[Rady] Ch 1 Intro and Creating Customer Value

MGT 103 Product Marketing and Management Overview

Introduction to Class

  • Instructor: Kristine Ehrich, Ph.D.

  • Format: In-person classes discussing marketing concepts.

  • Class Expectations:

    • No recordings; participation encouraged.

    • Weekly slides posted on Canvas by Tuesday morning.

    • Recommended to take handwritten notes for better memory retention.

    • Focus on class discussions and examples rather than slides alone.

Important Class Procedures

  • Syllabus: Read as soon as possible; familiarize yourself with content.

  • Weekly Readings: Discuss chapters and additional materials available on Canvas.

  • Daily Canvas Check: Regularly check for announcements, assignments, and modules.

  • Office Hours: Schedule meetings for quiz and exam discussions; do not wait until it’s too late to seek help.

Quizzes and Exams

  • Quizzes: Short (10 minutes), typically taken at the start of class.

  • Make-up Policy: No make-up quizzes or exams permitted; attendance is crucial.

  • Contacting Instructor: Use Canvas Inbox with class time and subject in the subject line.

Class Components

Materials Required

  • Textbook: Marketing (16th Edition) by Kerin, Hartley, and Rudelius, available on reserve in the library.

  • Additional Readings: Podcasts and videos posted on Canvas throughout the semester.

Assignments and Grading Breakdown

  • Total Points: 1000

    • Exam 1: 250

    • Exam 2: 250

    • Quizzes (3; lowest dropped): 100

    • Syllabus/Canvas Quiz: 50

    • Engagement and Professionalism: 100

    • Partnered Product Presentation: 100

    • Personal Branding/Elevator Pitch: 50

    • Real World Application: 50

    • Rady School Behavioral Lab Participation (2 studies): 50

Strategies for Success

  • Engagement: Read assigned texts diligently; come prepared to discuss

  • Attendance: Attend every class, participate actively, and take comprehensive notes.

  • Review: Go over lecture notes and readings regularly, instead of cramming before exams.

  • Understanding Concepts: Focus on grasping concepts rather than rote memorization.

Today's Class Objectives

  • Marketing Definition: Understand marketing as a set of activities for creating, communicating, delivering, and exchanging value.

  • Consumer Needs: Explain how marketing discovers and satisfies consumer demands.

  • Marketing Mix vs. Environmental Factors: Distinguish between controllable marketing mix elements (4 Ps) and uncontrollable factors affecting marketing.

  • Customer Relationships: Describe methods organizations use to build strong customer relationships.

Marketing Concepts

Key Concepts

  • Value Proposition: The benefits promised to customers and importance of perception of value.

  • Consumer and Marketer Relationship: Emphasizes requirement of mutual value in exchange.

  • 4 Ps of Marketing: Elements include Product, Price, Promotion, and Place.

Evolution of Marketing Concept

  1. Production Era: Scarcity of goods, consumers accepted available products.

  2. Sales Era: Focus on selling produced goods through active selling techniques.

  3. Relationship Era: Prioritization of fulfilling customer needs and building lasting bonds.

  4. Triple Bottom Line: Involves consideration of financial, social, and environmental impacts of marketing decisions.

Action Items for Next Class

  • Read chapters 1-5 and the syllabus thoroughly; familiarize yourself with course expectations.

  • Be aware of Behavioral Lab participation requirements.

  • Complete the Syllabus/Canvas quiz by the set deadline.