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INTRODUCTION TO MARKETING

INTRODUCTION TO MARKETING. Introduction to Marketing. BRAINSTORM What do you think of when you hear the word MARKETING?. What is Marketing?.

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INTRODUCTION TO MARKETING

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  1. INTRODUCTION TO MARKETING

  2. Introduction to Marketing BRAINSTORM What do you think of when you hear the word MARKETING? BMI3C Unit 1

  3. What is Marketing? Marketing is the sum of all the activities involved in planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants. BMI3C Unit 1

  4. What is Marketing? Marketing seeks to • discover the needs and wants of prospective customers; and • satisfy them. BMI3C Unit 1

  5. What is Marketing? The key to achieving these two objectives is the idea of exchange: the trade of things of value between buyer and seller so that each is better off after the trade. BMI3C Unit 1

  6. AN EXAMPLE ME: Hungry McD: Needs to sell food ME: Buy food McD: Makes money BMI3C Unit 1

  7. Requirements for Marketing to Occur

  8. Requirements for Marketing Two or more parties with unsatisfied needs • I need of food, McD was in need of selling food in order to make money BMI3C Unit 1

  9. Requirements for Marketing Desire and ability to satisfy those needs • I want to curb my hunger and have money, McD has food and a way for me to purchase it from them BMI3C Unit 1

  10. Requirements for Marketing A way for the parties to communicate • I watch TV, McD advertises its products on TV • I receive mail, McD sends out coupons BMI3C Unit 1

  11. Requirements for Marketing Something to exchange • I have money, McD has food BMI3C Unit 1

  12. Marketing Mix: Controllable Factors Environ- mental Factors: Uncontrollable regulatory product social competitive price consumer place promotion BMI3C Unit 1 technological economic

  13. THE EVOLUTION OF MARKETING How did we get here?

  14. Evolution of Marketing How did we get here? • The Production Era • The Sales Era • The Marketing Concept Era • The Marketing Orientation Era BMI3C Unit 1

  15. HOMEWORK • Handout: “Big Boxes Squeeze Out Little Guys” Read and answer questions, due tomorrow. • Illustrate the concept of “requirements for marketing to occur” with your own example. BMI3C Unit 1

  16. DILBERT What’s wrong with the Pointy-Haired Boss’s suggestion? BMI3C Unit 1

  17. Needs & Wants

  18. NEEDS vs. WANTS A need occurs when a person feels deprived of basic necessities (food, drink, shelter) A want is a need that is shaped by a person’s knowledge, culture, and personality BMI3C Unit 1

  19. NEED food WANT apple NEEDS vs. WANTS If you are hungry, you have a basic desire or need to eat. Based on your past experience with hunger, you may want a chocolate bar or apple. BMI3C Unit 1

  20. NEED or WANT? water warmth sandwich CK One air Tommy Hilfiger BMI3C Unit 1

  21. What is a Market? A market is • a group of people • with a desire to purchase a product • and the ability or means to do so. BMI3C Unit 1

  22. What is a Target Market? A target market is • a group of potential customers to whom an organization directs its marketing program • EXAMPLES: teens, parents, seniors, extremely wealthy, etc. BMI3C Unit 1

  23. Who Markets?

  24. Who Markets? All organizations, and many individuals, including: Manufacturers • market their products to potential customers BMI3C Unit 1

  25. Who Markets? Service Businesses • market their expertise to potential customers BMI3C Unit 1

  26. Who Markets? Not-for-profit Organizations • market their cause to potential donors BMI3C Unit 1

  27. Who Markets? Politicians • market their ideas to potential voters BMI3C Unit 1

  28. Who Markets? Job applicants • market their skills to potential employers BMI3C Unit 1

  29. HOMEWORK Think of some others! WHO MARKETS? List five more groups/individuals who market, whom they market to, and what they market BMI3C Unit 1

  30. The 4 Ps and 2 Cs or “The Marketing Mix and the 2 Cs”

  31. The 4 Ps and 2 Cs product price place promotion consumer competition BMI3C Unit 1

  32. The 4 Ps and 2 Cs product price place promotion consumer competition The product is a good, service, or idea to satisfy the consumer’s needs. Examples? BMI3C Unit 1

  33. The 4 Ps and 2 Cs product price place promotion consumer competition The price is what is exchanged for the product, usually money. BMI3C Unit 1

  34. The 4 Ps and 2 Cs product price place promotion consumer competition The place is a means of getting the product into the consumer’s hands. Examples? BMI3C Unit 1

  35. The 4 Ps and 2 Cs product price place promotion consumer competition Promotion is the means of communica-tion used by the seller to inform the buyer. Examples? BMI3C Unit 1

  36. The 4 Ps and 2 Cs product price place promotion consumer competition The consumer is the individual or group of individuals who may purchase your product. BMI3C Unit 1

  37. The 4 Ps and 2 Cs product price place promotion consumer competition The competition is other firms that could provide a product similar to yours. Who competes with Nike? Pepsi? McDonalds? Ford? BMI3C Unit 1

  38. The Marketing Mix Worksheet

  39. WARNING! This video contains extreme eighties hairstyles! Viewer discretion is advised. VIDEO: Famous Amos Watch the video, write down examples of the 4 Ps

  40. Goods & Services The Stuff that gets sold

  41. Goods & Services Read pages 4 to 7 in the textbook and create a chart defining the key terms. BMI3C Unit 1

  42. Goods & Services Key terms: • industrial goods • raw materials • processed goods • finished goods • consumer goods • industrial service • consumer service When finished, take and complete worksheet, to take up tomorrow. BMI3C Unit 1

  43. Marketing Mix gets the taste test Newspaper article

  44. Marketing Strategies

  45. Marketing Strategies A strategy is a method to carry out an action plan to reach a goal. A marketing strategy explains how a company will carry out the marketing plan, the marketing goals, and the marketing mix formula to achieve those goals. BMI3C Unit 1

  46. Marketing Strategies The Marketing Plan contains: • a section outlining marketing goals of the business • target market(s) • a list of as many competitors as possible BMI3C Unit 1

  47. Marketing Strategies The Marketing Plan contains: • a research section, with a plan for gathering and analysing info • how the product will be positioned, with rationale • pricing strategy BMI3C Unit 1

  48. Marketing Strategies The Marketing Plan contains: • distribution channels & logistics • promotional and advertising proposal BMI3C Unit 1

  49. Marketing Strategies Brand strategies The primary goal is to communicate the value of a product or service to the consumer. value = - perceived benefit perceived cost BMI3C Unit 1

  50. Marketing Strategies Brand strategies see example on page 26 attempts to position the product or service by creating a positive value equation in the consumer’s mind. BMI3C Unit 1

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