Transcript MG 506: Principles of Marketing Fall 1998

MG 506: Principles of Marketing
Fall 1998
Chick Kasouf
 209 Washburn
 phone: (508) 831-5548
 fax:
(508) 831-5720
 Cellular: (508) 873-5474
 email: [email protected]
 http://www.wpi.edu/~chick

MG 506/Fall 1999 (Class 1: 9/14/99)
Tonight’s Class (9/15/99)

Course Introduction
– Syllabus
– Information sheets
– Name cards
What is marketing?
 Case Analysis

MG 506/Fall 1999 (Class 1: 9/14/99)
Marketing
A social and managerial process by
which individuals and groups obtain
what they need and want through
creating, offering, and exchanging
products of value with others
MG 506/Fall 1999 (Class 1: 9/14/99)
Means of Obtaining Products
Self production
 Coercion
 Begging
 Exchange

– A process that culminates in a transaction

Market: All potential customers sharing a
particular need/want
MG 506/Fall 1999 (Class 1: 9/14/99)
Marketing Management
The process of planning and executing
the conception, pricing, promotion, and
distribution of ideas, goods, and
services to create exchanges that
satisfy individual and organizational
objectives.
MG 506/Fall 1999 (Class 1: 9/14/99)
Marketing Mix
Product
 Price
 Promotion
 Distribution (Place)


Marketing overcomes:
– Discrepancies of quantity
– Discrepancies of assortment
MG 506/Fall 1999 (Class 1: 9/14/99)
Marketing Functions/Flows
Buying
 Selling
 Transporting
 Storing
 Standardization/Grading
 Risk taking
 Information

MG 506/Fall 1999 (Class 1: 9/14/99)
Market Orientations
Production concept
 Product concept
 Selling concept
 Marketing concept
 Societal marketing concept

MG 506/Fall 1999 (Class 1: 9/14/99)
Selling Concept/Marketing
Concept

Selling concept
– FACTORY ==> PRODUCTS ==>
SELLING/PROMOTION ==> PROFITS
THROUGH SALES VOLUME

Marketing Concept
– MARKET ==> CUSTOMER NEEDS ==>
COORDINATED MARKETING ==> PROFITS
THROUGH CUSTOMER SATISFACTION
MG 506/Fall 1999 (Class 1: 9/14/99)
Marketing: Getting &Keeping
Customers
Focus is on managing the interface
between the firm and its environment
 Key execution skills

– Interacting
– Allocating
– Monitoring
– Organizing
MG 506/Fall 1999 (Class 1: 9/14/99)
Learning through the Case
Method

Case: A record of a management issue
that has been faced by executives with
information available at the time.

Case teaching: exchange of ideas
MG 506/Fall 1999 (Class 1: 9/14/99)
Objectives of Case Teaching
To provide an understanding of
problems faced by managers
 Increase the student's ability to develop
ideas and solutions
 Develop good judgment
 Improve communication skills

MG 506/Fall 1999 (Class 1: 9/14/99)
Requirements for Effective Learning
Come to class prepared to discuss the
case
 Listen
 Share ides
 Be willing to debate

MG 506/Fall 1999 (Class 1: 9/14/99)
How to Read a Case




Quick read
Careful read with notes
– What are issues?
– Separate facts/opinions
– Identify decisions
Read case relative to each issue
– Make decisions
– Implementation
Quick pre-class read
MG 506/Fall 1999 (Class 1: 9/14/99)
Tips








Be complete
Don't rehash case facts
Differentiate symptoms/problems
Differentiate opportunities/action
Deal realistically w/ opinions
Don't be dogmatic
Make effective use of quantitative information
Make reasonable assumptions
MG 506/Fall 1999 (Class 1: 9/14/99)
Group Presentation
Ten minutes
 Identify key issues in the case
 What decisions need to be made
 What is the most relevant information
to consider?

MG 506/Fall 1999 (Class 1: 9/14/99)