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Marketing Activities

Marketing Activities. Business Management. Objectives. Explain the role of marketing in the economy. Determine various applications of marketing research. Explain marketing concepts and the elements of the marketing mix. Explain the four stages of the product life cycle. What is Marketing?.

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Marketing Activities

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  1. Marketing Activities Business Management

  2. Objectives • Explain the role of marketing in the economy. • Determine various applications of marketing research. • Explain marketing concepts and the elements of the marketing mix. • Explain the four stages of the product life cycle.

  3. What is Marketing? Marketing activities include: • Buying • Selling • Transporting • Storing • Financing • Research & Information Gathering • Risk Taking • Grading & Valuing

  4. Purpose of Marketing To help connect businesses to their customers!

  5. Marketing Concept The marketing concept is the idea that a business should strive to satisfycustomers’needs and wantswhile generating a profit for the business.

  6. Market Segmentation Who is most likely to purchase your product?

  7. Market Segmentation • Classification of customers by wants and needs • Creates smaller, more precise groups of people

  8. What is aTarget Market? Group of people identified as the most likely to become customers These are the people a business wants to reach with their goods or services!

  9. Stand Up! • Push in your chair. • Line up in the middle of the classroom, from the front to the back. Order does not matter. • Listen for instructions 

  10. You consider yourself to have more traditional tastes. You know what you like, and you stick with it. Move to the FRONT of the room if… Move to the BACK of the room if… You consider yourself to have trendier tastes. You like change, and you look for a fun or modern appeal.

  11. You are a health-conscious eater. Move to the LEFT side of the room if… Move to the RIGHT side of the room if… You prefer to eat what tastes good.

  12. Marketing Cereal Brands Healthy Tasty Traditional Trendy

  13. Back to Center! • Line up in the middle of the classroom, from the front to the back. Order does not matter. • Listen for instructions 

  14. You prefer the busy, fast pace life of the city. Move to the FRONT of the room if… Move to the BACK of the room if… You prefer the calm, laid back pace of the country.

  15. You prefer warm weather. Move to the LEFT side of the room if… Move to the RIGHT side of the room if… You prefer cold weather.

  16. Marketing Vacation Trips Warm Cold City Country

  17. Segmentation Factors

  18. Demographic Refers to statistics that describe a population in terms of personal characteristics Definition Examples • Age • Gender • Income • Marital Status • Ethnic Background • Education • Occupation

  19. Geographic Based on where people live Definition Examples • Local • Regional • National • Global

  20. Psychographic Grouping people with similar lifestyles Grouping people with shared attitudes, values, opinions Definition Examples • Hobbies • Interests • Trends • Political Opinions

  21. Behavioral Involves looking at the benefits desired by consumers, shopping patterns, and usage rates Definition Examples • Teenagers spend about $50 a month on entertainment. • Teenage girls spend 15% more on music than teenage boys. • Today’s young adults desire affordable luxuries.

  22. Customer Profiles • By segmenting markets, businesses can develop a customer profile. • A customer profile is a list of information or common characteristics about a target market. • This gives the business a starting point to conduct research & determine what products the market wants, where they shop, how to advertise, etc.

  23. Market Differentiation Why should consumers choose your product over another?

  24. Market Differentiation • Your product must stand out as something different from competitors’ offerings. • Market differentiation strategies include: • Customer Service • Product • Price • Quality

  25. The Marketing Mix Reaching Out to your Target Market

  26. Think About It Have you ever made a batch of brownies? What ingredients do you need? What happens if one of the ingredients is missing?

  27. TheMarketing Mix • Your target market and customer profile will help shape your marketing mix, which is also known as the four P’s. • Without a solid mix of marketing strategies that work together, a product is not likely to succeed in the marketplace.

  28. The Marketing Mix Product Place Price Promotion Because customers & employees are so important to a business’ success, some marketers add a 5th “P” to the mix. PEOPLE

  29. Product • Refers to tangible, physical characteristics or features of a product / service • Examples include: • Quality • Packaging • Accessories / services • What it looks like & does!

  30. Place • a.k.a distribution • Getting the products to the places where your target market shops • Examples include: • Specific stores • Distribution channels • Order Processing

  31. Price • Should reflect what customers are willing & able to pay (demand) • Examples include: • Low price strategy • Seasonal pricing • Bundling

  32. Promotion • Communication of information • Includes: • Advertising • Sales Promotions • Publicity

  33. PEOPLE school-age children

  34. Product Life Cycle Every product & every business goes through their ups & downs.

  35. Teen Entrepreneur Project • Market Analysis • Competitive Analysis (revise & add) • Marketing Plan • Growth Plan

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