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Today's topic is the marketing

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The marketing is very important functions in the businesses

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Regardless is what types of business you are in

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regardless is what stage you are in

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Marketing plays a very important role in doing the businesses

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so please pay attention to this topic today

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What is the marketing?

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Unfortunately, understanding the marketing is not easy

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Because different people have a different idea about the marketing

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 The marketing is not clear concept

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It is natural for you to be confused about the marketing

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I want to make

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you understand the concept of the marketing

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very clearly in this session

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Let's begin with

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the relevant knowledge from kind of history

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In Korea, we had a Korean War in 1950s

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between North Korea and South Korea

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And there are kind of on the ground, 
there are two different types of the battle

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And the first types of battle would be a hill battle

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In Korea, we have many mountains, 
so hill battle was very important

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Our soldiers try to take over the land that

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they're occupied by our enemies and back and forth

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it was a very fierce battle

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And another types of battle would be the bombing

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We had aircraft and aircraft flew

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and threw the bomb away on the ground

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to make our enemy, shocked

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This is the kind of purpose of the bombing

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We can take this

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this war as a great analogy for the business field

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For example, hill battle is

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very similar to the kind of sales

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Think about it

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Like our soldier, the two different people meet together

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and shake hands and try to negotiate each other

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and then make a contract directly

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It is kind of we expect immediate outcome from the sales

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On the other hand, bombing

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purpose of the bombing is a little bit different from

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the hill battle

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Bombing is about making some kind of impression

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Impression to our enemy

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and allow them understand who we are something like that

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And we want to prepare some kind of ground field

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or we want to make our counterpart

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get interest in our

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kind of the weapon

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or what we have something like that

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This is kind of purpose of the bombing

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From the business, it's about the marketing

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before we go to the field directly,

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we should prepare for our concept very clearly

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We need to understand who is our consumers

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or something like that

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This is a kind of marketing and sales

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Now, you understand the big difference

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between sales and marketing

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and more importantly, what is the marketing?

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Let's look at the picture

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Look at the picture on the left side

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On the left, you see a one person, preparing the field

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He was planting seed

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and watering probably and nurturing the soils

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This represents kind of marketing

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Again, the marketing is all about preparing the ground

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It includes kind of understanding your consumers

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and delivering a compelling message 
and kind of building awareness

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Building awareness is really important

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Building awareness and creating long-term interest

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in your product or service

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This is kind of the marketing

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It is all about you

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to attract potential consumers 
and guide them toward something

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toward the making a purchase

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This is the kind of purpose of the marketing

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Look at another picture

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On the left side, you can see a person

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you can see a person is picking, fruit from the trees

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And it's kind of harvesting what you already grown

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What is already grown

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This is sales

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Sales is the kind of process of

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converting that interest into the action

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Okay, closing the deal

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and getting consumer to actually 
purchase and generating revenue

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We expect to have immediate outcome

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It's more direct and kind of often involving

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It's a one-to-one interaction like 
a face-to-face interaction

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Something like that

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Simply, we can say marketing creates demand

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On the other hand, the sales convert
demand into the revenue

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Now you understand?

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Today's topic is what?

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Today's topic is marketing

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The purpose of the marketing is to create

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demand of our product and services

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Look at another picture

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On your left side, you see a person using

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it's LinkedIn

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So, kind of researching potential consumers

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and analyzing their interests

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This is a kind of marketing side

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This is marketing side

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So, marketing today often involved in online

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Using tools like social media

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content marketing and kind of email campaign

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What about it?

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And the search ad, mainly

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to attract and engage potential consumers

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Again, the purpose of the marketing 
is to create demand

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by building brand awareness

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By generating leads and by nurturing interest

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before your sales team actually 
talk to the consumers directly

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This is marketing

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On the other hand, on the right side, 
you see a salesperson, shaking hands

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with his client, presenting a deal

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This is a kind of a sales process

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This is a kind of sales

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Building personal relationship

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Building personal relationship, 
answering the kind of questions

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and kind of closing the deal

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In this case of the sales, the creating, the building trust

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Building trust each other

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and persuading other people to purchase 
our product right now is very important

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So, the goal of the sales is to convert

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interest or lead into the paying consumers

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paying consumers

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To sum up

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Marketing use kind of a tool like LinkedIn

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to identify, attract, and qualify the lead

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On the other hand, the sales use direct relationship

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personal relationship and communication

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to convert the lead into 
the actual revenue or actual sales

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Now you understand the concept of 
the marketing very well

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Let's move on

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I summarized the differences between marketing and sales

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How to define the marketing?

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The marketing can be defined as

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any activities that promote some kind of awareness

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and interest in your product and services

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On the other hand, the sales refers to a direct effort

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to convert the prospect into the paying consumers

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The marketing and sales have two different goals

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The goal of the marketing, 
purpose of the marketing is to generate

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the leads and build the brand awareness

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Kind of generate a demand

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demand itself

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On the other hand, the sales the purpose of
the sales is to close the deal

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and meet make the interest into the paying consumer

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and we expect to have direct outcome

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immediate outcome

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Now you understand that

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What about the strategy of the marketing?

