Bus 1050 1st Edition Lecture 12 Outline of Last Lecture I. Weber, from The Protestant Ethic and the Spirit of CapitalismA. Wealth B. Idleness C. One’s Calling II.Carnegie, The Gospel of WealthA. Economic Competition B. Distribution of wealth C. Wages Outline of Current Lecture III. Sun Tzu, from The Art of War (1:17-25, 3:14) A. The art of war B. The basis of war C. Opportunism D. Flexibility Current LectureMarketing is about having ideas, selling products based on ideas, and selling those products through distribution. It’s more than just selling. Managing customers and services. Accounting is about the reporting of information. Managing financial resources is Finance. Management is about managing people. Production is the managing…Truth = absolute truth truth = a relative truth. These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.You know how much something is worth once you sell it. The highest offer is the right offer. Marketing- Figure out what they’re going to make or what service they’re going to provide. At the beginning they have conception. - They must have a way to get it where it’s desired. This is known as distribution. - Promotion - Market research (go out and test ideas to see what people like) 4 ps of marketing Product PricePlace Promotion Sun TzuThe art of War Freud wrote that commerce is a substitute for war. Historically, wars were fought over resources. In the age of materialism, war is fought over market share. The Basis of WarBullet 18, line 28. “All warfare is based on deception”. Consider the deceptive nature of marketing. Tzu argues that it’s important to keep the enemy confused in order to win in battle. Nowadays, companies deceive one another. Companies deceive consumers! Companies lie about what their products will and will not do. But the federal government intervened and stated that consumers have the right to know what the product or service really does. But regardless of this, companies still lie. There are outright lies and only telling the customers what’s good. It’s about lying by omission, not telling them what’s wrong only what’s good. OpportunismBy attempting to govern an army by the same way one rules a kingdom. Military and civil sphereare distinct. Opportunism and flexibility are marketing rather than civic virtues. Humanity and justice are the virtues for a ruling a kingdom. Wal-Mart, Apple (Phones, IPod’s, etc.) , Microsoft, and Google (The internet existed and provided access to enormous amounts of information, but how do you get access to it? They saw a way to implement search engines! FlexibilityMcNeil Labs (Tylenol)- There’s a story about someone injecting pills with cyanide and someone died. They recalled every bottle in the world and this was a very costly decision. They did this in order to protect the brand. Now people trust them, and this makes their decision successful. IBM International Business Machines (personal computers, services) They came up with the idea for the first personal computer. IPM’s vision of personal computers that the demand would be 500,000 units ever. It was suggested that people would like personal computers in their homes, they advocated for mainframe computers. They were unwilling to accept that PCs were the future and now they do business consulting. Coca-Cola (“New Coke”) They decided to change their formula and didn’t tell anyone about it. They should have went back to their old flavor, but instead they said they’ll get used to it. As a result, their profits plummeted. They came out with New coke, and coca cola classisc, and eventually New Coke disappeared