Twittering

This blog is nearly one year old. Not many posts over the summer break but that will change come September.

In the meantime, there is a new Twitter feed to support the book. @IntrotoMKT

Summer hiatus

This blog is intended to be worthwhile reading for students new to marketing. This being the summer, postings will bcome rather sporadic until the new semester is approaching.

I've just marked a set of first year exam scripts

A partner this to the last post.

I've marked a set of exam papers for my own first year class at Strathclyde University. A few comments in addition to the points I made last time.

Apply what you know - concepts, terms/definitions, systems, alternatives/strategies.

Can you think of a process/model/diagram that is relevant to the question? Think carefully - would it be worth taking the time to draw a positioning map or a model/process like consumer buyer behaviour?

If you are going to use an exhibit like a model or chart or diagram then try to not to focus too much on the aesthetics of it. Don't waste time devising a colour scheme - the important thing is to make it large [minimum 1/2 a page] and clear. The labels for boxes/axes/stages are more significant wrt getting marks than graphic design.

In this set of scripts, examples weren't used well or often. Don't make the same mistake.

Are you sitting a marketing exam in the near future?

It is the time of year when exams arrive. If you are a a first-year university student it is quite likely that university type exams are new to you. It is also quite likely that you won't have ever sat a marketing exam specifically. That being the case, I thought a few comments might be helpful.

1. I have marked thousands of exam papers, and written a few dozen. Here is the number one tip I can give you. TIME MANAGEMENT. Work out how long you have per question and try to stick to it ruthlessly. Time and time again I see an exam script where half or more of the time has gone on the first question attempted, and the other [say] two have been rushed. There is a diminishing rate of return for marks - 10 minutes more on the first question won't score you anywhere near as many points as the first ten minutes on the second. One of the reasons that so many students stay on the first question is that they have done the one they liked the most first - staying on that topic is comfortable psychologically and this comfort zone can be a deadly trap.
2. KNOW YOUR VOCAB. All subjects have specific terms and words and/or acronyms particular to them. A lot of what new students of a subject do is learn the language of that subject. Marketing has a large vocabulary of terms associated with it. You need to know the technical definition and meanings of words such as segmentation, positioning, branding etc. You need to be able to show that your knowledge is greater and more precise than someone not studying marketing. At the back of Marketing: An Introduction is a glossary. Learn a few every day as part of your revision. Be sure to test yourself and make sure you know the difference between similar words/phrases - social marketing Vs societal marketing for example.
3. HAVE EXAMPLES. Investigate a couple of firms. Learn the key aspects of their marketing tactics and strategy. How do they group products? How do they distribute? How do they promote etc? Be able to apply your generic/abstract knowledge to the specific cases you've researched.

Voting systems

On Thursday the UK holds a referendum on future voting systems for elections. The alternatives are to stay with the current system - called First Past the Post or switch to something called Alternative Vote.

Naturally the BBC has an outline of the issues: Q&A: Alternative vote referendum

Other than the issues of the groups supporting each system promoting themselves - advertising, PR etc there is the significance of this for the future political shape of the UK for the next generation or two.

If you are eligible to vote in this election think carefully, and participate.

Mass Customisation - shirts at Marks and Spencer

A lot of basic and fundamental economic theory developed in the period when the industrial revolution was shattering traditional methods of production and manufacturing. People like Riccardo and [local hero] Adam Smith looked at the manufacturing of simple items like pins and tried to think how those systems and processes could be abstracted.

The industrial revolution saw [for the first time] the standardisation of components. Also, prior to this components weren't interchangeable - a real issue if your musket needed a new barrel, or your coach a new wheel. These days we expect standardisation. If your Grado headphone jack didn't fit into the socket on your iPhone you would be stupefied.

This standardisation is a subtext in the manufacturing and retailing of clothes. Ladies sizes are based on statistical analysis of measurements in the 1950's - and women have changed shape and size since then. Men's clothes are often divided into small, medium and large and so on - based on waist and chest and length of torso and inside leg. If you happen to conform to one of these sizes, your clothes will fit you well. If you don't - and most people don't -  then the fit is a compromise, and will be either too large or too small - or too short! One way around this is by bespeaking tailored clothing - but that is very expensive...

One way for an organisation to better fit its customers is something called Mass Customisation. A phrase often heard just before or after other fancy terms like Agile or Lean Production. These are manufacturing systems that can adapt what is produced within certain parameters. Toyota have used such a system for many years. The robots on their production lines can select and combine specific components from a range, so successive cars that roll off the end of the line might have different sized engines, trim or even colours.

Can a similar concept be applied to clothing? To a certain extent, yes. Marks and Spencers is one of several companies now offering 'made-to-measure' shirts: Made to Measure

The customer inputs several key measurements - neck, arm, chest etc and selects from a range of fabrics, styles and buttons. The details are inferred from this data by software, and a specific shirt is made for a specific customer. Thousands of shirts, thousands of customers - Mass Customisation.

When brands fall out

Two brands have ended their relationship. Previously it had been beneficial to both parties, but the brand-identity of one party has become inimicable to the other.


Brand 1: Coca-Cola

Brand 2: Wayne Rooney

The full story here: Wayne Rooney's Coke deal finally loses its fizz