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Review

Review. What is the marketing concept? Businesses should strive to satisfy customers while making a profit. What is a target market? A group of people identified as the most likely to become customers – specifically classified by wants/needs and other segmentation factors. Today’s Objectives.

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Review

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  1. Review What is the marketing concept? • Businesses should strive to satisfy customers while making a profit. What is a target market? • A group of people identified as the most likely to become customers – specifically classified by wants/needs and other segmentation factors.

  2. Today’s Objectives • Describe the elements of the marketing mix. • Explain the impact of electronic commerce on business and marketing.

  3. The Marketing Mix

  4. 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?

  5. The Marketing Mix • The marketing mix includes the tools that markets use / control in order to influence potential customers in a target market. • It is also known as the 4 P’s. • Decisions made about the 4 P’s are based on the people marketers want to win over and make into customers. • Marketers must first clearly define each target market before they can develop their marketing strategies (the 4 P’s). • Without a solid mix of marketing strategies, a product is not likely to succeed in the marketplace.

  6. The Marketing Mix • Product • Place • Price • Promotion • Because of the importance of customers, some marketers add a 5th “P” to the mix. PEOPLE

  7. What’s the Difference? • Financing, Product Planning, Marketing Research, Pricing, Channel Management, Promotion, Selling • Functions pertain to the business as a whole. • Product, Place, Price, Promotion, People • Mix applies to a specific target market. MARKETING FUNCTIONS MARKETING MIX Marketing Functions  Market Segmentation  Target Market  Marketing Mix

  8. Product • Refers to tangible, physical characteristic or features of a product / service • Examples include: • Brand name • Quality • Packaging • Accessories / services

  9. Place • Is about getting the products to the customer • Also referred to as distribution • Examples include: • Specific stores • Distribution channels • Transportation • Order Processing

  10. Price • What is exchanged for the product • Should reflect what customers are willing & able to pay (demand) • Examples include: • Pricing strategy • Suggested retail price • Seasonal pricing • Bundling

  11. Promotion • Communication of information • Refers to activities related to advertising, personal selling, sales promotion, and publicity

  12. People • Usually refers to a defined target market • Examples include: • Health-conscious women • Active teenagers • Young professionals

  13. Marketing Mix Assignment

  14. PEOPLE school-age children

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