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Strategy of the marketing involved in the marketing research

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Research is very important to understand your consumers

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Advertising is also very important strategy

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to disseminate your information to the consumer

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Why?

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Because we want to generate the need, generate the demand

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the demand from the consumers

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And content creation

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content creation is very important strategy for the marketing

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Without content, then we cannot make our consumer interest

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 be interested in our product or services

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Now you understand the difference 
between marketing and sales

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I think you are ready to go into 
the marketing in more detail

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Let's move on

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Why marketing is important for the startup?

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We are startup and we have just only two or three people

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We don't have time, we don't have money

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to involved in the marketing activities, marketing strategy

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Why should we care?

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We don't have time to prepare our product

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We don't have time to do, 
we don't have time to develop our technology

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We don't have time to meet our investors

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Meeting investors, developing our technology

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preparing commercial product is 
more important than marketing

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Probably, you can argue like this

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but your argument is sometimes right, 
but sometimes wrong

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Because without brand awareness

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without brand awareness from day one

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you cannot sell your commercial goods

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or commercial service to the consumers

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Why?

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Because when you start your businesses

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when you release your new product or  service in the market

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 you are nobody

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You are nobody

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Please face to the ugly truth

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You are nobody

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It means nobody knows who you are

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Nobody knows what it is

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You are not Steve Jobs

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 Your product is not Apple phone

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Your product is just, I don't know, 
it's a kind of a new product

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Never heard before

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Never existed before

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No matter how good your product is

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if people don't know who you are

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don't know what it is, then you will fail

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because you cannot sell simply

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Now you understand why marketing is important for you

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Second reason why marketing is important

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Because before you actually go to the market

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you need to validate your product

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and validate your product and market fit

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The marketing activities, marketing strategy 
is kind of a really good process

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 to validate your market fit

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Marketing is not just promotion

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It's kind of a feedback loop

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When you advertise your product and service

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then you check out how many people are 
interested in your product and services

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How many people, come to visit your website

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to know more detail about your product and services

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Based on this record, you understand

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whether you achieve the product market fit or not

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It is all about the marketing

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Marketing is not just advertisement

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Marketing is kind of receiving the feedback

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receiving kind of the comment

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from your potential consumers

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And also, marketing can differentiate yourself 
from other competitors

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Think about although you think

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you are just a new startup, 
you are just only one company in your field

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but in the reality, there are tons of companies already exist

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You may be surprised how many people, 
how many companies

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how many startups already jumped in your chosen market

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People are very smart and they come up with 
very similar ideas like you

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Your job is to differentiate yourself from other competitors

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As a branding, storytelling, and contents

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contents to make your service and businesses

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or product is kind of different from other competitors

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The last but not least reason

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why marketing matters for the startup is

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marketing can attract the early adopters  investors

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If early adopters satisfied with your product and service

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they will spread out the news about yourself

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about your product

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It is about the word of mouth  your investors

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Your investors, of course, don't know who you are

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Don't know who you are

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before they reach out your product and service 
through somewhere else

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for example, they can watch the YouTube video and

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all of a sudden

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they can be exposed to your content marketing 
through the YouTube

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Or when investors goes to the Instagram

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and then they can see your brand

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Your brand

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It's all happened

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No one knows what happened

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we need to prepare

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The marketing

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Marketing is really good activities

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for you to prepare to attract your early adopters and investors

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A strong marketing presence builds credibility

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you can attract your investors, your early adopters

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Now you understand why marketing is 
also important for the startups

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Let's move on

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Let's look at the paper

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This is a really good research

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so that you understand why, 
marketing is important for the startup

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The researchers conducted

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a large-scale field experiment in Uganda, Africa

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Basically, they attract many startups in Uganda

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and then they divided these startups into several groups

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Each group paired with some of the consultants

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And the consultants are the management consultant

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and marketing consultant and kind of the other consultant

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Anyway, this Group A matched with the management

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the general management  consultant

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Group B matched with marketing consultant

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Group C matched with kind of other types of consultants

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Then they tried to find out any relationship

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00:17:06.560 --> 00:17:11.440
any effect of the consultant on the performance

276
00:17:11.440 --> 00:17:16.320
They kind of tracked the record of kind of two years

277
00:17:16.320 --> 00:17:19.960
It's a good research, anyway

278
00:17:19.960 --> 00:17:23.760
They found out that

279
00:17:23.760 --> 00:17:28.840
the startups matched with the marketing consultant

280
00:17:28.840 --> 00:17:34.500
Marketing consultant increased their performance

