Fall+2008+Section+08-PJ+Week+1

media type="custom" key="1666683" =Class Discussion For Week 1= http://www.facebook.com/ http://gsmpr604fall2008.crowdvine.com/ Wiki sounds wierd. We should call this the Wikid. Market-based management is the concept that companies should see and anticipate market needs in order to succeed.
 * Class websites**:
 * Market-Based Management:**

Recommendation of books and related websites for your enrichment. http://www.wikinomics.com/book/https://www.strengthsfinder.com/http://www.fooledbyrandomness.com/

http://www.danpink.com/wnm.html

It is crucial to understand the importance of co-production. Co-production and collaboration of information will have a much larger role in the future of marketing. This information is coming from the ground up instead of the top down and is changing the way smart companies view product placement. While co-production and collaboration may play vital roles in the development and sharing of new ideas it is important to remember that the production of these ideas could cost the progenitor, the idea itself. In an open source environment there is no legal protection over these ideas, no patent exists and the risk of someone stealing the idea for a profit is a real possibility. Click on above image for link to Daniel Roam's presentation at Google.
 * The Role of A Wiki In the Marketing World:**

**Daniel Roam Video: The Back of the Napkin** 6x6 - Who/What?, How Much?, Where?, How?, When?, Why? According to Roam we need to embrace our ability for visual communication to enhance our 'elevator pitch'.

5 focusing questions for problem solving: Simple or Elaborate; Qualitative or Quantitative; Vision or Execution; Individual or Comparison; Change or Status Quo. According to Roam, every problem should be addressed first with this SQVI▼ exercise.

It is important for any business to be closely connected to the customer. Through my experience I've come to realize that this is extremely important. At Purdy, we have a website and customer feedback (good and bad) is forwarded to me (Production Mgr.). If it is a compliment, we post the e-mail for all of the plant to see. If it is a negative comment (we don't get many), we contact the customer immediately to resolve the issue. Our view is that if one customer was compelled to complain about a defect, how many others experienced the defect, but were reluctant to contact us? We contact the customer as soon as possible. In one instance, our Marketing rep. received an e-mailed complaint. My boss was with him at a pro show and immediately called the customer. The customer's wife answered. She told her husband that Purdy was on the line and he said, "You've got to be shitting me. I just hit the send button 30 seconds ago." The majority of complaints that we receive are turned into memorable experiences for our customers. We feel that they will spread the word about this, and this type of word of mouth will strengthen the brand.
 * Voice of the Customer:**

Through personal experience, I've had the opportunity to voice my views about a product that I use. I contacted the Marketing department for this company and they posted something special on their site. This is really funny: http://www.teva.com/tevaStories/theStories.aspx?g=t&p=63&m=7 Please add comments about your voice...........

Because Xerox invented the first feasible office xerographic copier, through its patents, it enjoyed global control of the office photocopier market throughout the 60's and into the early 70's. Because of the monopolistic nature of the photocopier market, customer retention was no challenge for Xerox. However, after resolving antitrust cases with the FTC, Xerox ended all patent suits and licensed their technology to other companies trying to grab a larger piece of the market. When other such players as Kodak, IBM and Japanese companies entered the market in 70’s, Xerox started to feel the threat as they experienced a significant downturn. In order to reverse their downward trend, Xerox sought to create a customer satisfaction program with the specific intent of improving their overall customer retention. During the brainstorming phase of their customer satisfaction program, Xerox was trying to choose which of the following three customer guarantee programs to implement: 1. Money Back guarantee. 2. Response Time guarantee 3. Performance guarantee. At a first glance, each of the guarantees appeared advantageous to both Xerox and its customers. However, when you consider the market and the value that Xerox was attempting to add, two of these guarantees bring forth potential negative connotations for Xerox as a company. Specifically, the Money Back guarantee could be perceived by the customer as an overall diminish in product quality. And also, the Response Time guarantee was already offered by their competitors. Although, by guaranteeing the Xerox Copier Performance, you would not have the potential negative impacts of a Money Back guarantee, would avoid imitating the competition and, in turn, will maintain customer sovereignty through the power of choice.
 * Xerox Case:**

The "back of the napkin" concept in action. Customer satisfaction is important because satisfied and very satisfied customers are responsible for the majority of the profit generated by any company. Companies use multiple indices to measure customer satisfaction. The importance of customer satisfaction is simple, it is a forward-looking indicator of business success that measures how well customers may respond in the future. Many other measures of market performance, such as sales and market share, are backward-looking measures of success.
 * Customer Satisfaction:**

The service guarantee is Xerox's competitive advantage. Increasing customer value and increasing company performance. Here is the website for Xerox and their award for " Xerox Receives Third Consecutive Certification from J.D. Power and Associates for Customer Service Excellence." Enjoy! http://www.xerox.com/go/xrx/template/inv_rel_newsroom.jsp?app=Newsroom&ed_name=NR_2008June23_JDPowerCertification&format=article&view=newsrelease&Xcntry=USA&Xlang=en_US

Closely related... "NET PROMOTER SCORE" We use this at our company... (guess who?) NPS = % Promoters - % Detractors. We've heard it before..but it's so true! If you have a happy customer they tell 1 person, if you have an upset customer, they tell 10. Promoters are hard to make, but once you do, they offer the best marketing out there -- WORD OF MOUTH.

