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Market Your Business

Market Your Business. Chapter 4. Chapter 4. 4.1 The Value of Marketing 4.2 Create the Marketing Plan 4.3 Identify Your Competition 4.4 The Marketing Mix – Product and Price 4.5 The Marketing Mix – Distribution and Promotion. The Value of Marketing. Lesson 4.1. What is Marketing?.

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Market Your Business

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  1. Market Your Business Chapter 4

  2. Chapter 4 4.1 The Value of Marketing 4.2 Create the Marketing Plan 4.3 Identify Your Competition 4.4 The Marketing Mix – Product and Price 4.5 The Marketing Mix – Distribution and Promotion

  3. The Value of Marketing Lesson 4.1

  4. What is Marketing? The process used to determine and satisfy the needs of customers and the company. “An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and stakeholders.”

  5. How will we determine what satisfies the needs of the customer and company? Research

  6. Marketing Concept • Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service. • Identify what will satisfy the customer needs and wants • Develop and market products that customers consider better than other choices • Operate profitably

  7. Marketing Mix • Product • What you will sell to meet customer needs • Price • Determining how much you’ll sell it for • Place (distribution) • Make it available to the customers in the right places • Promotion • Tell the market about it

  8. Target Market • Individuals or companies that are interested in a particular product and are willing and able to pay for it. • Allows you to reach the people you most want to attract and sell to. Ex: A car dealer selling moderately priced minivans A car dealer selling expensive sports cars

  9. Eight questions to identify your target market: • Customers individuals or companies? • Individuals: how old, how much $ do they earn, where do they live, how do they spend their time and $? • Companies: what industries, where are those industries located? • What needs or wants is my product satisfying? • What appeal is this ad grabbing your attention with? (15 basic appeals) • How many potential customers live in the area I want to operate? • Where do they currently buy? • What price are they willing to pay? • What can I do for my customers other companies can’t?

  10. Advertising’s 15 Basic Appeals • Need for attention • Need for autonomy (singled out) • Need to escape • Need to feel safe • Need for aesthetic sensations (beauty and activity) • Need to satisfy curiosity • Psychological needs (basic necessities) • Need for sex • Need for affiliation to a certain group of people • Need to nurture • Need for guidance • Need to aggress (get even) • Need to achieve • Need to dominate • Need for prominence (high social status)

  11. Where is your focus?

  12. Marketing Segments • It’s impossible to please everyone • Segmenting helps meet specific customer needs • Market segments are groups of customers who share common characteristics. • Dividing your target market into several small groups • Customer Profiles make it easier to create a market segment.

  13. Customer Profile • A description of the characteristics of the person or company that is likely to purchase a product or service. • Based on many types of data: demographics, psychographics, use-based data, and geographic data.

  14. Customer Profile Data • Demographics • Age, Marital Status, Family Size, Ethnicity, Gender, Profession, Education, and Income • Psychographics • Tastes, Opinions, Attitudes, Personality Traits, and Lifestyle Habits • Use-Based Data • How often potential customers use the particular service • Geographic • Where potential customers live and how far they are willing to travel to do business

  15. Customer Profile of … Sporting Goods Store: • Individual 23 to 52 years of age • Participates in sports • Wants good-quality sport equipment • Looks for good prices • Lives in city of Blanchester • Average household income of $42,000 per year

  16. Customer Profile of … • Demographic • Psychographic • Psychographic • Demographic • Geographic • Demographic Sporting Goods Store: • Individual 23 to 52 years of age • Participates in sports • Wants good-quality sport equipment • Looks for good prices • Lives in city of Blanchester • Average household income of $42,000 per year

  17. Customer profile of …

  18. Create a customer profile on you • Include: • Demographics • Psychographics • Use-Based Data • Geographics

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