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Intro to Business

Intro to Business. Chapter 10, Section 1 – Marketing Basics. Marketing – The 4 P’s. Product pricing promotion placement. What are we going to sell. How much will we charge. How will we advertise our product or service. How will we get our product or service to customers.

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Intro to Business

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  1. Intro to Business Chapter 10, Section 1 – Marketing Basics

  2. Marketing – The 4 P’s • Product pricing promotion placement What are we going to sell How much will we charge How will we advertise our product or service How will we get our product or service to customers

  3. Marketing Strategy (Pg. 238) • We know • Every business engages in some form of marketing • Marketing activities often cost 50% or more of the selling price of a product/service • Marketing must be done RIGHT! • Consumer knowledge increasing • Competition • Price constraints

  4. Marketing Planning • Aimed at satisfying customer needs better than competitors • MARKETING STRATEGY – plan that identifies how a company will use marketing to achieve its goals

  5. Marketing Strategy – 2 Steps • Create Marketing Mix • Identify Target Market

  6. Target Market • TARGET MARKET – specific group of consumers that have similar wants and needs • Companies can not meet everyone’s needs with any one product • Focusing on a target market makes it easier to develop products people want

  7. Importance of target markets • No single product can meet everyone’s needs More than 30 different varieties/flavors

  8. Importance of Target Market • “From a marketing management point of view, selection of the appropriate target market is paramount to developing successful marketing programs.” – Marketing Management 9th edition (Peter & Donnelly)

  9. Building a target market • Also called market segmentation • Relies on Demographics • See Moodle link for Sample Market Segments

  10. Marketing Mix • Marketing Mix – blending of the four marketing elements: product, price, placement, promotion. • Should satisfy wants and needs of target market • AND provide a profit for the company

  11. Successful Marketing Strategy • Inward focus (BAD ) • Guessing/Assuming what consumer wants • Trying to convince consumer they want it • Outward focus (GOOD ) • Marketing orientation considers customer needs first when developing marketing mix • Use research and study customers

  12. Marketing Strategy – In Action

  13. Determining a Target Market • What customer group will we serve?

  14. Determining the Marketing Mix

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