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Unit 6 - Marketing

Unit 6 - Marketing. Unit 6 - Marketing. Marketing: The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing. The 4 P's of Marketing.

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Unit 6 - Marketing

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  1. Unit 6 - Marketing

  2. Unit 6 - Marketing Marketing: The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing

  3. The 4 P's of Marketing 1 - Identification, selection and development of a Product 2 - Determination of its Price 3 - Selection of a distribution channel to reach the customer's Place 4 - Development and implementation of a Promotional Strategy

  4. Marketing Marketing Mix: Is the combination of the elements of marketing and what roles each element plays in promoting your products and services and delivering those products and services to your customers.

  5. Marketing Product: In marketing terms, a product is not just an item for sale. It is a bundle of attributes and benefits combined in a good, service or idea. Tangible products, which can be touched, seen, heard or smelled, are subdivided based on whether they are purchased by consumers or businesses. Consumer products are categorized as convenience, shopping or specialty goods.

  6. Marketing Goods: Things you can see and touch; they are products you can purchase to meet your wants and needs. Services: Activities that are consumed at the time they are produced.

  7. Marketing Class Activity Your small business has developed a product that you are now looking to bring to market. You will need to secure a loan and must present your idea to a panel of investors (bankers). The panel will listen to your idea, ask questions, and then decide which product, based on their criteria, it will decide to invest in.

  8. Marketing Price: Setting and communicating the value of products and services.

  9. Marketing Handouts What pricing information do you need to consider? • Seven factors that influence your pricing strategy • Nine factors to consider when determining your price

  10. Marketing Class Activity Your small business has developed a product that you are now looking to bring to market. You will need to develop a pricing strategy. Some of the things you should keep in mind are: competition prices, perception of value, cost of production/profit margin (The 7 factors handout).

  11. Marketing Place:Or placement refers to where your customer can actually buy your product. When deciding where to distribute your product, you should put yourself in your customers shoes (sneakers) and ask: Where is it convenient for me to buy this product?

  12. Marketing Place, like Price, signifies a certain value to the customer. Example: If you want to signal exclusivity, you will not want to stock your product at every retail store. Look at Rolls Royce — they have one store for the whole state; it is a very exclusive product.

  13. Kinds of Distribution Channels • Direct: Producer sells directly to customer. • Direct/Internet: Producer sells directly to customer, online. • Direct/catalog: Producer sells directly to customer, through a catalog. • Wholesaler/distributor: Producer sells to wholesaler, who will sell to a distributor, or to a retailer. • Value-added reseller (VAR): VAR will customize the product for the buyer. • Dealer: Sells on behalf of company, like a franchise. • Retail: Retailers sell directly to end-users through a store, website or catalog.

  14. Distribution Models • Intensive Distribution: If the consumer does not get a brand, he/she buys another, so product has to be available everywhere. • Selective Distribution: ‘Suitable’ resellers stock the product, customers will search reasonably for your product/price. • Exclusive Distribution: Specially selected resellers (typically only one per geographical area) sell the ‘product’

  15. Marketing Class Activity Your small business has developed a product and pricing strategy and you are now looking at how to bring your product to market. You will need to develop a distribution strategy. While in your groups, decide what Distribution Channels you would use and also which Distribution Model would fit your product best.

  16. Marketing Promotional Strategy: Is when you choose to market and formulate a promotion to influence a person's decision.

  17. Promotional Strategy Is a high-visibility element of marketing. It is the methods of communicating about the product to the customer. This communication that you initiate with your customer is called “Promotions”, and it is an integral part of the Marketing Mix.

  18. Promotional Strategy Let’s imagine that you have decided to open a restaurant for college students. How can you reach out and make them aware of your restaurant?

  19. Elements of the Promotional Mix Above the line promotions: Are any promotional strategies, which the customer can easily identify as a promotional strategy. For example advertisements, including television commercials, newspaper advertisements, or flyers are above the line promotions.

  20. Elements of the Promotional Mix Below the line promotions: Customers often do not realize that they are being solicited. For example, when a customer reads a newspaper article about the opening of a restaurant— that has actually been planned and executed by the Public Relations officer of the restaurant, the customer does not think that he or she is being advertised to. Additional examples—sponsorship of events, teams, awards, parks, and sales promotions like coupons, discounts, deals, and other similar actions.

  21. Elements of the Promotional Mix According to some marketing scholars, below the line promotions are even more effective. With advertisements, customers know that they are being solicited, so their defenses are up. However, with below the line promotions, customers often do not realize that they are being solicited.

  22. Promotional Strategy Class Activity Create a Promotional Strategy Your small business has developed a product a pricing strategy and a distribution plan for this product. You are now looking at how to promote your. You will need to develop a promotional strategy. While in your groups, decide what Elements of the Promotional Mix you will use. What Above the Line Promotions will you use? What Below the Line Promotions will you use?

  23. Marketing • Target Market: A specific group of customers that have similar wants and needs • Market Research: The process of assessing the viability of a new product or service through techniques such as surveys, product testing and focus groups.

  24. Marketing Class Activity Target Market Candy Bar Wrapper Design You will design a wrapper with target market in mind. The wrapper you design will be presented to a market research panel (class) tomorrow. The project requirements are outlined in the handout.

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