“It’s the teacher that makes the difference, not the classroom.” — Michael Morpurgo
On Monday, February 13, 2017 I invited the world to join my MKT 200, Principles of Marketing class at American University in the Emirates via a Facebook Live broadcast. Watching the video — which, for some reason, is unfortunately a low quality — you can get a feel for how I teach along with the way I manage my classroom and students, both engaged and disruptive.
There is even a related discussion about product design and human-computer interaction in addition to some real-world examples of my younger years playing Pong and an early version of Castle Wolfenstein with a friend!
I invite you to watch the video below (originally posted on my Facebook page):
Primarily this class was a review for a quiz that I gave to my students two days later, but it also offers an overview of foundational marketing concepts, including the following:
- Core Beliefs and Values: persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government.
- Customer Lifetime Value: the value of the entire stream of purchases that the customer would make over a lifetime of patronage.
- Customer Relationship Management (CRM): the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
- Demands: Wants backed by buying power.
- Exchange: the act of obtaining a desired object from someone by offering something in return.
- Macroenvironment: consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
- Market Offerings: some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
- Market Positioning: the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
- Market Segment: a group of consumers who respond in a similar way to a given set of marketing efforts.
- Market Segmentation: the division of a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing mixes.
- Market Targeting: the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
- Marketing Environment: includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
- Marketing Management: The art and science of choosing target markets and building profitable relationships with them.
- Marketing Mix: the set of tools (four Ps) the firm uses to implement its marketing strategy. This set includes product, price, promotion, and place.
- Marketing Strategy: the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.
- Marketing: a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
- Microenvironment: consists of the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
- Needs: States of deprivation.
- Target Marketing: Which segments to go after.
- Value Proposition: the set of benefits or values it promises to deliver to customers to satisfy their needs.
- Wants: The form that needs take.