We began the first lecture with the macro view
of marketing, this worldwide dynamic marketplace,
offering all kinds of goods and services through
transactions and transformations.

We touched on the 4 business concepts and why
the marketing concept reduces risk by focusing
on the needs of the customer.

We now appreciate why marketing is an art, not a science, based on risk factors such as uncontrollable variables; the reliability, validity, and bias contained
in marketing research; and the challenge of first defining,  then refining a target market that can be satisfied with the same "bundle of utilities."

Next week, we'll complete our macro view by getting into the psyche of the consumer.
Yup, there's yet more risk with which to contend.

You'll be introduced to the Rule of 3s, Hierarchy of Effects, and come to better appreciate
how the perceptual process helps marketers "cut through the clutter" to get attention.

If you don't recall anything more than the following from this past Saturday, you're right where
you need to be.

If marketing is a process that results in a plan, that plan is less risky if it's developed
around delivering something that's wanted by a similar group of customers, figuring out
how best to get it where the group wants to buy it, offering it at a price they are willing to pay
(one that offers profit to the firm), and letting them know what they want is where they want
to buy it by using promotional campaigns in media they're likely to see, hear, or attend.

If that's the process, what guides the marketer's efforts?

We can do what we think is best (production, product, of selling concepts),
or follow the marketing concept:

1. Find an unmet need.

2. Find the resources and expertise to develop a product or service
   that fulfills that need(s).

3. And make sure we can make a profit before we do it.

To define and refine this group of people and resources needed to satisfy them,
we develop a marketing strategy:

1. Define a target market (geographically, demographically, and psychographically),
   using research (secondary and primary data)

2. Surround it with the proper mix: right product at the right place at the right price,
   and with the right promotion ("right" meaning what the target market wants—or expects).

That's the plan! And that's where we left off after Lecture 1.

Reviews of important marketing research slides, and why marketing plans fail.

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Support stuff

Resources for curious currentologists (help with Qs 1-4)

• NAICS website (North American Industrial Classification System)

• U.S. Census Fact Finder (where marketers go after geographic and demographic categories
  to quantify their target markets)

• 2009 Statistical Abstract of the U.S. (The National Data Book is now on-line)

• Current U.S. Population clock (watch the world grow right before your eyes)

• Here's a website for obtaining demographics for your organization.
  Type the name of your organization (or similar brand name competitor); then click "find profile."

• Want data on a particular zip code? Check this out.

• World Fact Book (don't let the fact that the CIA shares its research demean the scope of data available: Here's a great source for geographic population segments by country)

• Keep up with trends at Trendwatchers.com and never suck space at the office water cooler.

• ceoexpress (homepage shown below) provides links  to scores of major newspapers, magazines, TV news, time and weather, and magazines > 18 different Internet search engines

Want a really good desk shelf marketing reference text that doesn't cost a lot.
Go to Half Price Books or look on-line at used college textbook websites.

For only a few dollars, pick up an older edition of Basic Marketing or Principles of Marketing
by authors Philip Kotler, Roger Kerin, or E. Jerome McCarthy. Pick one with a large index glossary.
The examples may be dated, but the concepts are the same.

Great bedside table/bathroom reading:
The Marketing Gurus:
Lessons from the best marketing books
(edited by Chris Murray | SKU: 33 477 003 64 963
Check it out free from your local lending library

List of book summaries (easy fast reading of just the good stuff):

• Differentiate or Die by Jack Trout with Steve Rivkin (2000)

• Lateral Marketing by Philip Kotler and Fernando Trias de Bes (2003)

• The Popcorn Report by Faith Popcorn (1991)

• Relationship Marketing by Regis McKenna  (1991)

• Networking with the Affluent by Thomas Stanley (1993)

• Relentless by Johny K. Johansson and Ikujiro Nonaka (1997)

• The One to One Future by Don Peppers and Martha Rogers (1993)

• Up the Loyalty Ladder by Murray Raphel and Neil Raphel (1995)

• Scoring Points by C. Humby & T. Hunt (2003)

• How to Drive Your Competition Crazy by Guy Kawasaki (1995)

• Crossing the Chasm by Geoffrey A. Moore (1991)

• Unleashing the Killer App by Larry Downes and Chunka Mui (1998)

• The Anatomy of Buzz by Emanuel Rosen (2002)

• Purple Cow by Seth Godin (2002)

• Don’t Think Pink by Lisa Johnson and Andrea Learned (2004)

• Discipline of Market Leaders by M. Treacy & F. Wiersema (1995)

• Renovate Before You Innovate by Sergio Zyman (2004)

Seth Godin's The Dip is a short 80--page book that teaches you when to quit...
and when to stick.

All 3 of Malcolm Gladwell's recent successes help marketers appreciate the "fickleness" of consumers: why they behave as they do. Check out The Tipping Point, Blink, and Outliers.
(The first two in paperback and libraries)

In Martin Lindstom's Buyology: Truth and Lies About Why We Buy, a neuroscientist teamed with a market researcher to scan the brainwaves of subjects watching commercials.

Read why warning labels on cigarettes don't work, traditional ads no longer create lasting impressions, and surprise! Subliminal advertising can be highly effective.

More quick links to other stuff that's not on this page:

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Where did Gen X and Gen Y originate?

Though I'm not a fan of Wikipedia.com (and it should NOT be used
as a credible source in your marketing project assignment), it's interesting
to note postings about the possible origins of the following:

Generation X

(It's possible that) the term was coined as a result of a 1964 study of British youth by Jane Deverson. Because it was a new phenomenon. Deverson, in an attempt to save her research, worked with Hollywood correspondent Charles Hamblett to create a book about the study.
It was Hamblett who decided to name it Generation X.

In 1976, the phrase was picked up as the name of a punk rock band featuring Billy Idol. The term Generation X was later popularized in 1991 when Douglas Coupland's popular novel Generation X: Tales for an Accelerated Culture was published.

Coupland referred to those born from 1958 to 1966 in Canada,
or 1958 to 1964 in the United States. As the term Generation X later became somewhat interchangeable with "twentysomething", he later revised his notion of Generation X to include anyone considered as "twentysomething" in the years 1987 to 1991

Generation Y:

Generation Y is generally considered to be the last generation of people wholly born in the 20th century (immediately after Generation X, those born from the late '70s through the '90s).

As generations are defined not by formal process, but rather by demographers, the press and media, popular culture, market researchers, and by members of the generation themselves, there is no precise consensus as to which birth years constitute Generation Y.

The debate is in part due to the lack of a single marquee event or events, analogous to the end of World War II for the Baby Boomer generation, that can demarcate the start or end of this generation.