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Applying the Terms. Marketing Basics . Marketing. The process of developing, promoting, and distributing goods and services to meet the needs of customers. The Marketing Concept. The marketing concept is the notion of providing goods and services that customers want or need. Question
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Applying the Terms Marketing Basics
Marketing • The process of developing, promoting, and distributing goods and services to meet the needs of customers.
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?
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)
The Marketing Mix Four Basic Marketing Strategies called the Four P’s: Product, Place, Price Promotion
Product What to make • Product features (color, sizes, etc) • Packaging • Brand name • Warranty • What to do with current products • Improvements to products
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?
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?
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?
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
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.
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
Market Segmentation • Process of analyzing and classigying customers in a given market to create smaller, more precise target markets
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
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
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
Marketing Information Management • Gather market information about customers, trends and competing products • Also storing and analyzing information • Research is continual • Examples: customer surveys
Pricing • How much to charge for goods and services • Based on costs • Competition • Willingness to Pay • Price
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
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
Selling • Direct contact with customer • Providing customers with the goods and services they want • Includes: determining need and responding through planned, personalized communication
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