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Marketing Basics

Marketing Basics

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Marketing Basics

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  1. Applying the Terms Marketing Basics

  2. Marketing • The process of developing, promoting, and distributing goods and services to meet the needs of customers.

  3. The Marketing Concept • The marketing concept is the notion of providing goods and services that customers want or need. • Question • How does a company or business know what the consumer wants or needs?

  4. Target Market • The group of people identified as potential customers • Marketing strategies are directed to that group • Customer profile developed for that group (also called demographics)

  5. The Marketing Mix Four Basic Marketing Strategies called the Four P’s: Product, Place, Price Promotion

  6. Product What to make • Product features (color, sizes, etc) • Packaging • Brand name • Warranty • What to do with current products • Improvements to products

  7. Place Getting the product into the consumer’s hands • Determine how and where a product will be distributed • Global companies must decide in which countries the product will be sold • What transportation methods • Sell directly to the consumer or go through middleman?

  8. Price What is exchanged for the product- how much will be charged: • Should reflect what customers are willing to pay • What is competition’s price • How much profit/ mark-up?

  9. Promotion • Activities related to advertising, personal selling, sales promotion, and publicity • How potential customers will learn about company’s products • What will be the message? • What media will be used? • Are there special offers? • What will be the timing of • the promotion?

  10. Marketing Mix Project • Students divide into teams of 2-3 people • Design a new themed T-shirt for the BWHS school store (may use customink.com to complete design) • Target to launch product Homecoming week • Apply the Marketing Mix to this new product • Create a PPT presentation to present to class

  11. Assessment- marketing mix • List the 4 P’s of the Marketing Mix • What is the 5th P • List one thing new that you learned today.

  12. Demographics • Characteristics of a group: • Income • Gender • Ethnicity • Geograhpcis • Psychographics • http://www.youtube.com/watch?v=ro4yhp9L6Ok&safety_mode=true&persist_safety_mode=1&safe=active

  13. Market Segmentation • Process of analyzing and classigying customers in a given market to create smaller, more precise target markets

  14. The Marketing Functions • Marketing functions-categorized into 7 core activities • All lead to the successful marketing • They are: Channel Management (distribution) Marketing Planning Marketing Information Management Pricing Product/ Service Management Promotion Selling

  15. Channel Management • Also called “Distribution • Process of deciding how product gets to consumer • Includes physically moving and storing product • Includes systems that track products • Includes where products/services sold

  16. Market Planning • Concepts to target specific marketing strategies to target audiences • Includes determining needs, collecting and analyzing data, presenting data and using data for marketing plan

  17. Marketing Information Management • Gather market information about customers, trends and competing products • Also storing and analyzing information • Research is continual • Examples: customer surveys

  18. Pricing • How much to charge for goods and services • Based on costs • Competition • Willingness to Pay • Price

  19. Product/Service Management Obtaining, developing, maintaining, and improving a product or a product mix • Create new product • Improve product • Add new products to current mix

  20. Promotion • Effort to inform, persuade, or remind potential customers about products or services • Advertising (paid- commercials, Ads, etc) • Sales Promotion • Selling • Publicity • Direct Mail • Internet and Social Media

  21. Selling • Direct contact with customer • Providing customers with the goods and services they want • Includes: determining need and responding through planned, personalized communication

  22. Marketing Functions Activity Students will work with a partner to complete the following activity: Choose a product or service and research each of the functions of marketing for that product or service: Channel Management, Financing, Marketing Information Management, Pricing, Product/Service Management, and Promotion. Groups will submit a brief written explanation, and then will present to the class ONE of the functions- in a 3-5 minute presentation