My Definition of Marketing

Hola Todos!

I found it hard to believe that after 2 years and 261 posts, that I NEVER had an explicit post on my definition of marketing: Find out what people want and give it to them!

Recently, former student Jimmy Miguel, emailed me the following:

“Dr. Dano – How you doing? Tell you what, you have some crazy good timing, I was in a Marketing workshop just last weekend and the guy that was presenting went around the room asking what we do for a career. Once everyone was done he stopped and asks out loud: “what is marketing?” Obviously, considering the majority of the audience were marketing professionals, we all knew what it was but there was some ambivalence on how exactly to describe it. After a couple valiant but feeble attempts by my cohorts I piped up and said “Finding what people want and giving it to them.”

 He was kinda taken aback because everyone was using all this sophisticated vernacular to describe what it was, but in its most basic form, that’s it. He did use a different choice of words to describe it, but he pretty much agreed that it was an accurate definition. All these years later, I still use that as my definition… Sounds like a good Nuggetville posting to me haha.” 

Agreed Jimmy.  It does sound like a good Nuggetville post and I was really surprised that since starting the blog in August 2011, that “the definition” was never a post in-it-of-itself (note: while never detailed, it has been mentioned previously).  Over the last 10 years as a marketing professor, I have been teaching Principles of Marketing or the foundation Marketing class on the graduate level at least 3 to 4 times per year and I tell the students that the definition highlights the three most important chapters in the textbook:

“Find out (marketing research) what people want (consumer behavior) and give it to them (segmentation, targeting, and positioning)”

Truth be told, I learned my definition of marketing while working on my MBA at Saint Joseph’s University.  In my foundation MBA marketing class, professor John Stanton was the first person I heard use it (he was working on a book at the time, Success Leaves Clues).  I know a nugget when I hear one and I, like Jimmy in the quote above, never forgot it.

Something to think about today…

Best regards

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

 

Associate Professor of Marketing

Stillman School of Business

Seton Hall University

 

 

 

 

Apple staying the course: Dr. Dan-o eats some of his own “Claim Chowder”

Hola Todos!

Apple did have a big day yesterday as they did in fact, “have a lot to cover” (full event here).  You will not have to search far or wide to find to review today somewhere in the blogosphere (what the analysts are saying here).  I was happy to see an iPad Mini w/Retina screen.  Changing the iPad branding to “Air” was unexpected, but overall, we did not see a new product line debut.  Sometime in the near future (i.e., 12 to 18 months), we’re going to need to see something truly new from the executives in Cupertino.

That said, it is time for me to eat some of my own “Claim Chowder.” Claim chowder is when you eat your words (nod to John Gruber for coining the term).  Yesterday in the presentation, right after CEO Tim Cook stated that Apple sold 170 million iPads in 3 ½ years, he threw up some 2010 claim chowder from journalists such as, “It’s not going to revolutionize anything, it’s not going to replace netbooks” OR “Anyone who thinks it’s a game changer is a tool.”

Exactly at this time last year, I said, “Apple messed up the pricing” as I thought $329 was way too high.  In a later post, I tried to see it more from Apple’s perspective and gave a number of reasons, (i.e., R & D costs, supply chain constrains, a new form factor, etc) to why Apple priced the Mini where they did.  However, the Claim Chowder did not stop there.  In the same post, I later said, “Mark my words, the price of the Mini will drop by this time next year – either $279 or $299.”  I guess I thought I was going to be hungry in October 2013.

The only thing is truly said right last year was the axiom “You price what the market will bear.”  Although Apple does not break out sales of the larger iPad from the Mini, we know that the Mini sold very well in the past 12 months.  Moreover, competition is nowhere close to offering the quality – nor the free software (please don’t underestimate this folks, all that updated new iLife and iWorks software is a BIG BIG deal) making the Mini a fine package.  I’m not saying it’s the cheapest package, but Car and Driver magazine has been calling the BMW 3-Series one of their “10 Best” for 22 straight years – if you want the best, you going to have to pay for it.

Something to think about today…

Best regards,

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

 

Associate Professor of Marketing

Stillman School of Business

Seton Hall University

 

 

Campbell Soup CEO Visits Seton Hall University

Hola Todos!

We, in the Seton Hall community, had the pleasure of welcoming Denise Morrison, CEO of Campbell Soup Co. (and only one of twelve female CEOs in the Fortune 500) as the keynote speaker for our Fall Integrity & Professionalism Convocation (the video of the presentation can be found here). CEO Morrison discussed the future of Campbell Soup Co. but devoted much of the talk discussing her personal journey to the CEO seat.  I felt it was an incredible experience for the Seton Hall students, particularly for my two freshmen sections of BUSI 1000 (Introduction to Business) that are examining the functions of the firm through the lens of Campbell Soup.

