1. MG 506/Fall 1999 (Class 1: 9/14/99) MG 506: Principles of Marketing Fall 1998 n Chick Kasouf n 209 Washburn n phone: (508) 831-5548 n fax: (508) 831-5720 n Cellular: (508) 873-5474 n email: chick@wpi.edu n http://www.wpi.edu/~chick

2. MG 506/Fall 1999 (Class 1: 9/14/99) Tonight’s Class (9/15/99) n Course Introduction –Syllabus –Information sheets –Name cards n What is marketing? n Case Analysis

3. MG 506/Fall 1999 (Class 1: 9/14/99) Marketing A social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others A social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others

4. MG 506/Fall 1999 (Class 1: 9/14/99) Means of Obtaining Products n Self production n Coercion n Begging n Exchange –A process that culminates in a transaction n Market: All potential customers sharing a particular need/want

5. MG 506/Fall 1999 (Class 1: 9/14/99) Marketing Management The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

6. MG 506/Fall 1999 (Class 1: 9/14/99) Marketing Mix n Product n Price n Promotion n Distribution (Place) n Marketing overcomes: –Discrepancies of quantity –Discrepancies of assortment

7. MG 506/Fall 1999 (Class 1: 9/14/99) Marketing Functions/Flows n Buying n Selling n Transporting n Storing n Standardization/Grading n Risk taking n Information

8. MG 506/Fall 1999 (Class 1: 9/14/99) Market Orientations n Production concept n Product concept n Selling concept n Marketing concept n Societal marketing concept

9. MG 506/Fall 1999 (Class 1: 9/14/99) Selling Concept/Marketing Concept n Selling concept –FACTORY ==> PRODUCTS ==> SELLING/PROMOTION ==> PROFITS THROUGH SALES VOLUME n Marketing Concept –MARKET ==> CUSTOMER NEEDS ==> COORDINATED MARKETING ==> PROFITS THROUGH CUSTOMER SATISFACTION

10. MG 506/Fall 1999 (Class 1: 9/14/99) Marketing: Getting &Keeping Customers n Focus is on managing the interface between the firm and its environment n Key execution skills –Interacting –Allocating –Monitoring –Organizing

11. MG 506/Fall 1999 (Class 1: 9/14/99) Learning through the Case Method n Case: A record of a management issue that has been faced by executives with information available at the time. n Case teaching: exchange of ideas

12. MG 506/Fall 1999 (Class 1: 9/14/99) Objectives of Case Teaching n To provide an understanding of problems faced by managers n Increase the student's ability to develop ideas and solutions n Develop good judgment n Improve communication skills

13. MG 506/Fall 1999 (Class 1: 9/14/99) Requirements for Effective Learning n Come to class prepared to discuss the case n Listen n Share ides n Be willing to debate

14. MG 506/Fall 1999 (Class 1: 9/14/99) How to Read a Case n Quick read n Careful read with notes – What are issues? – Separate facts/opinions – Identify decisions n Read case relative to each issue – Make decisions – Implementation n Quick pre-class read

15. MG 506/Fall 1999 (Class 1: 9/14/99) Tips n Be complete n Don't rehash case facts n Differentiate symptoms/problems n Differentiate opportunities/action n Deal realistically w/ opinions n Don't be dogmatic n Make effective use of quantitative information n Make reasonable assumptions

16. MG 506/Fall 1999 (Class 1: 9/14/99) Group Presentation n Ten minutes n Identify key issues in the case n What decisions need to be made n What is the most relevant information to consider?