Since there's no BOS site for uni notes...etc etc
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MKTG 1001 7/3 lecture review
Whilst the lecturer is obviously knowlegable (he's had a billion experience), but he needs to have a bit more energy for a mid-day lecture. We did learn a lot of interesting stuff and I appreciate his real life examples. I also liked the fact that he asked questions, but I don't think he asked enough (i answered the nrma one). Questions are good in lectures as they require you to change from listening to thinking mode.
Lecturer: 8/10 Lecture 8/10
***revised note: after looking over notes, seems that i've learnt a crapload. so 9/10 lecture instead***
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Notes: I've also added a bit to make them broader then what was discussed.
-Reducing your failure rate is a stepping stone for good marketing. Many marketing strategies fail.
-Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. *Note that it says value, not money.*
-Delivery of customer satisfaction and value at a profit is mandatory in marketing.
-Marketing is all around you.
-A great product must be balanced with a great profit. The product may have to be sacrificed and simplified/dumbed-down to make the profit margins larger.
-"Marketing is so basic that it can not be considered as a seperate function" (Peter Drucker) - what this means is that marketing must be incorporated into a business, not as a seperate entity, although this commonly happens nowadays.
-The whole business is seen from the point of view of the final result i.e. the customer's point of view (rather than what YOU as the marketer think of it)
-Thus, business sucess is not determined by the producer, but by the consumer.
-As a marketer, it is important to keep coming back to the "need to sell" idea, which determines whether a business fails or not.
-In order to sell a product, you must consider competitors. You must inspire your consumers to give money to the company/product you are promoting rather than to your competitors.
-Marketing is often viewed in the 'tip of the iceberg' sense. i.e. Marketing seen primarily as advertising and selling. There are many unconsidered marketing functions below the surface.
-When we think of the number of ads we remember, there aren't many. Thus there is a need today for marketing to be memorable. Repetition, could in this sense be very important as well. If the consumer sees something a few times, they will remember it better. This also brings up adverisement placement fundamentals.
-Image is important (can't remember exactly what the lecturer mentioned about this, so can't elaborate on the dot point like I had with the others.)
-Marketers have to promisse how much of a product will be sold. They continually make risks.
-*Trivia* Woolworths operates on an average profit of 1c per product sold. Due to the large quantity of items sold, they get the massive total profits. Out of this profit though, they spend a lot of it on adveritising.
-The types of marketing and focussing of marketing has evolved through the years. In the 50's onwards consumers (goods) marketing ; the 60's onwards saw industrial marketing; the 70's onwards saw non-profit/societal marketingl; the 80's onwards saw services marketing; the 90's onwards saw customer satisfaction, global marketing; 00's saw global 1 to 1 marketing. In the future relationships plus direct customer retention will be developed.
-Marketers start with a fundamental promisse and build product to shape this promisse. I.e. work from the down
****NOTE FOR MARKETING PLANS: DO NOT SAY YOU DID IT BECAUSE AN AUSSIE COMPANY DOES IT. INDEPENDANT THOUGHT IS IMPORTANT.****
-20% of your customers buy 80% of your product. Thus, it is important to target your marketing directly at these 20%, not the other 80% of your buyers. (Customer retention, which was a priority on the flowchart)
-Work out why the customer would buy the product. The fact that "it's a good product" won't do. (See further info on this in a few more dot points, about the mouse trap).
-The lecturer used a very interesting example about water. It's priced at higher than petrol prices, yet nearly everyone buys it..
-The lecturer seemed to disagree with the patriotic ad about biscuits "now australian made", this would mean that for the marketing plans it may be important NOT to adapt this approach. I am assuming he doesn't think it works.
-"Build a better mousetrap and the world will beat a path to your door". This sums up the product orientation approach. This approach isnt focussed on people, which isn't the best way to market things. The following is a group of questions that should be asked:
Form utility: Do they even want a mousetrap?
Task utility: Do they believe that the mouse trap is even better?
Place utility: How far will the go to buy the mousetrap?
Time utility: How long will they wait for delivery?
Possession utility: How much are they willing to pay?
Information utility: Do they know it exists?
Image utility: What will others think of me?
So, as you can see this is different to the 'make a product, and whoever wants it will come get it'' approach employed by the "mousetrap" saying.
-Marketing is a thinking process (could someone help out here as well, cant remember exactly what he meant by this dot point I made).
-The environment affects how marketing is conducted. Environmenttal factors include things such as gender roles, social change, trends (fashion etc).
