Have a question?
Message sent Close

Class 1 - BUS2600 - Professor Freeman Wu

Sandra Watson
0 reviews
  • Description
  • Full Document

Vanderbilt University

Principles of Marketing (BUS 2600)

Chapter 1: Introduction to Marketing
 What is marketing?
 Capturing value from customers in return–usually in the form of profits (this enables
companies to continue providing value in the future)
 How do we do this?
 Understand the marketplace and customer needs and wants
 Research, focus groups, experiments, etc.
 Success story: Old Spice–one of the most successful marketing campaigns of
all time
 Before the ad, Old Spice’s sales were declining
 Research–realized that 60% of men’s body watch were actually
purchased by women (so target the actual customers–women, you should buy
Old Spice for the man in your life)
 Essentially targeting women to sell a product that was inherently used
by men (research gave them this insight)
 Goal of marketing research: understanding and satisfying customer needs
 Needs (physical, social, individual)
 Maslow’s hierarchy
 …vs. wants–needs that are shaped by culture and personality (the
shape and form that a needs take)
 You can have the same need (i.e. food) but different wants (i.e. BBQ
vs. Chinese food depending on if you’re in Nashville or China)
 Marketing myopia–occurs when you lose sight of the underlying consumer
need (when you become too focused on improving products and lose sight)
 Eventually another company will swing by and find a way to serve



 Class 1 - BUS2600 - Professor Freeman Wu

NOTE: Please check the details before purchasing the document.