AIM : What is the marketing mix?

1. AIM:What is the marketing mix? Do Now: Devise a list of 3-4 of your favorite products (ie/clothing, electronic, etc.) Why are these items so special to you?

2. The Market • All potential customers who share common needs and wants, and who have the ability and willingness to buy the product • Customers = buy the product • Consumers = use the product • Businesses focus on their target market Customers v. Consumers

3. Marketing Concept Businesses must satisfy customers’ needs and wants in order to make a profit Focus on target market At the Right Price At the Right Time At the Right Place Right Goods/ Services PROFIT Communicate to Customers

4. TARGET MARKET • Focusing all marketing mix decisions on the specific group of people you want to reach

5. Marketing Mix/4 P’s of Marketing • Product • what product to make • how to package it • what brand name to use • what image to project • Price • what customers are willing and able to pay • Place • how and where a product will be distributed • Promotion • how potential customers will be told about the new product • what will the message be (ie/when and where will product be delivered, incentives to buy product)

6. Aim: Why is understanding your target market important? • Do Now: • Pass up your homework and answer the following question: • What is a Target Market? Activity – “Who is the Target”? And for later… • What is the importance of a target market?

7. Think about it - • After doing this activity, what conclusion can you come to as to what is the importance of a target market?

8. AIM: Why is understanding your target market important? Do Now: Describe the TARGET MAKRET of the following iPhone 7 commercials Morning Ride Midnight

9. Today’s Activity • You will be getting an article at random on one of the following: • Samsung “Family Hub” • Keurig “Keurig Kold” • Amazon “Dot” • Read the article and answer questions # 1 & 2 ONLY • Meet up with others who have the same article • Discuss who you think they are targeting and if you think this product will be a success in this target market • After your discussion, answer question #3 by yourself • Share with class

10. Market Segmentation • Keurig Kold • Samsung Family Hub • Amazon Dot

11. How do you feel about the cartoon? Do you think you are targeted by advertisers? Explain.

12. Market Segmentation • A way of analyzing a market by special characteristics in order to create a target market. • Demographic • Psychographic • Geographic • Product Benefits

13. 1. Demographics • Describe a population in terms of personal characteristics • Age • Gender • Income • Ethnic Background • Occupation

15. Control $2.6 trillion and have about 51% of the wealth in the US • Prime targets for luxury and recreational items • Skeptical Consumers • Better educated than previous generations • Financially conservative • Use Electronics • Less spending power • Excellent at Multitasking • Huge influence on spending / buying

16. Generation Z • Generation Z / Generation I / Internet Generation • ­­­Most are children of Generation X • Never lived without the internet, cell phones • Digital Natives • Smaller Families • Longer life expectancy • Will be the most educated.

17. Who do you think marketers target / why? • Millennial’s • Huge influence on buying power • Build brand loyalty • Optimistic / Confident / Social • http://www.goldmansachs.com/our-thinking/pages/millennials/

18. The Generation GapHow does the cartoon below reflect the different generations? The Intern Trailer: https://www.youtube.com/watch?t=12&v=ZU3Xban0Y6A

19. Gender • Marketing specific products to specific genders…OR…. • Gender neutral products use different types of advertisements/spokespeople • Companies can enter other gender’s market

20. Income • Disposable Income = the money left after taking out taxes; marketers who distribute products that are necessities • Discretionary Income = money left over after paying for basic living necessities; marketers who sell luxury products

21. Ethnic Background • US population becoming more multicultural and ethnically diverse • You need to make sure your place of business adapts

22. 2. Geographics • segmentation of the market based on where people live; local, regional, national, or even geographic markets • Test markets • https://www.youtube.com/watch?v=xiImi5k9Ges

23. 3. Product Benefits • Companies market benefits, not just the physical characteristics of a product

24. 4. Psychographics • studies of consumers based on social and psychological characteristics; people’s attitudes and values, lifestyles—how people spend their money and time • TRENDS • Airhead bites

25. Do Now: 10/7 • What are some product benefits and trends people ages 23-36 are looking for when it comes to food?

26. Activity: Read the McDonald’s article. Be prepared to discuss your answers.

27. WHO IS BEING TARGETED BY EACH OF THE FOLLOWING ADVERTISEMENTS?MAKE SURE TO USE MARKET SEGMEENTATION!

32. HOW DO BUSINESSES UTILIZE THE MARKETING MIX? • Do Now: Review the 4P’s Homework Assignment • Today’s Agenda – Surge Article

33. Market Segmentation • Keurig Kold • Samsung Family Hub • Amazon Dot

34. HOW DO BUSINESSES UTILIZE THE MARKETING MIX? Do Now: Review the 4P’s Homework Assignment Activity: Read the article and answer the questions that follow. Cnn money - http://www.youtube.com/watch?v=-uuF9Ny_DW0 Surge is back - http://www.youtube.com/watch?v=_9dFi-wVwqw http://www.cbsnews.com/news/popular-1990s-surge-soda-makes-a-comeback/

35. Hot Topic • Target new price match policy