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Marketing Review

Marketing Review. Basic Marketing Concepts Marketing Co-Op. Marketing. The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants. The Marketing Concept.

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Marketing Review

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  1. Marketing Review Basic Marketing Concepts Marketing Co-Op

  2. Marketing The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants

  3. The Marketing Concept The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for a firm.

  4. Benefits of Marketing Raises the standard of living Improves the quality of life Makes buying convenient Maintains reasonable prices Provides a variety of goods and services Increases production

  5. The Marketing Mix The 5 P’s of Marketing Place Product Price People Promotion

  6. The Marketing Mix • People – the target market • Product– what is the product? (name, packaging, etc.) • Price– what customers are willing and able to pay • Place– where is it sold and how • it gets there (Distribution) • Promotion– how is the product marketed to potential consumers

  7. Target Market A specific group of people that a business wants to reach with their goods or services

  8. Market Segmentation The process of dividing the total market for products into smaller, more specific groups Breaking down the market into smaller groups that have similar needs

  9. Demographics Geographics Ways to Segment a Market Psychographics Product Benefits

  10. Market Segmentation Geographics– where people live Demographics – personal characteristics like age, gender, income, ethnic background, education & occupation Psychographics – lifestyle (attitudes/values) Product Benefits – consumer wants and needs

  11. EXAMPLE TARGET MARKET • Suburban Families • Stay at home moms • Multiple children • Middle income families • Like to travel and be active in the community • Fast paced lifestyle Minivan Market Why do you think it is important to know your target market? Sienna Commercial

  12. The 7 Functions of Marketing Financing Marketing Information Management Distribution Functions of Marketing Selling Pricing Product/Service Management Promotion

  13. Financing Getting the money needed to finance the operation of a business Decisions regarding payment options for customers

  14. Marketing Information Management Process of getting and analyzing the marketing information needed to make good decisions Information Collected • Customer’s trends • Habits • Attitudes • Where they live

  15. Pricing The decisions that dictate how much to charge for goods and services in order to make a profit Usually based on • Costs • What competitors are charging • How much customers are willing to pay

  16. Product/Service Management Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities

  17. Promotion Any form of communication used to informing, persuading or reminding potential customers about a business’s products or services • Examples • Advertising– radio & TV Publicity– improving public image • i.e. ad for recycling or going green

  18. Selling Providing customers with goods and services they want to buy Types of selling • Retail • Business to Business • Personal

  19. Distribution Making decisions about where to sell the product and how it will get into the customer’s hands

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