281
00:17:34.500 --> 00:17:39.550
There are strong relationships between

282
00:17:39.550 --> 00:17:43.540
the marketing help and the performance

283
00:17:43.800 --> 00:17:48.580
More specifically, sales increased by, 51%

284
00:17:48.580 --> 00:17:50.920
around 52%

285
00:17:50.940 --> 00:17:54.540
And the profit increased by kind of 35%

286
00:17:54.540 --> 00:17:57.880
or 36%, which is huge

287
00:17:57.880 --> 00:17:59.360
Look at this graph

288
00:18:01.480 --> 00:18:07.230
The blue bar represents the sales increase

289
00:18:07.230 --> 00:18:08.640
and performance increase

290
00:18:08.840 --> 00:18:13.480
from the startup matched with the marketing consultant

291
00:18:13.540 --> 00:18:16.640
You see the differences between others

292
00:18:17.980 --> 00:18:21.200
Marketing is important for a startup

293
00:18:22.000 --> 00:18:27.160
It was proved by the empirical study

294
00:18:27.520 --> 00:18:29.360
Let's look at another study

295
00:18:30.500 --> 00:18:36.940
This research also published into the great journals

296
00:18:37.020 --> 00:18:43.440
and the researchers analyzed more than 3,000 high-tech startups

297
00:18:44.260 --> 00:18:50.260
They found that if the startups have

298
00:18:50.260 --> 00:18:54.480
CMO means the chief marketing officer

299
00:18:54.620 --> 00:18:59.570
If the startups have kind of marketing experts

300
00:18:59.570 --> 00:19:03.060
marketing experts on their top management team

301
00:19:03.060 --> 00:19:09.560
they can achieve the VC funding

302
00:19:09.560 --> 00:19:15.720
and the VC funding increased by 46%

303
00:19:16.260 --> 00:19:20.510
Having CMO itself increased

304
00:19:20.510 --> 00:19:24.740
VC funding opportunity by 46%

305
00:19:24.940 --> 00:19:26.240
Why is this happening?

306
00:19:26.240 --> 00:19:32.520
Because, VC perceived this startup with 
marketing experts kind of valuable

307
00:19:32.640 --> 00:19:36.090
If the startup has CMO

308
00:19:36.090 --> 00:19:40.000
and then VC perceived that they are prepared in the market

309
00:19:40.560 --> 00:19:46.420
That's why we are able to generate more external funding

310
00:19:47.580 --> 00:19:48.580
What do you think?

311
00:19:48.680 --> 00:19:50.500
It's very, very important

312
00:19:50.500 --> 00:19:53.420
It's very important and very helpful for the startup

313
00:19:54.600 --> 00:19:57.220
please think about the marketing very carefully

314
00:19:59.080 --> 00:20:03.780
The CMO effect, more important thing is

315
00:20:03.780 --> 00:20:06.720
the CMO effect is stronger when the market is competitive

316
00:20:06.800 --> 00:20:10.200
For example, if there are a lot of competitors out there

317
00:20:10.200 --> 00:20:13.900
if you have a CMO

318
00:20:13.900 --> 00:20:17.420
you can successfully differentiate yourself from your competitors

319
00:20:17.420 --> 00:20:21.770
then later, your investors perceive that

320
00:20:21.770 --> 00:20:27.360
you are kind of a more strong company, 
more strong company in the market

321
00:20:27.360 --> 00:20:28.740
They perceive that

322
00:20:28.740 --> 00:20:30.340
They perceive this way

323
00:20:30.340 --> 00:20:34.760
That's why they try to invest more money 
into your company

324
00:20:36.580 --> 00:20:40.000
What kind of data we need?

325
00:20:40.480 --> 00:20:43.800
What kind of data is very important 
for the marketing research?

326
00:20:44.180 --> 00:20:47.640
What about the market size?

327
00:20:47.660 --> 00:20:50.100
The data relevant to the market size

328
00:20:50.140 --> 00:20:51.820
It's a very important data

329
00:20:51.820 --> 00:20:55.000
And what about the competitors?

330
00:20:55.540 --> 00:21:00.260
So, who are the competitors in your market?

331
00:21:00.260 --> 00:21:01.360
Competitor data

332
00:21:01.360 --> 00:21:03.620
Consumers data, of course

333
00:21:03.620 --> 00:21:06.420
Where the potential consumers purchase

334
00:21:06.500 --> 00:21:10.000
And what about the advertisement data?

335
00:21:10.000 --> 00:21:11.760
Current advertisement out there

336
00:21:11.760 --> 00:21:15.880
What advertisement consumers are likely to see?

337
00:21:16.500 --> 00:21:17.740
What they like?

338
00:21:17.760 --> 00:21:19.660
Something like that their preference

339
00:21:19.720 --> 00:21:25.320
And what about consumers' response 
to the different price ranges?

