Marketing

Lecture series with Prof MyongKyu Lee


Marketing Concept
1. Customer satisfaction
2. Differentiation

Market definition STP
Segment
Target Position

Matching Concept 4Ps
Product
Plane
Place
Promotion

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Prof Lee mentioned the term Market Myopia and suggests that designers have to look at the market has to be as large as possible to gain larger profits. The example of Harley Davidson and Honda was used, suggesting that Honda found success with affordable motorcycles targeting at a broader market.

From a brand perspective, I would argue that Harley Davidson's focus towards it's target market has enabled them to become an 'inspiring brand'. I would imagine that it will be difficult to have the same traits of masochism and individualism if they had branched out to the mass market. Maybe they did with an entirely different brand? Ultimately business is about making money.

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Societal/Ethical Marketing is about providing product benefits with a long term perspective in mind. i.e. Social enterprise TOMS shoes. How can McDonalds consider long term 'consumer convenience'?

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New Product Development (differentiation)
> Idea Generation
> Idea Screening (screen criteria) Technical feasibility, Commcerial feasibility, Consumer welfare
> Idea Evaluation/Concept Testing (research)
> Development
> Marketing Strategy
> Commercialization

Fun fact: 3M = Minnesota Mining & Manufacturing

Elements of Good Design
> Creative/Original
> Aesthetic
> Functional
> Feasible
> Economical
> Fashionable
> User friendly/Ergonomic - Human Factors
> Consumer Well-being/Welfare

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Assignment 1
1. Explain the idea (design)
2. Target Market (why?)
3. Promotion Strategy (how it's being sold)


Designer/Marketing perspective


Something new and innovative


Product design awards: IDEA, iF, reddot, Good Design Award


3-4 slides / 5-10 minutes presentation — due 29/03