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Marketing is All Around Us

Marketing is All Around Us. Chapter 1. 1.1 Scope of Marketing. Marketing is a process Planning Pricing Promoting Selling Distributing We must keep up with trends and consumer attitudes. Ideas, Goods, & Services. Tangible item – goods (ex: cars, toys, furniture, televisions, etc)

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Marketing is All Around Us

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  1. Marketing is All Around Us Chapter 1

  2. 1.1 Scope of Marketing • Marketing is a process • Planning • Pricing • Promoting • Selling • Distributing • We must keep up with trends and consumer attitudes.

  3. Ideas, Goods, & Services • Tangible item – goods (ex: cars, toys, furniture, televisions, etc) • Intangible – ideas and services (ex: cooking a hamburger, cutting hair, movie theatres, accounting offices)

  4. Marketing Foundations • Business, Management, Entrepreneurship • Understanding concepts that affect business decision making • Communication and interpersonal skills • Understanding how to interact effectively with others • Economics • Professional development • Career exploration, development, personal growth

  5. 7 Functions of Marketing 1. Distribution – deciding how goods get into customers hands. 2. Financing – getting the $ to pay for setting up and running a business

  6. 7 Functions of Marketing 3. Marketing Information Management – getting information about customers, trends, and competing products. 4. Pricing – deciding how much to charge for good and services in order to make a profit.

  7. 7 Functions of Marketing 5. Product/Service Management – obtaining, developing, maintaining, improving a product. 6. Promotion – sales promotion, advertising, public relations 7. Selling – provides customers with the goods and services they want Wake Up!

  8. The Marketing Concept • The idea that a business should strive to satisfy customers’ needs and wants while generating a profit. • All areas of the business must have this goal.

  9. 1.2 Importance of Marketing • Benefits • New & Improved Products • Lower Prices • Added Value and Utility • Utility = usefulness

  10. Fundamentals of Marketing Section 1.3

  11. Market • As a marketer you… • Know your product will not appeal to everyone • A market - • Group of people who may be interested in your product • Share similar needs and wants • Have the $ to purchase the product

  12. Market • Example: • You want to purchase a 6th Man Shirt • You are not interested in purchasing a new computer because you don’t have the $. • You can purchase a 6th Man Shirt because you have an extra $10.00 in your wallet.

  13. Market Share • Total sales in a product category. • Example: Fast Food • Knowing your market share helps you analyze the competition and their status in a product category

  14. Market Segmentation • The process of classifying customers by needs and wants • Breaking down the market into smaller groups with similar needs • Consumer • Industrial • Age • Gender

  15. Target Market • The group you identify for a specific marketing program. • This is the most important group to which all marketing strategies are directed. • No target market = no focus. • Who is our R&W Shop target market? • Do your products reflect this markets needs and wants?

  16. Consumers vs. Customers • A product may have more than 1 target market. • Consumer = person using product • Customer = person purchasing product • Example: Kix cereal or Radio Flyer wagon

  17. Customer Profile • Lists information about the target market • Age • Income level • Ethnic background • Occupation • Attitudes • Lifestyle • Geographic residence

  18. Marketing Mix • 4 P’s • Product • Place • Price • Promotion • **Must know who your target market is before beginning your marketing mix

  19. Product • Choosing product to make or sell • Product design – research is key! • Product development - brand name, packaging, service, warranty • Product updates/improvements – extend the life of the product. • Example – new target market or new uses

  20. Pizza Hut Product Updates • "Pan Pizza", which usually comes in three different sizes (including Medium and Large, and the "Personal Pan Pizza", which is micro-sized), • Stuffed Crust (a hand tossed crust, with the outermost edge wrapped around a coil of string cheese) • Hand-Tossed (closer to traditional pizzeria crusts) • Thin 'N Crispy (Pizza Hut's original crust) • 4forALL (four small pizzas for everyone) • More4ALL (one round pizza, divided into four triangular parts, each part having 4 slices) • Dippin' Strips (rectangular slices that you can dip in sauces) • The Edge (lots of toppings and no crust) • Cheesy Twisted Crust (a breadstick as the crust with sauce and two cheeses). • Calzones ("P'zones") • PLUS MANY MORE

  21. Price • Price should reflect what customers are willing and able to pay • Must consider… • what competitors are charging for comparable products • Retail price – usually 30% to 100% of wholesale price • Promotional price

  22. Place • Getting the product to the consumer’s hands • Ask yourself… • Where do my customer’s shop? • How and where will I distribute my product? • Countries, retail outlets, wholesalers • How will I transport the product to my customers?

  23. Promotion • Decisions about advertising, personal selling, sales promotion, and publicity. • How will potential customers be told about a company’s products. • The message, the media, special offers, timing of the promotional campaigns

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