340
00:21:25.500 --> 00:21:30.100
In order to understand the consumers' preference

341
00:21:30.100 --> 00:21:32.580
toward kind of price ranges

342
00:21:33.200 --> 00:21:38.400
You'd better conduct a simple experiment or simple survey

343
00:21:39.073 --> 00:21:44.720
You just ask the several price options to your consumers

344
00:21:44.720 --> 00:21:48.900
Then you get the answers 
and you analyze these types of data

345
00:21:50.000 --> 00:21:56.240
How they, how consumers will 
respond to the different price ranges

346
00:21:56.320 --> 00:21:58.520
That could be very important data

347
00:22:00.640 --> 00:22:05.020
What product or what product or 
what service the consumers currently use

348
00:22:05.740 --> 00:22:09.280
Those types of data is very important

349
00:22:09.280 --> 00:22:14.380
from the marketing research, 
you systematically collect those types of data

350
00:22:14.380 --> 00:22:19.090
and analyze and interpret the data in order to prepare

351
00:22:19.090 --> 00:22:22.580
very well before you go to the market

352
00:22:22.732 --> 00:22:25.632
And these types of collection of data

353
00:22:25.632 --> 00:22:30.000
interpretation of data is very helpful for you 
to make a marketing decision

354
00:22:30.260 --> 00:22:33.960
In the marketing research, there are basically

355
00:22:33.960 --> 00:22:37.000
just two types of the marketing research

356
00:22:37.000 --> 00:22:38.360
Please remember, just two types

357
00:22:38.520 --> 00:22:42.740
The first type is primary marketing research, primary

358
00:22:42.740 --> 00:22:46.700
And second type would be secondary marketing research

359
00:22:46.700 --> 00:22:52.000
It's pretty easy to understand primary and secondary

360
00:22:53.320 --> 00:22:56.720
Let's begin with the primary marketing research

361
00:22:56.760 --> 00:22:58.300
What is that?

362
00:22:58.300 --> 00:23:02.440
Primary marketing research is about new information

363
00:23:02.540 --> 00:23:07.620
New information collected to solve your problem

364
00:23:07.620 --> 00:23:09.180
Your current problem

365
00:23:09.180 --> 00:23:11.120
Not other people's problems

366
00:23:11.120 --> 00:23:12.780
Not yesterday's problems

367
00:23:12.780 --> 00:23:17.000
For your problem for today or for the future

368
00:23:17.000 --> 00:23:19.000
Now you understand that

369
00:23:21.000 --> 00:23:25.820
This type of information is extremely current

370
00:23:25.820 --> 00:23:27.970
Extremely current, of course

371
00:23:27.970 --> 00:23:30.620
because you need this type of information

372
00:23:30.620 --> 00:23:37.000
because of your interest for today or for tomorrow

373
00:23:39.220 --> 00:23:45.640
It takes time and money and energy 
to collect these types of data

374
00:23:46.900 --> 00:23:47.800
Why?

375
00:23:47.840 --> 00:23:51.120
Because no one collected these types of data for you

376
00:23:51.860 --> 00:23:56.060
In order to ask somebody else to collect data for you, 
then you should pay for it

377
00:23:56.540 --> 00:23:59.000
That's why it takes time

378
00:23:59.000 --> 00:24:01.520
If you do not want to pay for it

379
00:24:01.520 --> 00:24:04.360
then you should collect these types of data by yourself

380
00:24:04.360 --> 00:24:06.540
You make your own survey

381
00:24:06.540 --> 00:24:10.380
and then you just go outside 
and you ask your potential consumers

382
00:24:10.400 --> 00:24:13.080
and ask them to fill out the survey questions, 
something like that

383
00:24:13.420 --> 00:24:16.640
Now, you understand that

384
00:24:18.000 --> 00:24:22.200
Of course, there are marketing research companies

385
00:24:22.200 --> 00:24:25.720
or there are freelancers or experts out there

386
00:24:25.720 --> 00:24:27.320
Of course, you should pay for it

387
00:24:29.420 --> 00:24:35.160
There are three different types of primary research methods

388
00:24:35.160 --> 00:24:36.500
Three

389
00:24:36.500 --> 00:24:41.000
Inside the primary marketing research, 
there are three different types of methods

390
00:24:41.000 --> 00:24:43.680
The first method is survey

391
00:24:43.680 --> 00:24:47.800
The second method is ethnography research

392
00:24:47.800 --> 00:24:50.640
The third method is focus group interview

393
00:24:51.880 --> 00:24:53.750
Let's look at the survey first

394
00:24:53.750 --> 00:24:59.740
because the survey is the most commonly used method

395
00:24:59.740 --> 00:25:02.060
in the primary marketing research

396
00:25:02.060 --> 00:25:08.000
Survey is a data collection method using a questionnaire

397
00:25:08.400 --> 00:25:11.450
A questionnaire in person or on the phone

398
00:25:11.450 --> 00:25:16.000
or on the paper or these days on the internet

399
00:25:17.080 --> 00:25:21.080
To me, I make many survey questions

400
00:25:21.080 --> 00:25:24.340
and then I make a survey question online

401
00:25:24.340 --> 00:25:28.000
then send out the email to the potential participant

402
00:25:28.420 --> 00:25:30.160
This is a survey

403
00:25:30.480 --> 00:25:32.830
I want to give you an example of a survey

404
00:25:32.830 --> 00:25:36.580
how to apply this survey method into your marketing research

405
00:25:36.580 --> 00:25:41.000
Again, your research is not for the scholarly paper

406
00:25:41.000 --> 00:25:44.200
Your research is for your marketing decision

407
00:25:45.600 --> 00:25:49.000
Do you remember the Wabi Parker?

