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Chapter 5

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University of Toronto Scarborough
Management (MGT)
Chris Bovaird

Mgt A04 Introduction to Management - II Chapter 5 - "Understanding Marketing - 1” This week: The myth of the “better mousetrap” Tmarketioncept Defmierketing The marketing mix: the “4 Ps” Deftnegarkets 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: Wrong! 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 cheaper mindeividutlilored 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 focus), A well managed business sells what its customers want (customer focus). 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 cus
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