Intro To Marketing Week 3 — Transcript

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1. 0:00Introduction to marketing. Welcome to
2. 0:01week number three. Congratulations on
3. 0:03another week completed. And I hope you
4. 0:06all had a good July 4th holiday weekend
5. 0:10whether you traveled or not. And let's
6. 0:13get started. This week we'll do a little
7. 0:14bit of review and then we'll we'll talk
8. 0:16about what we got going on this week. So
9. 0:18last week there was no discussion. We
10. 0:20did chapters two and chapters three. One
11. 0:23was on uh strategic planning. The other
12. 0:26one was on consumer behavior. So
13. 0:28starting off with uh strategic planning
14. 0:32understanding
15. 0:34where you are today and where you want
16. 0:38to go in the future, right? As as
17. 0:39students, we have to understand that,
18. 0:41right? Where are we today? What do we
19. 0:43know? What do we want to learn in order
20. 0:45to maybe accelerate at our career? Um
21. 0:49you need to plan in all kinds of aspects
22. 0:50of your life. In your dating life,
23. 0:52right? You have to have a plan. How are
24. 0:53you going to do it? You're going to do
25. 0:54online dating. you going to go meet
26. 0:55people at do go to events um planning
27. 0:59for your future financially, right? It's
28. 1:01like I'm going to get this job. I'm
29. 1:03going to save 5% of my my my um uh
30. 1:07paycheck and then invest that here. And
31. 1:10just like in marketing, we need to do
32. 1:12that as well. Whether you're working for
33. 1:14yourself and marketing your own company
34. 1:16or you're working for a for someone else
35. 1:18within their company, that company has
36. 1:20goals, right? Where they want to be or
37. 1:23what they want to accomplish. Whether
38. 1:24that's if it's an app on your phone, you
39. 1:27want more downloads. If um you know it's
40. 1:30a newsletter, an email newsletter, you
41. 1:32want more subscribers. If it's a YouTube
42. 1:34channel, you want more subscribers. If a
43. 1:35Tik Tok, you might have different goals.
44. 1:37Maybe you want more likes, maybe you
45. 1:38want more comments, maybe you want more
46. 1:40followers. There's many different goals
47. 1:43you can have. So, in this first chapter
48. 1:46or second chapter, chapter two, this is
49. 1:48a really important chapter for us to
50. 1:50start in the class, which is, you know,
51. 1:52what's the where are we now? like what's
52. 1:54what's working for us, what's not.
53. 1:56There's a SWAT analysis is a very common
54. 1:58tool that businesses use. What are your
55. 2:00strengths? What are your weaknesses? And
56. 2:03then let's figure out how can we uh
57. 2:05improve our weaknesses or how do we take
58. 2:07our strengths and make them even better.
59. 2:10And that's often a very common strategy
60. 2:12as well. A lot of people think, oh, take
61. 2:14your weaknesses and try to put them into
62. 2:16strengths. From my experience, that's
63. 2:19harder to do than find something that's
64. 2:21working for you, that you're doing
65. 2:22really well, and see if you could step
66. 2:25it up even more. U that often gives
67. 2:27companies a even bigger advantage
68. 2:29because instead of doing things
69. 2:31mediocre, you're doing one thing really
70. 2:34well, better than your competition,
71. 2:36right? Something that's really hard for
72. 2:38other people to mimic or copy. So, in
73. 2:42marketing, right, you don't want to be
74. 2:43in a really busy industry. You want to
75. 2:45you want to be competing u in your own
76. 2:48area if you can. U one of the reasons
77. 2:50why app for take Apple for example, how
78. 2:53are they able to charge so much higher
79. 2:55for their hardware versus some of the
80. 2:58other cell phones or some of the other
81. 3:00PC components. And so you pay a premium
82. 3:03buying Apple. But what do they do?
83. 3:05They've really leaned into their
84. 3:06strengths. What are some of their
85. 3:07strengths? Really good security, really
86. 3:10good um like when you when you're in
87. 3:12their ecosystem, everything works. the
88. 3:14watch, the phone, the glasses, the whole
89. 3:16the whole thing, the iPad, uh the
90. 3:19iCloud, the workouts, the um the
91. 3:22entertainment, it has it all in one. So,
92. 3:27I share with you the Apple example to
93. 3:28share with you with this this chapter
94. 3:30that, you know, they have a plan, they
95. 3:32have goals, and they are strategic in
96. 3:35what they do and how they move forward.
