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Tuesday, September 17, 2013

Tuesday, September 17, 2013. EQ: What is your definition of marketing?. Note Taking. Please follow with your Teacher Guided Notes. Standards. BMA-IBT-5 Demonstrate understanding of the concept of marketing and its importance to business ownership.

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Tuesday, September 17, 2013

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  1. Tuesday, September 17, 2013 • EQ: • What is your definition of marketing?

  2. Note Taking Please follow with your Teacher Guided Notes.

  3. Standards BMA-IBT-5 Demonstrate understanding of the concept of marketing and its importance to business ownership. 5.1 Explain the fundamental marketing concepts used by a small business.

  4. Give ‘Em What They Want! Fundamental Marketing Concepts

  5. Small Business • Independently owned and operated • Organized for profit • Not dominant in its field U.S. Small Business Administration

  6. What is Marketing? • American Marketing Association definition: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

  7. Huh? • Give ‘em what they want! • Process • Create value • Price so it will sell • Place where people can get it • They need to know about it

  8. What is Marketed? Durable Goods - desks, computers, houses Nondurable Goods - food, cosmetics, gasoline Services - banking, health care, job placement People - athletes, musicians, political candidates Places - honeymoon locations, vacations Organizations - NCAA, labor unions, art museums Ideas - "Pitch in", "Buckle up for Safety"

  9. Customers Businesses must: • Base decisions on needs and desires of consumers • Give consumers what they want • Satisfy customers' needs and wants to make a profit • Have right goods/services at the right time, the right price and the right place • Communicate this to their customers

  10. The Marketing Mix Target Market

  11. Video on 4P’s http://www.youtube.com/watch?v=ss53mGgqgp4&feature=related Put Spanish caption on!

  12. Target Market • A specific group of consumers at which a company aims its products and services • Would average teen buy life insurance?

  13. Product • What consumer wants • Product features, like • Size • Color • How used • How named • How different vs.

  14. Price • Value • Location • Does customer care? • Competition

  15. Place • Where will they look? • What kind of store? • Distribution? • Salespeople? • Competition

  16. Promotion • Where? • How? • Radio • TV • Billboards • Social media • When? • Competition

  17. Small Business Marketing • Smaller budget • Smaller target market (for now!) • Needs and wants of your community

  18. Your Turn! Go to website: http://www.freeonlinegames.com/game/sim-lemonade-millionaire You may also go to freeonlinegames.com and type lemonade in the search box. Read the instructions first to insure your success Play the game for five days!

  19. Report • Record information at the end of each day • Cups sold • Income • Total cost • Profit • Any changes you made to price, advertising, recipe • Brief paragraph describing experience and what you would do differently

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