Re-Post for Week 1

I messed up for the blog link for Week 1. I will deleted the orginal link in

http://c570blogwiki.wikispaces.com/

Week 1 Catch-up

1. Reviewed the  Video
2. Read www.wired.com/magazine/2011/11/ff_bezos/
3. Read http://ereaderleader.com/ereader-comparison/
4. Created my blogger account
5. Read Chapter 1
6. Read Marketing Myopia


The simplest marketing concept Learnt from Jeff Bezo's Video

1.       Obsess over customers

2.       Invent on the behave of customers

3.       Think long term

Marketing Myopia Article
I agree that focusing benefts instead of products makes sense for a long term business. The real challenge is to know what are the alternatives and their timeline. Fuel Cell is a good example for alternatives. However, the real difficulty is to know whether this alternative viable economically, when it will become viable if it is technologically.  I think GM had put a lot of resources on this technology, but did not work out and missed another technology: the "hybrid".
It is amazing that this articele was written many years ago. I like this article.


Contribution to wiki

What is marketing to me: Marketing is a major function in an organization. It is responsible to identify the right products to the right customers. It also executes customer relationship plans in order to retain the current customers and to acquire new ones. It has a set of processes to create the value package not only to customers but also to the company itself. -- Yongfen Gao

Reflections for Week 2: Examining Environmental Variables

I will consider my Company, Cummins Inc., which includes 4 major businesses: Engine Business (EBU) , Power Generation Business (PGBU), Components,  and Distribution.  I am in the power generation business unit (PGBU), the headquarters of which is located in Fridley, Minnesota.

From the reading o f Chapter 2, there are several factors from external environment, that may affect a company’s marketing. Most of those factors have a big impact on the marketing decision of our company.

·         Demographic trends

·         Economic trends

·         Ecological trends

·         Technological trends

·         Political-legal trends

·         Social-cultural trends

·         Competitor analysis

Answers to some questions

·         Are the missions market/consumer focused?  

Yes, our mission is consumer and market focused, not product focus. In addition to the customer focus, we also focus on employees, on responsibility for environment and also financial viability.

·         What is the danger of a product based focus? 

The danger of a product based focus is that products will become obsolete, sooner or later. They will be replaced by better products, or by alternative solutions that provide similar benefits to consumers. When the products become obsolete, our business will become obsolete as well.

•             Which do you think are the best?

                The best is to focus on what customers want, which keeps changing with time. The best is to invent new products, new services on the behave of customers.

•             Does your company have a mission?  Is it a plaque on the wall or does it really lead the culture of company.    

Our company has a mission statement. It is not a plaque on the wall, but is in the website of our company.  I believe it really lead the culture of company.

Our mission

o   Motivating people to act like owners working together.

o   Exceeding customer expectations by always being first to market with the best products.

o   Partnering with our customers to make sure that they succeed.

o   Demanding that everything we do leads to a cleaner, healthier, safer environment.

o   Creating wealth for all stakeholders.

I will think about technological change in the external environment that may affect our current power generation business.

As mentioned in the article by Levitt, Fuel Cell technology may provide a more advanced solution for power need. If there is a break through in natural gas/other energy source based fuel cell for its financial viability, our engine based power solution will become obsolete. As I know, our company does not have much R&D in the fuel cell technology.  Another technological change that will affects our industry is a much higher storage technology (super batteries?) which is hypothetical though since I am not aware of any of this type of technology.

I am trying to develop a SWPT for our business as below.

SWOT analysis for Cummins Power Generation

Strengths	Weaknesses
(Internal capabilities that can help company achieve marketing plan objectives) 1.       Vertical integrated Engine Business  (EBU) for reliable supplies 2.       Most advanced emission system 3.       Global business is well developed	(Internal factors that might prevent company from achieving objectives) 1.       Limited present in some countries 2.       Products not diversified
Opportunities	Threats
(External circumstances that can be exploited to achieve objectives) 1.       More restrict emission regulations and competitors can not meet 2.       New economic booming in developing economies	(External circumstances that might prevent company from achieving marketing plan objectives) 1.       Severe economic downturn 2.       New competitions in the developing economy 3.       Instability in developing countries, e.g. Africa.

Very interesting article on predicting what consumers want.

3 Ways To Predict What Consumers Want Before They Know It

by Scott Anthony

http://www.fastcodesign.com/1669070/3-ways-to-predict-what-consumers-want-before-they-know-it




Blogs are new things to me. I messed up with my link name for my first one. I created  this one for starting with Week 2.

My plan for Week 2

1. Professor's video (finished today)
2. Chapter 2 reading
3. Writing
4. Team work