Section 1: The Changing Nature of Marketing
“The Changing Nature of Marketing … Fundamental Marketing Frameworks and Tools … Constant versus Changing Elements of Marketing … Understanding the Rules of the Game: A Story about Chocolate … Tools for the Dynamic Game … Takeaways … Wrap up”
- Discussion on customers, competitors, and the broader environment.
- Touches on tactics that are often used in marketing:
- Real time marketing
- Products & product design
- Dynamic pricing
- Historically, the way that advertising communication happens is it’s a nice long period of time where something really thoughtful and creative is brought to the market to help sell a product.
- Real time marketing is the idea that, instead of having this long time span, you can take advantage of events or incidents or things that happen in the world around us and you can use those events in your marketing and communication campaign immediately.
- Product and product designs will cover various companies including traditional brick and mortar businesses like Hershey’s, Gap, Abercrombie & Fitch, as well as Crowdsourcing businesses like Threadless.
- Dynamic pricing means that prices can change in real time.
- The notion of dynamic pricing is that, as conditions outside change, perhaps the demand function for your product also changes.
- Consumers have what we call a “Reference price.”
- Dynamic pricing is more acceptable in some markets and some types of product markets than it is in others.