1 September 16, 2013 Its Tony/ Erika Its Tony/ Erika Ads Ads length-hollywood length-hollywood Art or science discussion Art or science discussion Implications Implications

Quick Group Debate 2

3 Art or Science Meteorology Meteorology Economics Economics Marketing Marketing

4 Definitions Art: Art: Skill acquired by experience or study Skill acquired by experience or study Systematic use of knowledge or skill in making or doing things Systematic use of knowledge or skill in making or doing things The use of skill and imagination in the production of things of beauty The use of skill and imagination in the production of things of beauty Science: Science: Study concerned with observation and classification of facts and (esp) with the establishment of verifiable general laws Study concerned with observation and classification of facts and (esp) with the establishment of verifiable general laws Accumulated systematized knowledge esp. re physical world Accumulated systematized knowledge esp. re physical world Use of hypotheses and controlled experiments to develop laws Use of hypotheses and controlled experiments to develop laws

5 Advertising A paid, controlled, wholesale message communicated publicly to a target, designed to create and/or strengthen customers purchasing.

6 Marketing The activities and processes for creating, communicating and delivering offerings that have value for customers

7 A Better Definition? Anticipating the future needs and wants of a target market; learning how to deliver value, and how best to communicate what will be relevant about that value, to the target.

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9 If we all see and hear things differently, how can marketing be a science?

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11 chin eye ear neck

12 Marketing is Art What [advertisers] ignore is the fact that, whether or not people like to be sold, in a sea of choice, a consumer still has the problem of figuring out what to buy…they must recognize that consumers tend to lead their decision- making with intuition, thinking, feeling and sensing.*What [advertisers] ignore is the fact that, whether or not people like to be sold, in a sea of choice, a consumer still has the problem of figuring out what to buy…they must recognize that consumers tend to lead their decision- making with intuition, thinking, feeling and sensing.* *Jack Trout, Differentiate or Die,

13 Marketing is Science If you agree that the ultimate goal of marketing is to maximize profit, to sell as much product as possible, and at the highest prices possible, then you…have to be scientific. It doesnt make sense to do it any other way*If you agree that the ultimate goal of marketing is to maximize profit, to sell as much product as possible, and at the highest prices possible, then you…have to be scientific. It doesnt make sense to do it any other way* *Sergio Zyman, former CMO of Coca-Cola

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15 Lessons From Past New Coke There is a twist to this story, which will please every humanist and will probably keep Harvard professors puzzled for years," said Keough (President & COO) at that July 11th press conference. "The simple fact is that all the time and money and skill poured into consumer research on the new Coca- Cola could not measure or reveal the deep and abiding emotional attachment to original Coca-Cola felt by so many people. Coke spent over $4 million and came close to losing their business altogether just to learn the lessons of New Coke, all of which can be summed up in the advice of Polonius to his son, Laertes, in Act I, Scene III of Shakespeares Hamlet: This above all: to thine ownself be true, And it must follow, as the night the day, Thou canst not then be false to any man. * *Adapted from Charles Cooper: Americas Best Companies.

16 Does Situation Matter? New Category Existing Category NewP/S ExistingP/S

Of course it is both 17 Demographics Targeting Quantitative testing Market Sizing Media Analysis Creative Copy Creative Visuals Marketing Strategy Qualitative interviewing

18 Next Week: Marketing Fundamentals Marketing Myopia Marketing Myopia Competitive Advantage Competitive Advantage Ethics, if time Ethics, if time If using text: Read chapters 2 and 3: Strategic Planning for Competitive Advantage and Ethics If using text: Read chapters 2 and 3: Strategic Planning for Competitive Advantage and Ethics