The keynote presentation was part of a week of events including a Go Soups and Skillet Sauces tasting on campus.  The following are my nuggets – favorite takeaway or quotes from the presentation:

– – -“You can’t do it all at once but you can do it all over time”

– – – Denise started her career in sales at Proctor & Gamble and spent much of her pre-CEO career in the sale function; one of many Fortune 500 CEOs who rose to the position from the sales function.

– – – “The art of the zig-zag; Look at a company as an opportunity to gain different experiences” Meaning you make meaningful shifts in your career to gain difference experiences.  I really like this one as it echo’s Sheryl Sandberg’s metaphor from Lean In that your career is more of a jungle gym (i.e., there is more than one way to get to where you want to be) as opposed to a ladder where there is just one way up (or down).

– – – “Its not work life balance but work-life integration; you cannot be in balance all the time but you can balance out over time.”  I do not believe Sandberg’s book ever said this so clearly.

– – – “Networking is not fooling around.  Networking is hard work – building relationship for when you need them.”  This echo’s Reid Hoffman’s mantra in The Start Up of You that farming is a much better metaphor than hunting when thinking about networking.

– – – “Integrity and ethics is not an extra curricular activity.  It is who you are.”

– – – “Serve as a leader, live a balanced life, and apply ethical principles to make a significant difference.”  I believe in being more of a Y-type servant leader (here and here) than an X-type command and control leader.

Many thoughts to think about out today…

 

Best regards

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

 

Associate Professor of Marketing

Stillman School of Business

Seton Hall University

 

 

 

iPhone 5c and 5s Round-up: What the analysts are saying

Hola Todos!

Yesterday was Apple Day as I was calling it and Apple loves to share the full keynote with the world.  Apple decided it was going to segment the market even more than before.  Perhaps, John Gruber of Daring Fireball put it best:

“This move is about establishing the iPhone as a two-sibling family, like how the MacBooks have both the Airs and the Pros. Think of the 5C as the Air, and the 5S as the Pro. Or iMac and Mac Pro. The iPhone is growing up as a product family.”

Most much of the press this morning will be talking about the colors of the 5c or the finger-print ID of the 5s, but I think the new camera features in the 5s (slow motion HD recording) are just incredible.  Your phone is no longer a “good substitute” for your point and shoot camera, it is better that your point and shoot camera.  I’ll be posting more reviews as I see them but here’s another.

Perhaps the most interesting thing that happened yesterday is Apple’s stock tanked – in a major way: Wall Street was not impressed.  I was talking with a number of reporters yesterday (here’s Dr. Dan-o in Forbes and here’s Dr. Dan-o in The Washington Post) and I was emailed this line back:

No sizzle in today’s announcement….no sizzle from Apple in quite some time.

Well, this statement isn’t totally inaccurate.  Regardless if the lower end model iPhone 5c is on par than any other non-Apple product on the market OR that the iPhone 5s is the most advanced phone ever created – the perception is that Apple can’t tie its shoes without Steve Jobs as Apple has not released something since his passing two years ago that can be considered a new category.

In October, we’ll see new iPads and iPods.  In November, we’ll see an updated Apple TV with a new user interface and App store specific to TV.  Wall Street will not be impressed with those either.  However, iPod was 2001, iPhone was 2007 and iPad was 2010 – that’s a lot of years in-between those innovations.  Wall Street has never been known for being patient.

What I look for are the sales numbers and the contracts with China Mobile and NTT Japan (both were iPhone hold outs) but can be corrected with an iPhone 5c.  I would be very surprised if the Apple vs. Android numbers outside of the US do not look different 6 months from now.

Just something to tuck away…

Best regards

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

 

Associate Professor of Marketing

Stillman School of Business

Seton Hall University

 

 

 

News of the Week: All Eyes on Apple with New iPhones and iOS7

Hola Todos!

Tuesdays will be Apple Day in the media as we get to see what Tim Cook and Team have up their sleeve.  There is little doubt that Apple will debut two new iPhones: (1) a high end model probably called the iPhone 5s and (2) a lower end model probably called iPhone 5c.  What else may we see or not see?  Here are two nice roundups (#1 and #2) but regardless of what happens in Cupertino, some members of the media will surely be disappointed because “Apple cannot innovate without Steve Jobs.”  The “Apple has an innovation problem” commentary has already started.

If it wasn’t for Microsoft – Steve Ballmer – Nokia – I’m sure Apple would have dominated the headlines last week as well.  However, I’m curious how Apple’s news on Tuesday will impact not only the Microsoft – Steve Ballmer – Nokia story lines, but also the Samsung Galaxy Gear smartwatch (or whatever that thing is) and Android story lines.   Nice candy bar or not (even Dr. Dan-o got a quote in on Google -KitKat), I’m sure we’ll see an update on iOS7 on Tuesday and comparisons with Android will be enviable.

All cool links to check out today…

Best regards

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

Associate Professor of Marketing

Stillman School of Business

Seton Hall University

 

 

 

 

 

Apple 2013 WWDC Round-Up: Welcome to the Post-Steve Jobs Era

Hola Todos!

