Marketing Mix

1. Marketing Mix Product Price Place Promotion The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other.

2. Product • The first element in the marketing mix is the product. A product is any combination of goods and services offered to satisfy the needs and wants of consumers. Thus, a product is anything tangible or intangible that can be offered for purchase or use by consumers. An intangible product is a service that cannot be touched, such as computer repair, income tax preparation, or an office call. A tangible product is one that consumers can actually touch, such as a computer.

3. Categorizing Products • There are many ways to categorize products. We are going to focus on categorizing products by their users. • Products are generally classified as either consumer or industrial goods.

4. Industrial Goods • Industrial goods are those products used in the production of other goods. • Examples of industrial goods include accessory equipment, component parts, installations, operating supplies, raw materials, and services. • What are some specific examples of Industrial Goods? Student Response Time:

5. Consumer Goods • Consumer goods are purchased by final consumers for their personal consumption. • The shopping patterns of consumers are used to classify consumer products. Convenience Goods Specialty Goods Shopping Goods Unsought Goods

6. Consumer Goods – Convenience Goods • Convenience goods are products and services that consumers buy frequently and with little effort • Most convenience goods are easily obtainable and low-priced. What are some examples of Convenience Goods? Student Response Time:

7. Consumer Goods – Shopping Goods • Shopping goods are those products that consumers compare during the selection and purchase process. • Typically, factors such as price, quality, style, and suitability are used as bases of comparison. • With shopping goods, consumers usually take considerable time and effort in gathering information and making comparisons among products. What are some examples of shopping Goods? Student Response Time:

8. Consumer Goods – Specialty Goods • Specialty goods are products with distinctive characteristics or brand identification for which consumers expend exceptional buying effort. • Specialty goods include specific brands and types of products. • Typically, buyers do not compare specialty goods with other similar products because the products are unique. What are some examples of specialty Goods? Student Response Time:

9. Consumer Goods – Unsought Goods • Unsought goods are those products or services that consumers are not readily aware of or do not normally consider buying. • Often, unsought goods require considerable promotional efforts on the part of the seller in order to attract the interest of consumers – if they choose to advertise at all. What are some examples of unsought Goods? Student Response Time:

10. Consumer Goods & Industrial Goods Student Response Time: How can the same product be both an industrial good and a consumer good?

11. Target Market • One of the first steps of effective advertisement is to choose your target market. • A target market is the section of the market (people buying products) that you are marketing to, and it is often defined by gender, age, and/or socio-economic grouping. • Examples: women ages 35-45, high school teachers, or doctors in an office with fewer than 10 employees. Student Response Time: Provide an example of a target market to which you personally could belong.

12. Assignment – Major Grade due at end of class on May 6th • The following assignment can be completed in Word, PowerPoint, Publisher, a video editor, an online medium, or any other software/program of your choosing. It must be typed. • Find (and provide me with a copy of) an advertisement (print, web, or commercial) for the following: • Industrial good • Convenience good • Shopping good • Specialty good • Unsought good • Identify the target market being reached, why you think that, and whether you think it’s an effective advertisement. Be very specific.

13. Assignment – Major Grade due at end of class on May 6th • Then you will be creating your own advertisement (print, web, or commercial). • You will be creating the ad for your product within your company. Therefore, the product should not be the same as anyone else’s in the classroom. • The ad should be original. • You need to identify your target market. • You need to identify if your product is an Industrial, Convenience, Shopping, Specialty, or Unsought good.

14. Assignment – Major Grade due at end of class on May 6th • You can turn this project in by: • Uploading it into Moodle under the heading called “My Advertising Project”. • Emailing it to me: mccoyk@friscoisd.org • Printing it out in color and leaving it with the substitute. • Make sure it is clearly labeled with your name. • If you make a video, you do have the option of uploading it into YouTube and providing me with the URL to the video. Make sure to get the URL correct.

15. Assignment – Major Grade due at end of class on May 6th • I bet you’re wondering how you’ll be graded… • Assignments will be graded in the following manner: • Unique responses in VoiceThread (that means not just saying what the person before you said) = 10% • Use of proper grammar, punctuation, and spelling where applicable = 10% • Procuring advertisements, remarking upon the target market, and analysis of advertisement = 30% • Your original advertisement, identification of target market, and identification of product type = 40% • Wow factor (completely subjective, I know, but did you just do the bare minimum for this project or does it seem like you tried really hard, created a great ad, had insightful answers, etc.) = 10%

16. My Thanks to… • http://www.enotes.com/business-finance-encyclopedia/marketing-mix • My Voicethread: • http://voicethread.com/share/1107341/