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Mkt 100 021 - week 1 - intro and principles of marketing new
- 1. Welcome to MKT 100 - 021Week 1 - Principles of marketing Anthony Francescucci Assistant Professor, Marketing Please ensure all electronic devices are in “silent mode”, “vibrate mode” or “turned off”
- 2. Instructions for Name Card Be sure to stamp the correct date and correct box. Professor Pr Jan 18 2011 Francescucci Week 7 Week 10 COLLECT YOUR NAME CARD (Alpha order by last name) Be sure to ONLY stamp your own card Everyone to collect and stamp their own card Do Not Stamp the lower box. Week 13 Week 1 Week 2 Week 6 Week 3 Week 11 Week 4 Week 8 Week 12 Week 5 Week 9
- 3. Agenda for Week 1 Class information Course philosophy Course Details & Expectations Break Module 1 review
- 4. Class Information MKT100, Section 021 Contact info: mktmgmt@ryerson.ca 979-5000 x 6727 Office: TRS 1-121 Required online resource material Blackboard MKT 100 Course www.ryersonmkt100.ca
- 6. Marketing 100 @ Ryerson
- 7. What’s NEW To this: From this: http://www.ryersonmkt100.ca/
- 8. Principle #1 If you don’t show up for class, you can’t do well in the course.
- 9. Principle #2 If you don’t prepare before you come to class, you are wasting your class time.
- 10. My role is to identify and help you understand key concepts, not read the resource material to you. Principle #3
- 11. Interaction enhances learning. This is a both a talking and a listening course. Principle #4
- 12. To learn and remember a new concept it has to be connected to something you already know. Principle #5
- 13. Technology can enable and enhance a learning community…. BUT... Principle #6
- 14. Learning and having fun are not contradictory Principle #7
- 15. Principles of Marketing 100 It is not rocket science …………... to succeed in this course: COME TO CLASS REGULARLY PREPARE REQUIRED MATERIAL IN ADVANCE DO THE STUDY QUIZZES BE ENGAGED IN WHAT IS HAPPENING DURING CLASS STUDY FOR TESTS
- 16. To Major in Marketing Achieve a B- (2.67 or at least 70%) in MKT100
- 17. Course Details & expectations
- 18. Hand-ins Creating Hand-ins Evaluating Hand-ins Analyzing Midterm & Final Applying Top Gun Quizzes Understanding Study Quizzes Remembering The Basis of Mastery Learning
- 20. Please Note the Following: In-module Study Quizzes – must get 100% in order to get access to the next section of the module material. Quizzes can be taken multiple times. First 3 modules to be completed before mid-term (Feb 11th) , last 7 before by end of last week of classes (Apr 15th) to earn credit for this assessment. Top Gun Quizzes – one week to complete. Maximum of 3 attempts. Highest score is recorded Mid-term + Final Examination – must pass in order to pass the course.
- 21. Creating Evaluating Analyzing Applying Understanding Remembering Hand-ins 30% Hand-ins Hand-ins 50% Midterm & Final Top Gun Quizzes 20% Study Quizzes The Basis of Mastery Learning
- 22. Course Outline It is your responsibility to read the course outline in detail as it contains specific requirements. Not reading the course outline is no excuse for not knowing.
- 23. 1. Go to www.ryersonmkt100.ca 2. Click on “More Information” 3. Click on and read the following instructions How to Use PayPal Student Users’ Guide How to Navigate How to Ace the Quizzes 4. Click on Student “Registration” and complete form, following the example next to it. 5. Follow the prompts to pay through PayPal. Click on Module 1, then click on Section 1. ©Backbone Press 2009 Registering & starting RyersonMKT100
- 24. Let’s take a break
- 25. Module 1 What is Marketing
- 26. What is Marketing Marketing is about customers, processes, & profits What is Marketing? The History of Trading and Wealth Creation Master Traders: How world trade got started Global Trading System Dynamics A Theory of Market Dynamics: Product innovation life-cycle Process Improvement
- 27. 1.1 What is Marketing The delivery of a standard of living. The delivery of customer and organizational satisfaction. The technology that creates value for customers and captures a significant part of that value for the marketer.
