[MUSIC] Hi, welcome, thank you for joining from wherever in the world you are. So I want to tell you, briefly, what we'll be doing in this first course, Marketing Management 1. My name is Hayden Noel, and I work at the University of Illinois. This course is about how do businesses create value for customers, how they create value for customers. We'll explore this by looking at the marketing strategy process and different elements of the process. Present you with concepts and frameworks that you can use to help understand this value creation. We'll start first, though, by going through, briefly, the case method. That's the basis of a lot of the discussion in my class. We use cases. It's a great pedagogical approach to understanding business and learning about marketing. So first we'll start by discussing why we use the case method. Then we'll talk about steps in the case analysis. How you actually prepare case, I ask my students to do a brief case memo before class. That actually helps you focus your analysis. And helps you be better able to defend your perspective. Then we'll talk about certain questions that are raised about the case method. Certain frustrations individuals have with the case method, since there's never really one right answer. And some individuals can't grasp that concept. So we discuss certain questions raised and why we still use the case method. Next, we talk about a marketing plan. In this class, you will either be writing a marketing plan proposal. Or an actual marketing plan for a business idea that you may have. We'll be looking at what a marketing plan is, the different levels of marketing plan. There are two levels, really. Strategic, where you talk about value creation. And tactical, how you implement your strategy. So those are two levels of marketing plan that we'll be working on. We'll also talk about the contents of a marketing plan, what is included. And finally, how do you evaluate? How you determine if a marketing plan is a good or bad marketing plan? Then we get into the meat and potatoes of this course. We start talking about marketing strategy, the true value creation process, the basis of marketing. We'll talk about what marketing is. Then we discuss the concepts of needs and wants. Which is central to the definition of marketing, central to understanding marketing. In order to discuss needs and wants, we'll use a framework that some of you may know. It's called Maslow's Hierarchy. We'll talk about Maslow's Hierarchy of Needs, and why there might be limitations. Or there might be limitations to this framework, why it's still very useful to help us understand what marketing is. Then we'll talk about the marketing strategy process. As I said, this underlies most of what we discuss in the class. How does marketing create and capture value for the consumer? How does marketing create and capture value for the consumer? Now if you look at the diagram, you'll see the first part where we talk about creating value. At the very beginning, you have the analysis underlying marketing strategy. This is one of the 5 C's analysis, and we'll discuss that in the first lecture. Then we move on to segmentation, targeting, and positioning, the next stage in the value creation process. Segmentation, targeting, and positioning. We'll talk here about why we actually segment markets. There's a need for this. And the different dimensions that are used to segment, including behavioral, demographic, etc. We'll talk about the different levels of segmentation. Then we move on to targeting, which the idea of how do you match what you do well with the needs of different segments. Because there are multiple segments out there, multiple groups of individuals who have needs. How do we match what we do well with those segments? Which segments do you actually target with your product or service? We'll talk about how to evaluate these target markets. And finally, we'll talk about how do you position your brand for competitive advantage, positioning. How do you want consumers to perceive your product? How do you want them to think about your product? We're using the Volvo brand to discuss this, a very strong brand. Now we see where segmentation, targeting, and positioning fits in. It's the second stage in the value creation process. Next, we move to branding. Branding, this is a great lecture. I really love it. We'll talk about the role of brands, why we need brands. The power of branding, and branding has a lot of power, especially if you have very strong brand. The active branding brings with it a lot of power, a lot of associations. We'll talk about brand equity and how it's measured. You might have heard this term before. We'll discuss how it's measured. Then we'll talk about the best global brands. And the attributes of strong brands, using Volvo as an example. We'll also talk about brand and line extensions and the difference between the two. Finally, we'll talk about evaluating brand extensions. I will provide you with a framework that will help you evaluate brand extensions. Lastly, in this first part of the course in Marketing Management 1, we'll talk about product strategy. What is a product, then what is a service? You might not know, a service is a type of product. We'll also talk about different levels of a product. And how do you classify products? There are different ways to classify them, convenience, goods, etc. And then we'll talk about your product mix decisions. What types of product lines will you have, will your firm produce? And the decisions, what comes into play when you are making these decisions about different product lines in your mix. And finally, we'll talk about the product life cycle and it's limitations. This is a first half of this course, course 1. And course 2, we'll talk about the rest of the value creation process. And then we'll talk about capturing value using price, ok? I really look forward to this course with you. It's going to be a wonderful time. I look forward to us learning together. It's a great experience ahead. Thank you, and as I always say, go out into the world and be successful, ciao. [MUSIC]