97. 3:37Um, the other thing you should know
98. 3:38about this chapter in strategy in
99. 3:40general is that just because it worked
100. 3:42last year doesn't mean it's going to
101. 3:44work this year. You know, you look at
102. 3:45Apple again, where are they struggling
103. 3:47in my opinion? They really haven't done
104. 3:49much with AI. Like they like what do
105. 3:51they have? Like they tried to they did a
106. 3:53collaboration with Open AI. They're
107. 3:56trying to work with them. um you know
108. 3:58they said they were going to get Siri to
109. 4:00do some AI stuff but then you have other
110. 4:03companies like Google uh and Meta who
111. 4:06are doing a lot with AI and so um
112. 4:09hopefully they get their act together
113. 4:10but that's one area where if I was
114. 4:12working on the marketing team in Apple I
115. 4:14would say we really need to get this AI
116. 4:15thing working because we we kind of
117. 4:17feels like we're falling behind here. We
118. 4:19need a good strategy here. So as the
119. 4:22technology changes so does your business
120. 4:23model and your marketing. So, um, with
121. 4:26this chapter, strate strategic planning,
122. 4:28it's not a oneanddone thing. It's a
123. 4:30you're constantly updating your
124. 4:31strengths and your weaknesses for all
125. 4:33companies. Uh, chapter three, that's a
126. 4:36fun I like chapter 3 because it combines
127. 4:40psychology with marketing, which is like
128. 4:44why do people buy what they buy? What
129. 4:46influences people? What motivates
130. 4:48people? Um, and that's everything from,
131. 4:52you know, like this chapter, like
132. 4:53there's the science of color, there's
133. 4:56the science of uh different biases and
134. 5:00there's all kinds of different um
135. 5:02psychologies that you can apply and see
136. 5:04how people are are doing. So, another
137. 5:07one would be like storytelling, for
138. 5:08example. You know, people connect with
139. 5:11other people's stories. They're
140. 5:12motivated. They feel like they belong.
141. 5:15Um, there's just a lot that goes into
142. 5:18this. Um, you can even take this a step
143. 5:20further with like a computer screen and
144. 5:23how when you're scrolling on social
145. 5:25media, like the algorithms are seeing
146. 5:27what are you clicking on, what are you
147. 5:29viewing, what are you commenting on. And
148. 5:32there are these there's large data that
149. 5:34marketing is collecting to see uh how
150. 5:38people uh use their interface. And so
151. 5:41for companies like YouTube and Tik Tok,
152. 5:44what do they want to do? They want you
153. 5:45to stay on the platform as long as they
154. 5:47can. watch time. Uh they want to
155. 5:49increase the watch time as much as they
156. 5:50can. Netflix, all these companies,
157. 5:52right? How can we maximize the watch
158. 5:54time? But then even something like going
159. 5:57into the grocery store, um
160. 6:00Costco has $5 chicken, rotisserie
161. 6:03chicken, if you ever wonder, those
162. 6:05rotisserie chickens are all the way in
163. 6:06the back of the store. They're always
164. 6:08are, no matter what Costco you go to.
165. 6:11The reason for that is they know it's
166. 6:13one of their best sellers. And they
167. 6:14know, it's called a loss leader is the
168. 6:16term we're looking for here in
169. 6:17marketing. You'll learn that in chapter
170. 6:1915. But a loss leader is the idea that
171. 6:21you have to go all the way in the back
172. 6:22of the store in order to get the good
173. 6:24deal. And they know while you'll go in
174. 6:26for the chicken, you might also pick up
175. 6:28some milk or some eggs or some cereal,
176. 6:32whatever it might be. So, while they
177. 6:33might not be making much money off of
178. 6:35you as the consumer when you're getting
179. 6:39your $5 chicken um or your $2 hot dog,
180. 6:43they know you're going to probably get
181. 6:44something else. You're, you know,
182. 6:45something's going to happen like, "Oh, I
183. 6:46need watermelon or I need this or I need
184. 6:47that." So, and then the other part of
185. 6:50Costco is they're going to make a ton of
186. 6:51money off you with the membership fee as
187. 6:53well. So, they're making their money.
