4 Ps

The second class was Marketing Management. Well, not entirely true. We had an Excel workshop in the morning. The workshop was ok, not the most fun software to play with but a good refresher for those of us who haven't used it in years.

The most important thing we learned in the intro marketing class were the 4 "P"s. Product, Price, Place, Promotion.

What is marketing?

"Marketing is the management process responsible for identifying, anticipating and satisfying custormer requirements profitably." - (Chartered Institute of Marketing).

You have to find a need that you can fill adequately.

During the production driven era, you had to make do with what there was (e.g. only black cars were produced so you got a black car). During the marketing era though, things are driven by the customer's needs and wants. The focus is on the buyer and products have to fit the customer's lifestyle and provide a need and benefits. It's the beginning of diferentiation. Customer Relation Marketing is driven by loyalty and customer reltions. Meaning, try to hold on to your customers for as long as possible. Keep them coming back. An example we were given in Amazon. The "people who bought this also bought" feature can be a powerful marketing tool, when it works. Amazon recommendations don't always suit the customer.

Timing is very important in marketing. When a book hits the stores can determine whether it lives or dies. Obviously Christmas is very important but apparently, a lot of publishers have become a little rigid in that are and forget there are occasions for book selling throughout the year. If you miss the right moment, you're pretty much screwed. I better work on my scheduling skills.