Introduction to Management - II
Chapter 5 - "Understanding Marketing - 1”
This week: The myth of the “better mousetrap”
The marketing mix: the “4 Ps”
Defmiesegtmentation The Myth of the Better Mousetrap
Ralph Waldo Emerson (1803 – 1882) was an American
essayist, philosopher, poet, and leader of the transcendentalist
movement in the early 19th century. He was considered one of
the great orators of the time, and enraptured his audience.
He once famously said: "Though a man live deep within the
woods, if he builds a better mouse trap, the world will beat a
path to his door."
It is a wonderful phrase, full of positive energy about: vision,
enterprise, ambition, vision and hard work. Nevertheless:
It's not true about better mouse trap. Nothing sells itself
Emerson lived in 19th century, when people had less than we
have today. Generally speaking, what could be made was likely
to be bought.
Today we have all we need. Now we want things:
We want them: with improved features
eattain Therefore, Managers must find out:
1. If the world wants a better mouse trap.
2. How much they are willing to pay for the mouse trap.
3. If the world even knows about your better mouse trap.
4. Whether they are willing to walk into the woods.
A well managed business doesn't sell what it has (product
A well managed business sells what its customers want
This focus on the customer is called the "marketing concept":
The Marketing Concept
The idea that the whole firm is directed toward
serving present and potential customers, while
making a profit. Definition of Marketing
The planning and creation, pricing, promotion, and
distribution of goods and services that will satisfy