188. 6:55Don't worry about it. They're a very
189. 6:56sustainable business model. and goes to
190. 7:00show that there's psychology here of
191. 7:02them knowing like they're going to
192. 7:04people will come for this one item, but
193. 7:07we'll make sure that on their way there,
194. 7:09especially on the end caps on the on the
195. 7:12you know, you can't you have to you have
196. 7:13to you can't just keep your eyes closed.
197. 7:15You got to walk through Costco and you
198. 7:18will um most likely 90% of people or
199. 7:22more will buy something else. Um we also
200. 7:25learned about the buying decision
201. 7:26process. It's really important to see
202. 7:28how why people are buying what they're
203. 7:29buying. So, for example, if I was to go
204. 7:30and buy a brand new action camera, I
205. 7:34don't know if I want a DJI or I want a
206. 7:37uh GoPro or I want a Sony.
207. 7:41These brands, DJI, Sony, and um GoPro,
208. 7:46they want to know like where are people
209. 7:47getting their information from? Are they
210. 7:49getting it from YouTubers and
211. 7:51influencers? Okay. Well, we want to make
212. 7:52sure that our that influencers are using
213. 7:54our cameras, right? and they're talking
214. 7:56about our cameras so that we can
215. 7:58influence the general public to buy our
216. 8:02cameras. So, in marketing, we do look
217. 8:05and especially if you're in marketing
218. 8:06research or um consumer behavior, your
219. 8:10your goal is to find out like where are
220. 8:12people looking for information? Whether
221. 8:13it's buying a car, like when you buy a
222. 8:15car, where do people go? Do they go to
223. 8:16the ebmuds.com? Do they go to the
224. 8:18kellybluebook.com? Are they on TikTok?
225. 8:20Okay, we want to make sure that our car
226. 8:22brand Kia or Honda is being represented
227. 8:25in these places so that they consider
228. 8:27our cars. Um, so this is really just
229. 8:30kind of the buying decision process. As
230. 8:33marketers, you want to understand
231. 8:35whatever you're selling,
232. 8:37where are people getting their
233. 8:38information from so that you can make
234. 8:40sure that your brand or your product is
235. 8:44in front of the right people. And so
236. 8:47there's different stages and we want as
237. 8:50marketers we want to be aware of all the
238. 8:51stages and where people may or may not
239. 8:53be going and then once we understand
240. 8:56that we can allocate resources whether
241. 8:59that's time or money towards that um
242. 9:02towards that. I'll give you two
243. 9:04examples. One example where for example
244. 9:06fast food companies fast food companies
245. 9:09usually don't go on Yelp and and do
246. 9:11their Yelp page. The reason being is
247. 9:12because when you're buying fast food
248. 9:14like McDonald's or Burger King, you're
249. 9:16not going on Yelp to check the reviews.
250. 9:18But if I owned a little small bakery in
251. 9:20a small town, I would absolutely spend a
252. 9:23lot of time managing my Yelp page
253. 9:25because it's really important to me that
254. 9:27when tourists and people nearby are
255. 9:30looking up a bakery, I want to make sure
256. 9:32that mine's five stars and it goes to
257. 9:34the top of the search results. And so
258. 9:36you could see that this buyer decision
259. 9:38process
260. 9:40when it comes to smalltown bakery, Yelp
261. 9:42is probably part of this buyer decision
262. 9:44process. Some people will check the
263. 9:46bakery and the reviews and see if they
264. 9:47like it. When it comes to McDonald's
265. 9:49around the corner here, doesn't m they
266. 9:52don't care. like Yelp's not going to
267. 9:53what's going to help them move the
268. 9:54needle or with their buying decision
269. 9:56process is going to be billboards,
270. 9:58signs, uh app uh you know being on on
271. 10:02major TV, things like that is going to
272. 10:04be a better suited for them. But it all
273. 10:07starts here understanding the consumer
274. 10:09and how they are gaining uh you know
275. 10:13information and and how they're going to
276. 10:15make their purchasing decision.
