MKT 3411 Lecture Notes - Lecture 1: Information Age
Document Summary
Industrial age (early 20th century: marketing = make and sell as much as you can. Supply outweighs demand, how do you get rid of your product: standardize and mass produce. Ford assembly line: manufacturing based economy 4 p"s. Place: globalization tactical to strategic. Information age (today: changes in consumer behavior. Manufacturing jobs were being outsourced to asian countries: value defined by customer. To be able to effectively compete against globalization: assu(cid:373)ed (cid:272)usto(cid:373)ers are passi(cid:448)e (cid:862)targets(cid:863) Power is in the hands of the consumer (cid:862)(cid:272)usto(cid:373)er is al(cid:449)a(cid:455)s right(cid:863: effective marketing is a two-way communication. Age of participation: consumers are so easy to express opinions on products and companies now with social media that companies need to be careful. The goal of marketing is to change the consumption patterns of consumers by influencing: cognitions (thoughts, affect (feelings) (cid:862)pet ro(cid:272)k(cid:863) phe(cid:374)o(cid:373)e(cid:374)o(cid:374), pla(cid:455)s o(cid:374) e(cid:373)otio(cid:374)s to push produ(cid:272)t, behavior.