-------------------------------------------------
MKTG 1001 7/3 lecture review
Whilst the lecturer is obviously knowlegable (he's had a billion experience), but he needs to have a bit more energy for a mid-day lecture. We did learn a lot of interesting stuff and I appreciate his real life examples. I also liked the fact that he asked questions, but I don't think he asked enough (i answered the nrma one). Questions are good in lectures as they require you to change from listening to thinking mode.
Lecturer: 8/10 Lecture 8/10
***revised note: after looking over notes, seems that i've learnt a crapload. so 9/10 lecture instead***
---------------------------------------------------
Notes: I've also added a bit to make them broader then what was discussed.
-Reducing your failure rate is a stepping stone for good marketing. Many marketing strategies fail.
-Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. *Note that it says value, not money.*
-Delivery of customer satisfaction and value at a profit is mandatory in marketing.
-Marketing is all around you.
-A great product must be balanced with a great profit. The product may have to be sacrificed and simplified/dumbed-down to make the profit margins larger.
-"Marketing is so basic that it can not be considered as a seperate function" (Peter Drucker) - what this means is that marketing must be incorporated into a business, not as a seperate entity, although this commonly happens nowadays.
-The whole business is seen from the point of view of the final result i.e. the customer's point of view (rather than what YOU as the marketer think of it)
-Thus, business sucess is not determined by the producer, but by the consumer.
-As a marketer, it is important to keep coming back to the "need to sell" idea, which determines whether a business fails or not.
-In order to sell a product, you must consider competitors. You must inspire your consumers to give money to the company/product you are promoting rather than to your competitors.
-Marketing is often viewed in the 'tip of the iceberg' sense. i.e. Marketing seen primarily as advertising and selling. There are many unconsidered marketing functions below the surface.
-When we think of the number of ads we remember, there aren't many. Thus there is a need today for marketing to be memorable. Repetition, could in this sense be very important as well. If the consumer sees something a few times, they will remember it better. This also brings up adverisement placement fundamentals.
-Image is important (can't remember exactly what the lecturer mentioned about this, so can't elaborate on the dot point like I had with the others.)
-Marketers have to promisse how much of a product will be sold. They continually make risks.
-*Trivia* Woolworths operates on an average profit of 1c per product sold. Due to the large quantity of items sold, they get the massive total profits. Out of this profit though, they spend a lot of it on adveritising.
-The types of marketing and focussing of marketing has evolved through the years. In the 50's onwards consumers (goods) marketing ; the 60's onwards saw industrial marketing; the 70's onwards saw non-profit/societal marketingl; the 80's onwards saw services marketing; the 90's onwards saw customer satisfaction, global marketing; 00's saw global 1 to 1 marketing. In the future relationships plus direct customer retention will be developed.
-Marketers start with a fundamental promisse and build product to shape this promisse. I.e. work from the down
****NOTE FOR MARKETING PLANS: DO NOT SAY YOU DID IT BECAUSE AN AUSSIE COMPANY DOES IT. INDEPENDANT THOUGHT IS IMPORTANT.****
-20% of your customers buy 80% of your product. Thus, it is important to target your marketing directly at these 20%, not the other 80% of your buyers. (Customer retention, which was a priority on the flowchart)
-Work out why the customer would buy the product. The fact that "it's a good product" won't do. (See further info on this in a few more dot points, about the mouse trap).
-The lecturer used a very interesting example about water. It's priced at higher than petrol prices, yet nearly everyone buys it..
-The lecturer seemed to disagree with the patriotic ad about biscuits "now australian made", this would mean that for the marketing plans it may be important NOT to adapt this approach. I am assuming he doesn't think it works.
-"Build a better mousetrap and the world will beat a path to your door". This sums up the product orientation approach. This approach isnt focussed on people, which isn't the best way to market things. The following is a group of questions that should be asked:
Form utility: Do they even want a mousetrap?
Task utility: Do they believe that the mouse trap is even better?
Place utility: How far will the go to buy the mousetrap?
Time utility: How long will they wait for delivery?
Possession utility: How much are they willing to pay?
Information utility: Do they know it exists?
Image utility: What will others think of me?
So, as you can see this is different to the 'make a product, and whoever wants it will come get it'' approach employed by the "mousetrap" saying.
-Marketing is a thinking process (could someone help out here as well, cant remember exactly what he meant by this dot point I made).
-The environment affects how marketing is conducted. Environmenttal factors include things such as gender roles, social change, trends (fashion etc).
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