408
00:25:49.000 --> 00:25:54.000
Wabi Parker revolutionized the traditional eyeglasses market

409
00:25:55.000 --> 00:25:59.300
They initiate the new business model

410
00:25:59.300 --> 00:26:01.160
which is a home try-on business model

411
00:26:02.000 --> 00:26:06.650
Basically, they put the five eyeglasses

412
00:26:06.650 --> 00:26:10.000
into the one boxes and they send out 
the boxes to the consumers

413
00:26:10.400 --> 00:26:13.620
And at home, just the consumers to open up them boxes

414
00:26:13.620 --> 00:26:17.570
and they try on every, five eyeglasses

415
00:26:17.570 --> 00:26:19.184
If they like all of them

416
00:26:19.184 --> 00:26:21.134
they can keep all of them

417
00:26:21.134 --> 00:26:25.424
If they like just some of them and they take some of them

418
00:26:25.424 --> 00:26:28.724
they just simply return the rest of them

419
00:26:28.724 --> 00:26:32.644
Then Wabi Parker received the returned eyeglasses

420
00:26:32.644 --> 00:26:34.244
and take care of everything

421
00:26:34.244 --> 00:26:39.024
This all process, Wabi Parker made this all process

422
00:26:39.024 --> 00:26:41.824
and inspired all the businesses

423
00:26:41.824 --> 00:26:47.024
So many businesses adopt this home try on business model

424
00:26:47.024 --> 00:26:48.874
and lead to big success

425
00:26:48.874 --> 00:26:50.064
Do you remember?

426
00:26:50.604 --> 00:26:54.304
This types of story in the business model session?

427
00:26:54.304 --> 00:26:57.344
Anyway, before they started Wabi Parker

428
00:26:57.344 --> 00:27:02.294
they already conducted the research about

429
00:27:02.294 --> 00:27:06.783
the current prices of the existing in eyeglasses in the market

430
00:27:06.783 --> 00:27:11.323
They realized that eyeglasses in the market is very expensive

431
00:27:11.323 --> 00:27:14.423
Some of them exceed $400

432
00:27:14.423 --> 00:27:18.064
Think about eyeglasses, $400 and $500

433
00:27:18.064 --> 00:27:22.064
which is very expensive at that time

434
00:27:22.064 --> 00:27:24.214
They thought

435
00:27:24.214 --> 00:27:28.243
if we provide very cheap eyeglasses

436
00:27:28.243 --> 00:27:32.703
probably we can attract tons of the consumers

437
00:27:32.703 --> 00:27:34.003
we can make money

438
00:27:34.003 --> 00:27:38.403
This is a pretty simple business idea

439
00:27:38.403 --> 00:27:40.024
Simple business idea

440
00:27:40.024 --> 00:27:44.543
How to reduce the prices? 
We can sell eyeglasses online

441
00:27:44.543 --> 00:27:47.943
that's why they initiate the home try on business model

442
00:27:47.943 --> 00:27:53.164
The eyeglasses, try to sell

443
00:27:53.166 --> 00:27:55.307
I'm sorry,

444
00:27:55.324 --> 00:27:59.224
Wabi Parker tried to sell these eyeglasses

445
00:27:59.224 --> 00:28:04.544
for just $95 each

446
00:28:05.104 --> 00:28:08.304
But there are behind the story

447
00:28:08.304 --> 00:28:14.803
how they decide the price as a $95 each

448
00:28:16.924 --> 00:28:21.723
There are behind the story of $95 
eyeglasses for the Wabi Parker

449
00:28:21.723 --> 00:28:26.623
Wabi Parker's first business plan was to sell

450
00:28:26.623 --> 00:28:30.824
prescription eyeglasses for about $50

451
00:28:30.824 --> 00:28:33.474
Think about it

452
00:28:33.794 --> 00:28:38.643
If when we finished the market research over the prices

453
00:28:38.643 --> 00:28:42.543
for the existing eyeglasses on the market, we realized that

454
00:28:42.903 --> 00:28:46.823
eyeglasses is very expensive more than $400

455
00:28:47.143 --> 00:28:50.543
We can provide $50 eyeglasses

456
00:28:50.543 --> 00:28:53.143
It's a great idea, $50

457
00:28:53.143 --> 00:28:56.643
Let's decide $50 each eyeglasses

458
00:28:56.643 --> 00:28:59.543
They decided the prices

459
00:28:59.543 --> 00:29:03.063
without any relevant reasons

460
00:29:03.063 --> 00:29:05.413
Why $50?

461
00:29:05.413 --> 00:29:07.013
They don't have any reason

462
00:29:07.013 --> 00:29:11.663
Anyway, so they want to validate their business plan

463
00:29:11.663 --> 00:29:15.923
They come to visit the marketing professors

464
00:29:17.803 --> 00:29:24.063
Marketing professor told them, ask them same questions

465
00:29:24.944 --> 00:29:29.144
It's a good business plan, but why $50?

