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Marketing Basics

Marketing Basics

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Marketing Basics

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  1. Marketing Basics

  2. Opening Activity • The use of athletes and entertainers to market products • Good or bad marketing strategy? • List (4) advertising campaigns that feature celebrities or athletes. • How have the campaigns affected your thinking about the products? • Would you buy celebrity-endorsed products?

  3. What is Marketing? • Marketing is….. • Planning and executing the conception, pricing, promotion, and distribution of ideas, goods & services to create exchanges that satisfy individual and organizational objectives • It is highly visible • It encompasses the entire marketing concept • Not just advertising

  4. Marketing Mix

  5. 4 Ps of Marketing • Product: what a business offers customer to satisfy needs • Can be tangible or intangible • Distribution: involves the locations and methods used to make products available to customers • Price: amount that customers pay for products • Promotion: ways to make customers aware of products & services….get them to buy your product

  6. Marketing Mix Considerations …….Sports & Entertainment Marketing • Product offerings for sports & entertainment must be evaluated and updated. • 1. Discretionary income: amount of money available to spend after paying their necessary expenses (rent, mortgage, car payment) • 2. Quantity: (too much or too little) • 3. Price: (customers must be willing to pay while covering all expenses associated with the production of the product) • 4. Distribution: planning the location where the event will be held • 5. Promotion: inform prospective customers (TV, newspaper, in stadium, ticket stub, giant video screens)

  7. Marketing Mix Example …..Sports • Product: Super Bowl – game between the best teams in the AFC & NFC • Price: $400 to $600 per ticket – thousands • Distribution: • selecting a host city that is easily accessible to fans • tickets: direct sales by NFL, Ticketmaster, Internet, radio • Promotion: TV commercials, newspapers, sports magazines, related-product contests

  8. Marketing Mix Example ….. Entertainment • Product: State Fair • Price: • Place/Distribution: • Promotion: The goal of the state fair’s planners is to ___________________________________

  9. 7 Functions of Marketing • Product/service management • Designing, developing, maintaining, improving, and acquiring products or services to meet customer needs • Distribution • Determining the best way to get your product or service to customers (i.e. Truck, airplane, Wal-Mart, on-line) • Selling • Direct & personal communication with customers to assess and satisfy their needs (current needs & anticipating future needs – Coke, Pepsi, internet) • Marketing-information management • Gathering and using information about customers to improve business decision making

  10. 7 Functions of Marketing • Financing • Company standpoint – covering its own marketing activities • Customer standpoint – provide customers with assistance in paying for the company’s products or services (i.e. GMAC financing) • Pricing • Establishing & communication the value of goods & services to customers (i.e. Demand is high – concert & sporting event tickets, coach, low prices, high volume pencils, pens notebooks) • Promotion • Using advertising and other forms of communicating information about products, services, images, and ideas to achieve a desired outcome.

  11. Top 10 Marketing Failures • Video