Womack Report

August 21, 2007

Marketing Notes, August 21

Filed under: Marketing,Notes,School — Phillip Womack @ 2:55 pm

First day of the Tuesday/Thursday marketing class. Was almost late, and don’t have my textbook yet, but no helping it. Also came in wearing my sunglasses, and left my normal glasses in the car. Have to switch them out after class.

Professor is Dr. Leroy Robinson. He has a website at http://coursesite.cl.edu/bpa/robinson. That’s on the syllabus. Professor was right on time, which I appreciate. Jumped right into things.

Grades are based on tests, quizzes, and participation. Grade for the class is based on a 500 point scale. The two normal exams are worth 100 points each. The final exam is worth 150 points. The quizzes, collectively, are 100 points. Participation is based on attendance and talking in discussions. Attendance is the major factor, discussion is a minor factor. Exams will be multiple choice; that should make things a bit easier on me. No make-up exams, and anyone seriously late won’t be allowed to take exam. If an exam is missed, the lowest other exam grade will be substituted for it. Since the final is worth 150 points and the other exams are worth 100, skipping the final will not turn out well, even if other test scores are excellent. There will be six quizzes, the best four of which will be counted. Quizzes will apparently happen without warning.

This class is titled Marketing: Creating Value For Customers.

At its core, marketing is about creating value. Marketing is a set of tools.

Chapter 1: Developing Customer Relationships and Value Through Marketing

Much of the semester will deal with acquiring, maintaining, and managing customer relationships.

For many firms, the marketing department has a great deal of control over the company’s revenue.

Marketing is the process of developing, pricing, promoting, and distributing goods/services. Lots of factors influence the marketing process. Marketing doesn’t happen in a vacuum, it happens in the real world.

The two major objectives of marketing are:
1. Discover needs
2. Satisfy needs.

Marketers cannot create needs. Marketers can only discover needs. Needs are issues a person must address. Wants are particularly desirable solutions to a need. Transportation is a need. A car is a want. Marketers can shape wants.

One of the hardest things in marketing is coming up with new products. McDonald’s has had one new hit product in the last thirty years.

What a Market Is: A market does not consist of everyone. A market consists of people who have a desire for your product and the ability to purchase the product.

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