[MUSIC] Hi all. I hope you're having a fantastic day wherever you are. I'm really glad you can join me for this module. We will be talking about marketing. Now, people have many varied ideas about what marketing is. We'll see later on in this lecture how varied those ideas are. We'll talk about marketing strategy as well. Here we will discuss the idea that marketers create value. And, we will discuss what value creation really means to consumers. So, first off, we’ll discuss what is marketing? what is this? Many people have misconceptions about what marketing truly is. If you ask the average person on the street, what is marketing? You'll definitely have an answer, and most likely that answer would be wrong. Let's check it out. Come with me so I can ask this very question, what is marketing? >> Okay, to me marketing is the way that companies present their products to encourage Consumers to buy it. >> They way they present their products and encourage consumers to buy it. Okay, that's great. >> Well, I would say marketing is when businesses kind of like show off their products and try to sell them. >> Marketing is using media to advertise a product or a service. >> Great, thanks. >> I think that marketing is definitely putting a brand out there and making sure that people know what the brand stands for and what products are available because of that. >> Marketing would be grabbing the attention of the customers that you're trying sell something to. >> Marketing? I don't know, maybe like working on a way to buy and sell certain things and kind of, I guess, make profit in ways and. >> Make profit. Okay. Great. >> And that was great. >> Marketing is advertising. Like selling your product, I guess. >> Selling your product. Okay. >> Yeah. >> Marketing is the art and science of understanding consumer needs, and how do you connect with that consumer with insights and creative messaging to capture their attention and entice them to select your product. >> Hey, welcome back. It was such a beautiful day outside, I really didn't want to come back in. So, we see how varied the responses were to that simple question, what is marketing? Some people felt marketing was about advertising, some said branding, others said selling. But, marketing is not just these elements. These are all aspects of the marketing process. So if most of these people we asked were wrong, then what is marketing? How would we define it? Marketing can be defined as the process of identifying, and satisfying consumers' needs profitably. This sounds simple enough but as we’ll see this does not always occur. Let's start by looking at the story of Segway.