How does Apple keep re-inventing itself with the iPod? Check out this hilarious SNL skit and you'll know how: http://www.youtube.com/watch?v=FrmYgseynv8 How will the Electronic Arts bounce back after relying on sequels to their core video games (Madden franchise)? A new product with much publicity (in the gaming world) has hit the market....  http://online.wsj.com/article/SB122031227102788791.html   They must think it's going to work because they've dropped a bid to acquire Take Two Interactive. http://online.wsj.com/article/SB122142476534733583.html
 * Early adaptors and laggards**: briefly touched upon in class but worth re-mentioning

**Creativity (originality, ingenuity): ** Thinking of novel and productive ways to conceptualize and do things. **Curiosity (interest, novelty-seeking, openness to experience): ** Taking an interest in ongoing experience s afor its own sake; exploring and discovering **Open-mindedness (judgment, critical thinking): ** Thinking things through and examining them from all sides; weighing all evidence fairly. **Love of learning: ** Mastering new skills, topics, and bodies of knowledge, whether on one’s own or formally. **Perspective (wisdom): ** Being able to provide wise counsel to others; having ways of looking at the world that make sense to oneself and to other people **Bravery (valor): ** Not shrinking from threat, challenge, difficulty, or pain; acting on convictions even if unpopular. **Persistence (perseverance, industriousness): ** Finishing what one starts; persisting in a course of action in spite of obstacles. **Integrity (authenticity, honesty): ** Presenting oneself in a genuine way; taking responsibility for one’s feeling and actions **Vitality (zest, enthusiasm, vigor, energy): ** Approaching life with excitement and energy; feeling alive and activated **Love: ** Valuing close relations with others, in particular those in which sharing and caring are reciprocated. **Kindness (generosity, nurturance, care, compassion, altruistic love, “niceness”): ** Doing favors and good deeds for others. **Social intelligence (emotional intelligence, personal intelligence): ** Being aware of the motives and feelings of other people and oneself. **Citizenship (social responsibility, loyalty, teamwork): ** Working well as a member of a group or team; being loyal to the group. **Fairness: ** Treating all people the same according to notions of fairness and justice; not letting personal feelings bias decisions about others. **Leadership: ** Encouraging a group of which one is a member to get things done and at the same maintain time good relations within the group. **Forgiveness and mercy: ** Forgiving those who have done wrong; accepting the shortcomings of others; giving people a second chance; not being vengeful **<span style="COLOR: rgb(167,43,49)">Humility / Modesty: ** Letting one’s accomplishments speak for themselves; not regarding oneself as more special than one is. **<span style="COLOR: rgb(167,43,49)">Prudence: ** Being careful about one’s choices; not taking undue risks; not saying or doing things that might later be regretted. **<span style="COLOR: rgb(167,43,49)">Self-regulation (self-control): ** Regulating what one feels and does; being disciplined; controlling one’s appetites and emotions. **<span style="COLOR: rgb(167,43,49)">Appreciation of beauty and excellence (awe, wonder, elevation): ** Appreciating beauty, excellence, and/or skilled performance in various domains of life. **<span style="COLOR: rgb(167,43,49)">Gratitude: ** Being aware of and thankful of the good things that happen; taking time to express thanks. **<span style="COLOR: rgb(167,43,49)">Hope (optimism, future-mindedness, future orientation): ** Expecting the best in the future and working to achieve it. **<span style="COLOR: rgb(167,43,49)">Humor (playfulness): ** Liking to laugh and tease; bringing smiles to other people; seeing the light side. **<span style="COLOR: rgb(167,43,49)">Spirituality (religiousness, faith, purpose): ** Having coherent beliefs about the higher purpose, the meaning of life, and the meaning of the universe.
 * VIA Strengths**: taken directly from the website to help you understand your results, 24 character strengths

If marketing is a dog, then sales is its tail. Sales is a good indication of successful marketing just as a tail wagging on a dog. Just as the tail does not wag the dog, sales do not should not control all the marketing decisions.
 * Marketing Metaphor:**