Marketing principles 3500

For my first class this semester one of the first things we covered were the 4 pillars of the huntsman school of business. Of these 4 pillars the first is entrepreneurial leadership. Second, is global vision. Third, is analytical rigor, which means to process facts to come up with decisions and ideas that are successful. Fourth, is ethical leadership. We also covered that when learning new concepts the best retention occurs when you teach someone else that concept.

During my second class we went over how leadership is key to the success or failure of businesses. We also covered that an example of analytical rigor would be to spend a few thousand dollars on focus groups or small market groups, than to spend millions on rolling out a product that could potentially fail. Marketing is not just selling, the 4 P's of marketing are product, price, place, and promotion. Marketing- is an activity, set of institutions, and processes for creating, communicating, delivering,and exchanging offerings that has value for others. One of the fundamental principles of marketing is Exchange, which is people giving up something to receive something else they would rather have. Lastly there are many reasons to study marketing... Marketing affects or everyday lives, it's important to society and business, and also has great career opportunities.

During my third class we went over how sales features focus on what the product is going to do for you, and why you would want that product. The 4 principle responsibilities of a business are 1. To be profitable or economic 2. To obey the law or be legal 3. To do what is right or be ethical 4. To be a good citizen or to be philanthropic. To remain successful companies must learn to adapt to how consumers buying habits may change during recessionary periods. The most effective means of improving ethics is through self governance, starting at the top of the corporation on down, and by setting standards. On another note, we covered how the external marketing environment is uncontrollable, but you can change and adjust your approach to your target market, or "the people your products appeal to".