NCR Days - OP | What is Marketing ? | New Web Series 2022

Summary

In this video, the concept of marketing is explored as a function of a company designed to deliver products to customers based on their preferences and biases. The discussion highlights how marketing plays on human biases to influence decisions, using an example of two equally qualified surgeons with different appearances. One, despite not fitting the ideal 'doctor' image, may actually be a better choice due to success despite biases. The video challenges viewers to look beyond surface-level impressions and understand the deeper drivers of success and marketing.

Takeaways

• 😀 Marketing is a function of a company that ensures a product is available to customers in the way they want to buy it.
• 😀 Human biases are a key aspect that marketing leverages to influence consumer behavior and drive sales.
• 😀 Even when two products or services have the same quality, the way they are marketed can significantly influence consumer choices.
• 😀 A person’s appearance and presentation can heavily impact how others perceive their expertise or value, even if those perceptions are not grounded in actual ability.
• 😀 Marketing exploits the bias where consumers often prefer well-presented or seemingly sophisticated options over equally capable but less polished alternatives.
• 😀 The surgeon example demonstrates how marketing can make one seem more qualified due to appearance, even when both are equally skilled.
• 😀 A product that is marketed poorly may still be more valuable or effective than one that is marketed well, but its sales and perception might not reflect this.
• 😀 In movies, the less traditionally ‘heroic’ characters often have more depth or talent, which parallels how consumers sometimes overlook better options because they are marketed poorly.
• 😀 Marketing fools consumers by appealing to their biases and making them believe they are making the best choice, even when the reality is different.
• 😀 Marketers should be aware of how deeply biases influence consumer decisions, and ideally, they should understand the psychology behind their strategies to improve or challenge these biases.

Q & A

What is marketing according to the speaker?

Marketing is described as a function of a company that ensures the product is available to customers in the way they want to buy it.

How does the speaker describe human biases in relation to marketing?

The speaker explains that marketing leverages human biases to influence consumer decisions, such as biases related to appearance, presentation, and social cues.

What example does the speaker use to explain the influence of biases in decision-making?

The speaker uses the example of two surgeons with equal qualifications but different appearances. One looks more polished and professional, while the other appears confused and unsophisticated.

What are the key factors that were equal between the two surgeons in the example?

Both surgeons had the same years of experience, charged the same fee, and had an equal number of patients.

Why does the speaker suggest you might make a blunder by choosing the more polished-looking surgeon?

The speaker suggests that despite the biases toward appearance, the less polished surgeon might actually be better, as his success despite a less favorable presentation indicates superior skill.

What does the speaker say about the relationship between appearance and talent in the entertainment industry?

The speaker compares the example of a non-heroic-looking person in movies, implying that if they are as successful as a traditionally heroic-looking actor, they may actually be more talented.

How does marketing relate to the concept of 'fooling' consumers?

Marketing 'fools' consumers by capitalizing on their biases, leading them to make decisions based on superficial factors rather than objective performance or quality.

What does the speaker imply about the importance of looking beyond surface-level appearances?

The speaker encourages looking beyond superficial cues and evaluating a product or service based on its actual performance, skill, or value rather than how it is marketed.

What lesson does the speaker want the audience to learn about marketing?

The speaker wants the audience to understand that marketing often plays on biases and to critically assess products and services instead of being influenced by misleading or surface-level presentations.

How can understanding biases improve a marketer's approach to selling products?

By understanding human biases, marketers can design campaigns that align with consumer tendencies, creating more effective marketing strategies while also making consumers more aware of how their biases are being targeted.