- 28. AMA 2007 Definition “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” American Marketing Association, 2007
- 29. 1.1 What is Marketing
- 30. Marketing is often Gray With several right answers to a problem. And several perspectives on an issue.
- 31. Marketing is about customers, processes, & profits What is Marketing? The History of Trading and Wealth Creation Master Traders: How world trade got started Global Trading System Dynamics A Theory of Market Dynamics: Product innovation life-cycle Process Improvement What is Marketing
- 32. Exchange Wealth/Welfare Innovation Sources of Prosperity & Wealth Creation
- 33. Innovation and Creative Destruction A: Schumpeter Wealth Creation Principle
- 34. B: The Smith Wealth Creation Principle
- 35. B: The Smith Wealth Creation Principle Total Wealth: 110 units
- 36. B: The Smith Wealth Creation Principle Sally & John Exchange 2 A’s for 2 B’s Total Wealth: ?? units
- 37. Sally & John Exchange 2 A’s for 2 B’s B: The Smith Wealth Creation Principle Total Wealth: 142 units
- 38. Sally & John Exchange 5 A’s for 5 B’s B: The Smith Wealth Creation Principle Total Wealth: 160 units
- 39. Wealth/Welfare Exchanges Innovation The Wealth Creation Feedback Effect
- 40. Marketing is about customers, processes, & profits What is Marketing? The History of Trading and Wealth Creation Master Traders: How world trade got started Global Trading System Dynamics A Theory of Market Dynamics: Product innovation life-cycle Process Improvement What is Marketing
- 41. Trade and then trading Empires grew out of the production of agricultural surpluses that could be traded and led to the diffusion of all sorts of innovations. A Short Story Of Civilization
- 42. Marketing is about customers, processes, & profits What is Marketing? The History of Trading and Wealth Creation Master Traders: How world trade got started Global Trading System Dynamics A Theory of Market Dynamics: Product innovation life-cycle Process Improvement What is Marketing
- 43. Reduced transaction costs and better service New supply source Trading alliance with new source formed Recession = more global suppliers Pressure exerted on existing alliances to innovate. Employment in manufacturing sectors shrinks. Pharmaceuticals, aerospace, and forest products, flourish. Domestic manufacturing output contracts Profits increase and prices to consumers are lower Demand increases for lower priced goods Global Trading System Dynamics
- 44. The World has greatly prospered : 2000 2007 World Trade $8 trillion $18 trillion World GDP $32 trillion $52 trillion Fortune Magazine, July 23, 2007 But the U.S. still dominates: 2005 U.S. GDP (% household consumption) $9 trillion (70%) Japan GDP $3.6 trillion (54%) Germany GDP $2.2 trillion (57%) China GDP $1.6 trillion (41%) Global Trading System Dynamics
- 45. Marketing is about customers, processes, & profits What is Marketing? The History of Trading and Wealth Creation Master Traders: How world trade got started Global Trading System Dynamics A Theory of Market Dynamics: Product innovation life-cycle Process Improvement What is Marketing
- 46. Sales Product Innovation Life-Cycle When a new innovation is introduced/launched the variance in the supply offering increases but demand may not change much. Sales of the new innovation are low despite a lot of effort teaching potential consumers about the advantage of the innovation, changing their preferences and changing demand. The market is fermenting. Sometimes demand never takes off! Introduction Growth Maturity Market fermenting Market making Market equilibrium Time A Theory of Market Dynamics
- 47. Sales Product Innovation Life-Cycle But when demand does take-off, supply has to greatly increase to keep up with demand. Imitators enter the market with “their” variation of the product innovation and supply but it is often standardized around a dominant design. Diffusion of the new innovation occurs through greatly expanded distribution reach. Advertising is about competitive comparisons. Profits are greatest. It is happy times for most suppliers. Time Introduction Growth Maturity Market fermenting Market making Market equilibrium A Theory of Market Dynamics
- 48. Sales Product Innovation Life-Cycle At the maturity stage there is little product design improvement and supply does not appear to change much. Market shares stabilize around Brand loyalty and the rate of change in demand and supply greatly decreases. Price competition increases, particularly as suppliers innovate on production process cost reduction. Time Introduction Growth Maturity Market fermenting Market making Market equilibrium A Theory of Market Dynamics
