MG 506: Principles of Marketing Fall 1998

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MG 506 Principles of MarketingFall 1998

• Chick Kasouf
• 209 Washburn
• phone [phone]
• fax [phone]
• Cellular [phone]
• email chick_at_wpi.edu
• http//www.wpi.edu/chick

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Tonights Class (9/15/99)

• Course Introduction
• Syllabus
• Information sheets
• Name cards
• What is marketing?
• Case Analysis

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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

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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

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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.

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Marketing Mix

• Product
• Price
• Promotion
• Distribution (Place)
• Marketing overcomes
• Discrepancies of quantity
• Discrepancies of assortment

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Marketing Functions/Flows

• Buying
• Selling
• Transporting
• Storing
• Standardization/Grading
• Risk taking
• Information

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Market Orientations

• Production concept
• Product concept
• Selling concept
• Marketing concept
• Societal marketing concept

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Selling Concept/Marketing Concept

• Selling concept
• FACTORY gt PRODUCTS gt SELLING/PROMOTION gt
  PROFITS THROUGH SALES VOLUME
• Marketing Concept
• MARKET gt CUSTOMER NEEDS gt COORDINATED
  MARKETING gt PROFITS THROUGH CUSTOMER
  SATISFACTION

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Marketing Getting Keeping Customers

• Focus is on managing the interface between the
  firm and its environment
• Key execution skills
• Interacting
• Allocating
• Monitoring
• Organizing

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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

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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

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Requirements for Effective Learning

• Come to class prepared to discuss the case
• Listen
• Share ides
• Be willing to debate

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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

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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

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Group Presentation

• Ten minutes
• Identify key issues in the case
• What decisions need to be made
• What is the most relevant information to consider?