MKT 300 Recap Notes

MKT 300 Recap

• Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Power of We

• Experiment in a New York subway station:
  • Objective: To observe the impact of social influence on charitable giving.
  • Method: Measured how many people donated to a street musician.
  • Manipulation: Had a confederate donate just before an individual passed by.
  • Results: Passersby were eight times more likely to donate if they saw someone else donating.
  • Post-study interviews: Donors did not attribute their donation to observing others, citing reasons like liking the music or having spare change.
• Examples of the Power of We:
  • Receive, reciprocate – Holiday Cards
  • Social norms – Electricity consumption
  • Reusing towels in a hotel

TED Conferences and Ideas Worth Spreading

• TED Initiatives:
  • TED Conferences
  • TEDx Events
  • TED Prize
  • TED Fellows
  • TED Conversations
  • TED Community
  • TED-Ed
• TED Talks:
  • Simon Sinek: How great leaders inspire action
    • Simple but powerful model for inspirational leadership starting with a golden circle and the question "Why?"
    • Examples: Apple, Martin Luther King, and the Wright brothers
    • "If you hire people just because they can do a job, they'll work for your money. But if you hire people who believe what you believe, they'll work for you with blood and sweat and tears." (Simon Sinek)

Experiential Marketing

• Creating an experience:
  • Connect with the consumer.
  • Provide a total product experience that considers all elements that encourage or inhibit consumers’ interaction with the product.

Role of Marketing at the Corporate Level

• Promote a culture of customer orientation and be an advocate for the customer.
• Assess market attractiveness.
• Develop the firm’s overall value proposition: the vision and articulation of how it proposes to deliver superior value to customers.

Marketing Management Tasks

• Art and science of segmenting and targeting markets, determine positioning.
• Capture consumer insights (Power of We).
• Design the Right Product.
• Build strong brands.
• Deliver and communicate value.

General Reminders

• We live in a society of convenience, opportunity, and constant change.
• Encouragement to look for and create opportunity, use change to advantage, and follow passion.
• Importance of continual development.

Class Examples

• Q-Tips are made by Unilever.
• Hidden Valley Ranch Dressing is made by Clorox.
• The FedEx logo has a hidden arrow between the E and the X.

Remember…

• It's what you learn after you know it all that counts.
• One who sees the world the same at age 40 as they did at 20 has wasted half their life.

The Six Most Important Things to Remember from MKT 300

• 6. When someone asks how to better reach customers, you automatically think “Segment, Target and Position”.
• 5. When someone discusses customer demographics, you suggest investigating their psychographics.
• 4. Marketing is knowing and connecting with your core customer and cultivating relationships.
• 3. Marketing is developing your brand with 55 minutes of strategy and 5 minutes of tactics.
• 2. Marketing is solving customer problems by creating, communicating and delivering value.

Before #1…

• Have a vision of what you want to do.
• Go change the world for the better, or at least your little part of it…
• Keep me updated and let me know how I can be of help!

The Most Important Thing to Remember from MKT 300

• 1. You stay classy, Sun Devils!