I believe the blogosphere is just starting to grapple with that happened yesterday at Apple’s WWDC 2013 Keynote Address – Welcome to the post Steve Jobs Apple. We know that Apple has been highly criticized in the business press for “the lack of innovation” since the passing of Steve Jobs – especially recently over the last nine months since we have not had a major announcement from Apple (whereas Apple rarely when 3 to 6 months without announcing a major update of some sort).

Apple had a major transition in October 2012 updating the iPhone, iPad, iTouch and introducing the iPad mini in a 4-week span. By the end of that Oct, Forstall was gone and the entire management team was shaken-up and re-aligned.  Jony Ive was placed in charge of hardware and software and yesterday, we saw the first look at the post Steve Jobs Apple – further evidenced by the 90-second introduction video at the keynote and the new “signature” 60-second TV commercial.

One of Steve Jobs’ most famous quotes was “Design is not just what it looks like.  Design is how it works” and yesterday, Ive and team demonstrated that philosophy as the main driver in iOS7 and OSX Mavericks.  Apps that “nap” to conserve battery life – graphics that use less juice because they are flatter and more translucent (e.g., less 3D visual reputation) – resulting in a strikingly different look and feel for iOS7 and OSX Mavericks – so much so, that I bet there will be A LOT of people at the Genius Bar to get themselves a refresher course on their iPhones and Macs this fall.

The Keynote was long – 2 hours. What other tech company can hold an audience for 2 hours? Overall, the blogosphere has been measured and positive. The links below represents some of the most interesting links I found on yesterday’s event.

 

The full 2-hour keynote

The 90-second version

A review from various Wall Street analysts

A review from Apple super blogger John Gruber

A list of stats from yesterday’s keynote

11 Jaw dropping features of iOS7

-Apple is making Bing the default search engine for Siri!

-A video of one idiot who thinks Steve Jobs would strangle the current CEO Tim Cook for the lack of innovation

ALL something to check out today…

Best regards

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

Associate Professor of Marketing

Stillman School of Business

Seton Hall University

 

 

 

Leadership: Leaders See Greatness in Others

Hola Todos!

In an excellent Harvard Business Review podcast, renowned author Dr. Maya Angelou expressed one of the true axioms of leadership.  Towards the end of the conversation, Dr. Angelou was asked about her perspective on leadership.

Question: I’d like to wrap up asking about leadership. You’ve worked with some exceptional political leaders, from Martin Luther King, Jr. and Malcolm X to Bill Clinton and Barack Obama. So what you think makes a leader great?

Dr. Angelou: A leader sees greatness in other people. He nor she can be much of a leader if all she sees in herself.

I do not think I could have said it better myself.

Something to think about today…

 

Best regards,

Dr. Dan-o

 

 

 

 

 

Persuasion: Tell people what is in it for THEM

Hola Todos!

While reading through my inbox today, I came across an excellent quote from Philadelphian Benjamin Franklin:

“If you would persuade, you must appeal to interest rather than intellect.”

This not the first quote on DigNuggetville nor do I expect it to be the last from Big Ben.  Mr. Franklin’s quote reminds me of one of my top nuggets or takeaways from my Principles of Marketing class:

“Tell people what is it in for them, because if there is something in it for them, they will be interested in what you have to say.”    

In sum, if you want to be persuasive, appeal to the individually personally – it’s better then using pure logic or an argument.  Wikipedia’s persuasion entry has an excellent round-up on persuasion ideas and theories.

Something to check out today…

Best regards,

Dr. Dan-o

 

 

Leadership: Vision without Execution is….

Hola Todos!

I was listening to Steve Case on an older Stanford Entrepreneurial Thoughts Leaders podcast and Steve was describing his tenure with AOL.  While talking about the post-Time Warner-AOL time frame, Steve said an interesting quote that he attributed to Thomas Edison:

Vision, without execution is hallucination.”

While some may not agree that this is actually a Thomas Edison quote, I feel few would argue that quote is without merit.  The best laid plans without follow through will be utterly worthless.

Something to think about today…

Best regards,

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

 

Associate Professor of Marketing

Stillman School of Business

Seton Hall University

 

 

 

 

 

Learning From Failure: Wisdom From Michael Jordan

Hola Todos!

I was reading Peter Gruber on LinkedIn and he hit on one of my favorite themes – failing forward.  What really caught my eye was the quote from one of the most famous basketball players of all time – Michael Jordan:

“I have missed more than 9,000 shots in my career. I have lost almost 300 games. On 26 occasions I have been entrusted to take the game’s winning shot, and I missed. I have failed over and over and over again in my life. And that is why I succeed.”

We learn more from our failures than we do from our successes.  Now that is something to think about today!

Best regards,

Dr. Dan-o

 

Daniel M. Ladik, Ph.D.,

Associate Professor of Marketing

Stillman School of Business

Seton Hall University