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Lecture

MKT100 - Week 1

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Department
Marketing
Course
MKT 100
Professor
Marla Spergel
Semester
Winter

Description
MKT100 Week 1 What is marketing? - Not just advertising, commercials etc (Advertising) - What the consumer wants and giving it to you at the right place - Telling you about this amazing opportunity we created for the consumers - Marketers do research, involves with designing a new product and delivering it to the consumers Marketing is Gray: There are several right answers to a problem - Select one answer that has a good combination - There are still wrong answers The four P’s – The Marketing mix - Foundation of marketing o Product  Something the consumer actually wants o Place  Where it should be sold at o Promotion  Advertising o Price  Set at a value that creates value for the consumer - Need to complement each other, need to be in align to each other o You can’t have luxury product sold at Wal-Mart (doesn’t work) How Marketing creates Prosperity - Innovation o Ipod, changing music industry o Consumers switched from other devices to the Ipod, because it was exciting o This creates wealth - Exchange o Producer and Consumer exchange o Distribution, makes it worth it o We create wealth because we don’t have to do it ourselves Schumpeter wealth creation principle - Innovation and creative destruction - Creating the ipod, Apple is happy it is generating revenue o Competition like Sony is getting affected negatively o Their products are still available but Apple has dominated the market o Apple created a new cycle of growth because consumers are willing to pay - Creative destruction is good as long
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