466
00:29:29.144 --> 00:29:32.564
Why? Do you have any specific reason why $50?

467
00:29:32.564 --> 00:29:39.204
Wabi Parker founder said that no reason 
just because it seemed too cheap

468
00:29:39.204 --> 00:29:42.304
Then the marketing professor told them

469
00:29:42.304 --> 00:29:47.004
Wow, basically you, you pick the random number $50number

470
00:29:47.004 --> 00:29:50.783
You didn't check the consumer's preference

471
00:29:50.783 --> 00:29:56.203
and consumer's willingness to pay 
or consumer's readiness, you didn't check anything

472
00:29:56.283 --> 00:29:58.583
My advice is like this

473
00:29:58.583 --> 00:30:02.723
Please send out the survey, 
survey to the potential consumers

474
00:30:02.723 --> 00:30:06.373
and get the answer from them

475
00:30:06.373 --> 00:30:10.103
and analyze their willingness to pay

476
00:30:10.103 --> 00:30:15.524
Basically you conduct some kind of expense, 
some kind of small experiment

477
00:30:15.744 --> 00:30:18.344
to understand the consumer's price ranges

478
00:30:18.344 --> 00:30:23.723
So the Wabi Parker founders sent out 
the survey questions

479
00:30:23.903 --> 00:30:28.303
asking the people, how likely they were 
to purchase eyeglasses

480
00:30:28.303 --> 00:30:30.963
at a different, the price point

481
00:30:30.963 --> 00:30:35.024
Will you purchase eyeglasses $50?

482
00:30:35.024 --> 00:30:38.274
Yes. Will you purchase eyeglasses $60?

483
00:30:38.274 --> 00:30:41.823
Yes. Why not? Will you purchase eyeglasses on $70?

484
00:30:42.064 --> 00:30:43.564
Why not?

485
00:30:43.564 --> 00:30:47.864
Although the price is increased

486
00:30:47.864 --> 00:30:50.764
their willingness to purchase also increased

487
00:30:50.764 --> 00:30:51.714
Why not?

488
00:30:51.714 --> 00:30:57.684
Then at some point, consumer's 
willingness point is decreased

489
00:30:57.684 --> 00:31:01.583
This point was $100

490
00:31:01.963 --> 00:31:06.163
They found that when the prices reached $100

491
00:31:06.163 --> 00:31:09.803
willingness to pay hit the top

492
00:31:10.383 --> 00:31:15.233
But after the $100, consumer's willingness to pay is decreased

493
00:31:15.233 --> 00:31:21.843
The $100 is kind of a maximum prices 
that we charge to the consumers

494
00:31:21.843 --> 00:31:26.024
They realize that. Then why we keep $50?

495
00:31:26.224 --> 00:31:29.574
Why we gave up additional $50?

496
00:31:29.574 --> 00:31:31.574
It doesn't make sense

497
00:31:31.574 --> 00:31:34.883
We charge $50, $100 instead of $50

498
00:31:34.903 --> 00:31:39.053
$100, it looks expensive

499
00:31:39.053 --> 00:31:43.383
why not, $95?

500
00:31:43.823 --> 00:31:46.673
Yes, it seemed great

501
00:31:46.673 --> 00:31:52.223
That's why they decided $95, each eyeglasses

502
00:31:52.223 --> 00:31:59.013
It is all because of the marketing research, 
based on the survey

503
00:32:01.253 --> 00:32:04.384
Let's look at the ethnographic researches

504
00:32:04.384 --> 00:32:09.764
Ethnographic researches is a second types 
of primary marketing research

505
00:32:09.764 --> 00:32:14.164
Ethnographic researches is to collect data

506
00:32:14.164 --> 00:32:18.083
by not asking the opinion

507
00:32:18.143 --> 00:32:21.643
By not asking the opinion, but by

508
00:32:21.643 --> 00:32:27.984
observing consumer's behavior 
or seeing what consumers really do

509
00:32:29.024 --> 00:32:34.763
Ethnographic research does not rely on consumer's opinion

510
00:32:34.924 --> 00:32:37.324
because they don't believe the consumer's opinion

511
00:32:37.324 --> 00:32:38.704
Opinion is just opinion

512
00:32:38.984 --> 00:32:44.084
Consumers can say, everything

513
00:32:44.084 --> 00:32:46.034
Will you purchase the eyeglasses?

514
00:32:46.034 --> 00:32:46.723
Yes

515
00:32:46.897 --> 00:32:50.197
Will you purchase eyeglasses at $200?

516
00:32:50.197 --> 00:32:51.098
Yes, Why not?

517
00:32:51.098 --> 00:32:53.798
Will you purchase eyeglasses $500?

518
00:32:53.798 --> 00:32:54.604
Yes, Why not?