- 49. Sales Product Innovation Life-Cycle Then a market transforming new technology platform or product design comes along that kicks off a new product innovation life-cycle. An example is the invention of the manual type-writer whose product life-cycle lasted from about 1880-1960, its replacement by the electric type-writer whose life-cycle lasted from 1920-1990, its replacement by the word-processor whose life-cycle lasted from 1960-1990 and its replacement by the PC whose life-cycle started around 1980 and continues. Old product Transformational new product Introduction Growth Maturity Introduction Market fermenting Market making Market equilibrium Market fermenting A Theory of Market Dynamics
- 50. Marketing is about customers, processes, & profits What is Marketing? The History of Trading and Wealth Creation Master Traders: How world trade got started Global Trading System Dynamics A Theory of Market Dynamics: Product innovation life-cycle Process Improvement What is Marketing
- 51. Thinking About Competitive Processes MKT100 Organizations are designed around the flow of added-value processes and activities within the processes. Marketing managers must understand this flow from the inside-out and outside-in. PurchasingProcesses SupplyProcesses ManufacturingProcesses SellingProcesses DistributionProcesses ServiceProcesses
- 52. Economies are made up of chains of manufacturers that each add value. It is called an added-value supply chain. Manufacturer A SellingProcesses DistributionProcesses ServiceProcesses PurchasingProcesses SupplyProcesses ManufacturingProcesses SellingProcesses DistributionProcesses ServiceProcesses Manufacturer B PurchasingProcesses SupplyProcesses ManufacturingProcesses Manufacturer C Thinking About Competitive Processes
- 53. Reminders for next week
Editor's Notes
- Much of the material for this course is on this website. You will pay for access to this material through PayPal. Log into the website and follow the instructions.
- We will be using a variety of techniques to help you gain the skills and knowledge you need in this course.
- Much of the learning in this course occurs during the class, so if you are not present, you will miss out.
- The course is structured around the assigned reading having been done in advance. In order to motivate you to do the reading, marks are assigned for study quizzes. These are embedded in the online web resource. You will not get access to the next module of material until you have successfully completed the quizzes for the current module. Success means 100% correct. It will not be possible to have meaningful class discussions unless you have read the assigned material.
- It will not be possible for me to cover all the concepts that are discussed in the online web resource. Therefore, I will choose only a few concepts to discuss in class. You are expected to review the rest through the support material provided. The PowerPoint slides are not a summary of the online resource material, so simply reading those is not going to give you the knowledge you need to excel in the course.
- Although I might like to think that I am the font of all knowledge in this course, the reality is that you will learn much from listening to your colleagues comments and questions. I urge you to participate. The only silly question in this course is the unasked one.
- New ideas build on old ideas, which is why it is important that you come to class regularly and you keep up with your reading. Likewise, if you are lost and don’t understand a concept, speak up, because if you let it go, there are a dozen other concepts we will cover later in the course that you will not understand because you have missed that one link.
- Technology is very important in this course, but we want to resist the temptation to make technology a distraction. As a result laptop users must sit in the last two rows of the classroom. All other rows are lids down rows. This will be strictly enforced.
- I do like to have fun in class, so I expect there will be a lot of laughing. Because we are laughing does not mean we are not learning.
- The secret to success in this course or in any course is the following....
- Just a note to those of you who may be considering marketing as your major. You must achieve a B- in this course to be eligible for the marketing program. There are no such restrictions on those who want to do a marketing minor.