277. 10:18So much goes into this is such a small
278. 10:20chapter compared to how much you could
279. 10:22do here with chapter three. It's a big
280. 10:25subset of marketing and with AI and
281. 10:27large data sets now, people collecting a
282. 10:29lot of data from people. Um there's a
283. 10:31lot you could do there. And so moving
284. 10:33into week three, we do have this video
285. 10:35here that you're watching. You do have a
286. 10:36discussion post. Make sure you post your
287. 10:37first post by July 9th and then respond
288. 10:40to another student by July 12th. So
289. 10:42Thursday for this and uh Sunday for the
290. 10:45response. Uh chapter 4. Chapter four is
291. 10:48just a continuation from chapter three,
292. 10:50but uh for those you don't know, there's
293. 10:52three ways you can uh B2B versus B2C.
294. 10:56These are two different business models.
295. 10:58Um most companies are B2C, especially
296. 11:01the ones that you know, a business
297. 11:03telling to a consumer. Uh but some
298. 11:05businesses do both. So for example, let
299. 11:08me give you a different uh company, the
300. 11:10UPS store. You got UPS, United Postal
301. 11:14Service, and they do shipping and
302. 11:16shipping related things. Right now, if I
303. 11:20sell something on eBay or I need to ship
304. 11:22something to my grandma, I can go to the
305. 11:24UPS store. They can help me package it
306. 11:26and ship it. In that particular
307. 11:28instance, they are a B2C. They're a
308. 11:31business selling to me, a consumer. But
309. 11:33let's say I start my own business on
310. 11:35Etsy and I start selling little uh charm
311. 11:38bracelets. and all of a sudden now I
312. 11:41opened my own business and hopefully my
313. 11:43charm my charm bracelets are very
314. 11:46popular and I sell a lot of them. What I
315. 11:48would do is I would open up a business
316. 11:50account with UPS because I'm now a
317. 11:54business and I can set it up so they
318. 11:56come to my house and they pick up my
319. 11:58packages and I get special rates uh to
320. 12:01ship things, but I'm shipping at a much
321. 12:03higher quantity than when I was a
322. 12:06consumer. And so some businesses sell to
323. 12:09businesses and some businesses sell to
324. 12:11end consumers. And you're going to see
325. 12:13the difference between that and in that
326. 12:15chapter um coming up this week. Okay. So
327. 12:18it's just like chapter three but talking
328. 12:20about the psychology behind how
329. 12:22businesses behave because remember a
330. 12:24business isn't a one person. It's a
331. 12:26bunch of people usually and what are
332. 12:28their their needs and their wants are
333. 12:30going to be different than a consumer.
334. 12:32Then chapter five, probably one of the
335. 12:34most important chapters, especially if
336. 12:36you're a student in this class. I I a
337. 12:38lot of students come into marketing not
338. 12:39understanding that this is one of the
339. 12:41most important aspects of marketing,
340. 12:42which is understanding who your customer
341. 12:44is or who is most likely your customer.
342. 12:49Most students that I talk to would be
343. 12:50like everyone. Everyone's a potential
344. 12:52customer. As long as you have a wallet,
345. 12:54you're a potential customer. And while
346. 12:56that might be okay, the thing is there's
347. 13:00still people out there that might have a
348. 13:01higher or lower likelihood of becoming
349. 13:04your customer. For example, if I sell
350. 13:07yoga pants for women,
351. 13:10yeah, men might be buying it for maybe
352. 13:12some men like the fit, maybe some men
353. 13:15are buying it for their girlfriends or
354. 13:16or who are spouses, whatever. Um,
355. 13:19however, the majority of their clientele
356. 13:21are probably predominantly majority
357. 13:23going to be women. So, if you could if
358. 13:25you could segment the market, find out
359. 13:27who's most likely going to be your
360. 13:28target market. And also, for example,
361. 13:30geographically, are people in California
362. 13:32more likely to buy the yoga pants than
363. 13:34people in, I don't know, Idaho? You got
364. 13:37to do that research and find out. And so
365. 13:39the idea here is that find out who is
366. 13:41the most likely to buy your product or
367. 13:44service so that you can focus your
368. 13:47efforts on them instead of being all
369. 13:49wishy-washy and and kind of uh you know
370. 13:52not really knowing your the direction
371. 13:54you're going in. Um this is really where
372. 13:57where it's a really important step that
373. 13:59some people skip. Do have a YouTube
374. 14:02assignment as well. Don't forget the
375. 14:04discussion and then uh each week there's
376. 14:06a wrap-up. I hope you look that over.
377. 14:07gives you a little summary of the
378. 14:08chapter and what you just did. So that's
379. 14:11it for this week. Let me know if you
380. 14:12have any questions.