519
00:32:54.604 --> 00:32:58.654
Consumers can say yes at any time, at anywhere

520
00:32:58.654 --> 00:33:01.823
That's why ethnographic researchers say

521
00:33:01.983 --> 00:33:04.233
Do not believe the consumer's opinion

522
00:33:04.233 --> 00:33:08.464
Instead, they want to observe consumer's behavior directly

523
00:33:08.464 --> 00:33:13.664
Ethnographic researches can be conducted by the researchers

524
00:33:13.664 --> 00:33:20.603
who study animals because animals cannot speak

525
00:33:20.603 --> 00:33:24.253
and we cannot communicate with animals, 
we cannot communicate with the chimpanzee

526
00:33:24.281 --> 00:33:28.881
That's why the researchers who study chimpanzees or monkeys

527
00:33:28.881 --> 00:33:32.121
or the other animals the ethnographic research

528
00:33:32.121 --> 00:33:35.823
So basically, we adopted these types of the researches methods

529
00:33:35.863 --> 00:33:39.303
 into our marketing decision area

530
00:33:40.103 --> 00:33:43.324
I want to give you an example of ethnographic research

531
00:33:43.504 --> 00:33:49.783
Dr. Susan Scare was hired by General Mill in America

532
00:33:49.783 --> 00:33:52.483
General Mill is a very big food company in America

533
00:33:52.483 --> 00:33:57.763
Anyway, so General Mill asked Dr. Susan Scare to

534
00:33:57.823 --> 00:34:04.223
kind of create a new type of meal, new types of food

535
00:34:04.223 --> 00:34:06.904
for the family in America

536
00:34:07.206 --> 00:34:11.746
This is what General Mill asked Dr. Susan Scare

537
00:34:11.766 --> 00:34:15.283
And Dr. Susan Scare did not conduct a survey

538
00:34:15.283 --> 00:34:20.944
Instead, she just directly called one of 
the just normal family in America

539
00:34:21.064 --> 00:34:25.764
And interviewed them and started living with them

540
00:34:25.764 --> 00:34:29.114
Then Susan Scare found that

541
00:34:29.574 --> 00:34:35.143
breakfast is very important meal in 
the normal family in America

542
00:34:35.143 --> 00:34:38.024
However, there is no time for preparing breakfast

543
00:34:38.024 --> 00:34:42.174
And also kids don't want to eat breakfast

544
00:34:42.174 --> 00:34:45.123
especially healthy breakfast with vegetables

545
00:34:45.123 --> 00:34:47.873
They hate carrots, they hate broccoli

546
00:34:47.873 --> 00:34:52.303
But moms in America really care for the healthy food

547
00:34:52.303 --> 00:34:54.803
There's a huge conflict in the morning

548
00:34:54.803 --> 00:34:58.244
Every morning there is a huge conflict inside the family

549
00:34:58.244 --> 00:35:03.644
Dr. Susan Scare realized these issues

550
00:35:03.644 --> 00:35:07.704
from direct observation

551
00:35:07.704 --> 00:35:12.304
She suggested several ideas to General Mill

552
00:35:12.304 --> 00:35:15.603
and General Mill came up with new types of breakfast

553
00:35:15.603 --> 00:35:18.653
It is the behind the story of

554
00:35:18.653 --> 00:35:22.123
very famous breakfast in America which is the Go-Gurt

555
00:35:22.323 --> 00:35:28.384
General Mill successfully launched 
the new types of the breakfast which is Go-Gurt

556
00:35:28.444 --> 00:35:30.544
Have you heard about the Go-Gurt?

557
00:35:30.544 --> 00:35:33.164
In America, Go-Gurt is very popular

558
00:35:33.164 --> 00:35:37.863
And my student, when I was a professor in America

559
00:35:37.863 --> 00:35:41.213
my student ate Go-Gurt as their breakfast

560
00:35:41.213 --> 00:35:47.174
And Go-Gurt is kind of a yogurt that are 
healthy while being tasty to the kids

561
00:35:47.174 --> 00:35:52.804
And Go-Gurt has a very unique tube-type packaging

562
00:35:52.804 --> 00:35:57.184
allow the kids to squeeze out the yogurt inside

563
00:35:57.218 --> 00:36:00.244
and they just eat very well

564
00:36:00.244 --> 00:36:03.904
 This is the kind of Go-Gurt with this product

565
00:36:03.904 --> 00:36:14.624
The mom can reduce the stress to prepare the breakfast

566
00:36:14.624 --> 00:36:17.274
It is kind of healthy, it's kind of a win-win

567
00:36:17.274 --> 00:36:21.243
It's all because of the ethnographic research

568
00:36:22.383 --> 00:36:27.041
Let's move on to the last method of
the primary marketing research

569
00:36:27.041 --> 00:36:29.541
This is a focus group interview

570
00:36:29.544 --> 00:36:35.944
Focus group interview is to collect the data 
from a very small group of person

571
00:36:35.944 --> 00:36:40.204
But this small group of person is not just normal people

572
00:36:40.222 --> 00:36:42.084
They are all experts

573
00:36:42.084 --> 00:36:46.184
They are all stakeholders, 
very important stakeholders in the field