- You will have a variety of assessments in this course.The in-module study quizzes are completed through the web resource website and can be completed at your convenience outside of class. The only requirement is that you get 100% before you will be given access to the next set of material. You can try these quizzes as often as it takes to achieve 100%.Twice during the semester, we will have a Top Gun quiz. Each will cover several modules of material and will contain questions that are similar to the midterm and the final exam. Once again you have to achieve a certain score 22/25 in order to get credit for the quiz. These will be completed through Blackboard and you can take them as many times as you need to achieve the mark required. The quiz will be available for one week and it must be completed during that time. The midterm will cover the first five modules of material and will be a combination multiple choice and essay. It will be held during the regular class time. There are two essay assignments, one in October and one in November. The first is completed in a small group and the last in pairs. More information on these assignments will be provided through Blackboard.Each week you will complete a metrics mastery worksheet. On a random basis you will be asked to submit some of these sheets for marking.The final examination will be held during the examination week and will cover the whole year’s work. There will be multiple choice questions and a quantitative case. You must pass the final examination in order to pass the course, regardless of whether you have a passing grade in your term work.Please review the course outline carefully for policies and procedures related to missed tests and examinations, religious observances, academic integrity and the like. It is your responsibility to inform yourself of the university policies and practices in these areas.
- To reiterate the key things about the assessments you will take.
- The second fundamental principle of wealth creation is that trading exchanges create added-value and wealth. We call this the Smith Principle after Adam Smith, who used the principle in his famous An Inquiry into the Nature and Causes of the Wealth of Nations argument for global free-trade. It is explained in the following example.Two individuals, X and Y meet. X has 10 Units of A in his possession and ownership and Y has 10 units of B in his possession and ownership. They discuss whether they would like to barter two units of A for two units of B. X agrees because he values two of B much more than two of his 10 units of A. Y agrees because he values two of A much more than two of his 10 units of B. They make the exchange.
- The second fundamental principle of wealth creation is that trading exchanges create added-value and wealth. We call this the Smith Principle after Adam Smith, who used the principle in his famous An Inquiry into the Nature and Causes of the Wealth of Nations argument for global free-trade. It is explained in the following example.Two individuals, X and Y meet. X has 10 Units of A in his possession and ownership and Y has 10 units of B in his possession and ownership. They discuss whether they would like to barter two units of A for two units of B. X agrees because he values two of B much more than two of his 10 units of A. Y agrees because he values two of A much more than two of his 10 units of B. They make the exchange.
- 71142 total wealthBoth X and Y now own possessions that are much more valuable than before the exchange.Value, wealth and welfare have been increased by the trade. As A and B generalize to anything (including A or B being money). It is the principle behind free-trade, and the encouragement of more trade that creates more exchanges that creates more wealth.Marketing is responsible for all exchange processes with customers and for creating customer exchanges. It is also responsible for creating profitable product and service innovations. Marketing is responsible for the two and only two wealth creating effects and their dynamic.
- 71142 total wealthBoth X and Y now own possessions that are much more valuable than before the exchange.Value, wealth and welfare have been increased by the trade. As A and B generalize to anything (including A or B being money). It is the principle behind free-trade, and the encouragement of more trade that creates more exchanges that creates more wealth.Marketing is responsible for all exchange processes with customers and for creating customer exchanges. It is also responsible for creating profitable product and service innovations. Marketing is responsible for the two and only two wealth creating effects and their dynamic.
- 71142 total wealthBoth X and Y now own possessions that are much more valuable than before the exchange.Value, wealth and welfare have been increased by the trade. As A and B generalize to anything (including A or B being money). It is the principle behind free-trade, and the encouragement of more trade that creates more exchanges that creates more wealth.Marketing is responsible for all exchange processes with customers and for creating customer exchanges. It is also responsible for creating profitable product and service innovations. Marketing is responsible for the two and only two wealth creating effects and their dynamic.