driven
Consumers care about needs and value, not technology
vs.
26Session 1 - Introduction
What marketing is not – Three concepts of marketing to avoid
Selling driven
27Session 1 - Introduction
What marketing is not –Three concepts of marketing to avoid
Marketing driven
All three outdated concepts create a marketing mix that is out of balance
28Session 1 - Introduction
How is marketing different from other business skills?
Combines quantitative and qualitative analysis – Both kinds of information important for
creating best strategy and mix– Use numbers to justify your qualitative
reasoning We’ll examine Quantitative Analysis in
Marketing early in the course
29Session 1 - Introduction
How is marketing different from other business skills?
Marketing forces business to confront uncertainty in environment– Consumer tastes– Competition– Economic environment– Legal and Regulatory
30Session 1 - Introduction
What do consumers want in a beverage?
30
WSJ6/30/08
31Session 1 - Introduction
Does anyone need “land line” phones?
31
NYT7/23/08
32Session 1 - Introduction
Is your kitchen counter radioactive?
32
NYT7.24.08
33Session 1 - Introduction
Course details and your responsibilities
Please read the syllabus carefully Course calendar Detailed description of assignments Course policies and your
responsibilities – Includes class honor code
34Session 1 - Introduction
Course details and your responsibilities
Class Participation (15% of grade) You are a very important part of course
– We have very different backgrounds and experience– We learn a lot from each other– Make your class participation valuable
Everyone wants to know who you are– Please use name card every day: big, first name
and last initial– Seating fixed from next class
35Session 1 - Introduction
Course details and your responsibilities
Class Participation (15% of grade) I would like to know more about you Your first assignment:
– Complete personal information form on back of syllabus
– Include picture of yourself– Hand in at the next class
36Session 1 - Introduction
Course details and your responsibilities
Class Etiquette – Behave as in a business meeting
But have some fun– Let me know if you will miss class– Please arrive on time– Leave class only if absolutely necessary– Listen carefully to your classmates
Please, no disruptive side conversations
37Session 1 - Introduction
Course details and your responsibilities
Class Etiquette – Create a challenging but respectful
environment for expressing ideas– Participate meaningfully, and allow others
to participate– Stay with the topic we are discussing
Class time valuable
38Session 1 - Introduction
Course details and your responsibilities
Electronic Etiquette – No laptops– Turn off
Cell phones “Blackberries” MP3 Players Any other unapproved electronic devices No audio or video recording without
permission
39Session 1 - Introduction
You are expected to follow the Stern Honor Code
Please read it carefully – URL in syllabus– http://w4.stern.nyu.edu/uc/currentstudents/codeofconduct.cfm?doc_id=5182
Convincing evidence of cheating will be treated harshly
Cases may be turned over to Stern Judiciary Committee
Cheating cases pursued even if person has finished course or graduated – Degrees have been revoked
Submit assignments to TurnItIn online– At students’ request – protects honest students
40Session 1 - Introduction
Course details and your responsibilities
Text:
R. Kerin, S. Hartley & W. Rudelius, Marketing, 9th edition, Irwin/McGraw-Hill.
Sets important foundation for class discussion
• Class will be conducted under assumption you have done assigned reading for that day
Hardcover, looseleaf, or eBook
41Session 1 - Introduction
Course details and your responsibilities
• Articles from business and popular press • Show how concepts from class are used in
the real world
• You can link to these using Bobst electronic databases
• e.g. NYU Virtual Business Library
42Session 1 - Introduction
Course details and your responsibilities
Marketing cases: Mediquip Brita – written group case
James Patterson Z Corporation MontGras Vineyards – written individual case
43Session 1 - Introduction
Course details and your responsibilities
Marketing cases:– Apply what you learn to an actual firm
Variety of products and industries– See complexities of marketing problem– Get involved in decision making – Cases have no single “right answer”
You should be able to justify your analysis
– Case study questions in syllabus Helps focus class discussion
– Syllabus has advice on preparing a case
44Session 1 - Introduction
Course details and your responsibilities
Major Assignments:
Quantitative marketing assignment 5% Two midterm quizzes 25% Brita group case 12.5% MontGras individual case 12.5% Market research assignment 5% Final exam 25%
45Session 1 - Introduction
Course details and your responsibilities
Class materials– All assignments and slides on Blackboard
– Will provide printed copies in class
Powerpoint slides– Help organize class material
– Slides are not a substitute for your own
class notes
– Will not have Powerpoint for all classes
– If you miss a class, get notes from at least two classmates
46Session 1 - Introduction
Teaching Fellows –They are here to help you
Shevon Newman
Christine Wang
Brady Warner
Each will have office hours twice a week in Marketing Dept., 8th floor Tisch
47Session 1 - Introduction
Next Class – Consumer Behavior I
How do consumers make decisions?
How can firms influence consumer decisions?
How do consumer decisions differ? We’ll look at the consumer
decision making process