574
00:36:46.184 --> 00:36:47.683
In certain kind of field

575
00:36:48.603 --> 00:36:52.484
Understanding their opinion is very important

576
00:36:52.484 --> 00:36:59.324
before we make a marketing decision, 
we'd better listen to their opinion, in advance

577
00:36:59.384 --> 00:37:03.024
This is a focus group interview

578
00:37:04.124 --> 00:37:11.343
Let's move on to second types of marketing research, 
which is a secondary research

579
00:37:11.923 --> 00:37:16.944
Secondary research is about information already collected

580
00:37:16.944 --> 00:37:19.594
for some other purpose, not your purpose

581
00:37:19.594 --> 00:37:21.594
For example, government

582
00:37:21.594 --> 00:37:25.894
Government collected the census data for their purpose

583
00:37:25.894 --> 00:37:28.094
not for your purpose

584
00:37:28.094 --> 00:37:30.264
And what about other industries

585
00:37:30.264 --> 00:37:35.123
other industry association collected data
for their own purpose, not for your purpose

586
00:37:35.123 --> 00:37:41.103
There are several websites that you can 
check out some secondary data

587
00:37:41.103 --> 00:37:44.553
I will give you some website and you can go there

588
00:37:44.553 --> 00:37:48.603
For example, census data and business expense data

589
00:37:48.603 --> 00:37:52.605
or what about travel statistics?

590
00:37:52.605 --> 00:37:58.323
Probably U.S. government or U.S. travel association, 
conducted these types of research

591
00:37:58.323 --> 00:38:04.005
and they collected the data about 
travel industry for the America

592
00:38:04.005 --> 00:38:09.183
They published some kind of the result and statistics

593
00:38:09.183 --> 00:38:13.224
and everybody can see what happened, very easily

594
00:38:13.224 --> 00:38:17.274
But this is not for your purpose

595
00:38:17.274 --> 00:38:21.363
This is for the government purpose 
or travel association purpose

596
00:38:21.363 --> 00:38:23.313
but we can use these types of data

597
00:38:23.313 --> 00:38:24.763
Why not?

598
00:38:24.763 --> 00:38:30.083
If your business is related to the traveling, 
related to the travel industry

599
00:38:30.083 --> 00:38:34.484
related to the hotel industry, then this data is very useful

600
00:38:34.484 --> 00:38:36.264
You don't have to go outside

601
00:38:36.274 --> 00:38:38.314
You don't have to collect the data by yourself

602
00:38:38.314 --> 00:38:42.543
because the government or the other association 
already collected data for their purpose

603
00:38:42.543 --> 00:38:47.584
Your job is just to use the data very well, that is your job

604
00:38:47.616 --> 00:38:51.736
It is a benefit of secondary data

605
00:38:51.736 --> 00:38:54.736
What about bicycle statistics?

606
00:38:54.736 --> 00:38:59.184
I don't know who collected this data 
but some kind of bicycle association

607
00:38:59.264 --> 00:39:02.064
or government or nonprofit organization

608
00:39:02.064 --> 00:39:06.017
Collected these types of data for their purpose, 
not for your purpose

609
00:39:06.017 --> 00:39:12.778
But think about if your business is 
related to the bicycle, then you can use the data

610
00:39:12.778 --> 00:39:14.744
These types of data. Why not?

611
00:39:15.044 --> 00:39:18.194
This is a secondary data

612
00:39:19.794 --> 00:39:23.504
What about the online marketing statistics?

613
00:39:23.504 --> 00:39:29.154
There are several, kind of rich data

614
00:39:29.154 --> 00:39:34.623
about online marketing and online consumers' behaviors

615
00:39:34.783 --> 00:39:37.323
You can use these types of data

616
00:39:37.441 --> 00:39:39.061
Look at another picture

617
00:39:39.076 --> 00:39:42.996
This is from census data

618
00:39:42.996 --> 00:39:46.624
and this is just focused on huge store

619
00:39:46.624 --> 00:39:48.374
Huge store data

620
00:39:48.374 --> 00:39:49.674
Huge store with employee

621
00:39:49.674 --> 00:39:52.244
How many huge store in America, something like that

622
00:39:52.344 --> 00:39:56.343
Think about if your business is related to 
the kind of huge store

623
00:39:56.343 --> 00:39:58.923
then this data is very helpful for you

624
00:39:58.923 --> 00:40:02.544
and you understand how big the market is

625
00:40:02.563 --> 00:40:04.403
It is very useful

626
00:40:04.644 --> 00:40:07.744
What about this session?

627
00:40:07.744 --> 00:40:13.384
This session we discussed about the difference 
between marketing and sales

628
00:40:14.704 --> 00:40:19.543
We try to understand the concept of the marketing very well

629
00:40:19.543 --> 00:40:24.743
and then we also talked about the marketing research

630
00:40:24.803 --> 00:40:28.543
There are primary marketing research

631
00:40:28.543 --> 00:40:30.743
and there are secondary marketing research