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INTRODUCTION TO MARKETING

Introduction to Business & Marketing. INTRODUCTION TO MARKETING. ASSIGNMENT. Read Chapter 13, Pages 214 – 227 Read Complete the Crossword Puzzle Provided

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INTRODUCTION TO MARKETING

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  1. Introduction to Business & Marketing INTRODUCTION TO MARKETING

  2. ASSIGNMENT • Read Chapter 13, Pages 214 – 227 • Read Complete the Crossword Puzzle Provided • On the Puzzle sheet, answer any one “Critical Thinking” question from the text. Use complete sentences. Summarize the question in the first sentence.

  3. OBJECTIVE Be Able to Define Marketing

  4. Define Marketing • All of the business activities involved with moving goods & services from producers to consumers

  5. OBJECTIVE Be Able to Identify & Describe the Marketing Concept

  6. The Goals of Marketing • To satisfy the wants & needs of our customers • To make Money !!

  7. The Marketing Concept“A Business Philosophy” • If a business is to be successful - make money - if must satisfy the wants & needs of the consumer

  8. OBJECTIVE Be Able to Identify & Describe the “Four P’s” of Marketing

  9. The “Four P’s” of Marketing • Product Planning • Pricing • Promotion • Physical Distribution

  10. The “Four P’s” of Marketing • Product Planning • Pricing • Promotion • Physical Distribution

  11. Product Planning • Any Business Activity That Helps to Design a New Product or Change the Characteristics of an Old Product

  12. PRODUCT PLANNING • Important Concept: • FEATURES - Facts about your product, physical description (size, color, material used, etc) • BENEFITS - What the product can do for you!!!

  13. The “Four P’s” of Marketing • Product Planning • Pricing • Promotion • Physical Distribution

  14. Pricing • Any Activity Used to Assign a Value to a Product or Service

  15. The “Four P’s” of Marketing • Product Planning • Pricing • Promotion • Physical Distribution

  16. Promotion • Any Activity Designed to Let the Customers Know About a Product or Service • Personal Selling • Advertising • Publicity • Public Relations • Visual Merchandising • Sales Promotion

  17. The “Four P’s” of Marketing • Product Planning • Pricing • Promotion • Physical Distribution

  18. Physical Distribution • Involves the Actual Movement of Merchandise as it Moves From the Producer to Consumer

  19. OBJECTIVE Be Able to Match the Seven Marketing Activities With Their Definition or Examples

  20. Market Information Management Financing Pricing Promotion Distribution Selling Product/Service Management Seven Marketing Functions

  21. Distribution The process of getting goods & services to customers. This includes purchasing, stock handling, inventory control, & physical distribution >(transportation & warehousing).

  22. Financing Financing is getting the money that is necessary for setting up & running a business. Finance also includes protecting investments through risk management.

  23. Marketing Information Management (MIS) An effective MIS gathers and analyzes information about customers, trends, & competitor’s products.

  24. Pricing Determining the amounts a customer will be charged for a good or service so that a business can earn a profit

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

  26. Promotion Promotion is any effort to inform, persuade, or remind potential customers about a business’s products or services

  27. Selling Personally matching customers wants & needs with products & services available for sale. (An important associated concept is “Relationship Marketing.”)

  28. Market Information Management Financing Pricing Promotion Distribution Selling Product/Service Management Seven Marketing Functions

  29. OBJECTIVE Be Able to Identify Each Member of the “Primary Channel of Distribution” & Describe Their Roles

  30. The Primary Channel of Distribution Producer Wholesaler Retailer Consumer

  31. The Primary Channel of Distribution • Primarily Makes Products to Sell • But Also Must: • Buy & Sell • Finance • Store & Transport • Insure • Etc. Etc. Etc. Producer

  32. The Primary Channel of Distribution Wholesaler • Breaks Down Bulk Quantities Into Smaller Lots • But Also Must: • Buy & Sell • Buy Real Estate • Store • Do Market Research • Etc. Etc. Etc.

  33. The Primary Channel of Distribution • Primarily Sells to the Consumer • But Also Must: • Display • Advertise • Make a Profit • Package Goods • Provide Services • Etc. Etc. Etc. Retailer

  34. The Primary Channel of Distribution • Most Importantly, Buys Our Products & Services • But Also: • Provides Market Research Information • Uses Our Products & Services Up & Buys Again Consumer

  35. Chemicals Sugar The Primary Channel of Distribution Producer Milk Cocoa

  36. The Primary Channel of Distribution Producer Wholesaler Retailer Consumer

  37. OBJECTIVE Be able to describe, in an essay, how marketing activities benefit our society

  38. How Marketing Activities Benefit Our Society • Raises the Standard of Living • Adds Value to What We Buy • Form Utility • Place Utility • Time Utility • Possession Utility • Information Utility

  39. How Marketing Activities Benefit Our Society • Makes Shopping More Convenient • Keeps Prices Reasonable • Helps Society to Keep Up With Change • Provides Public Service Activities

  40. Marketing Trivia • 1/4 to 1/3 of all Jobs are Marketing Related • $ .50 of Every Dollar Goes to Cover the Cost of Marketing Activities • Marketing Creates Jobs Which Allows Consumers to Have More Money to Spend on Items That Will Improve Their Standard of Living

  41. PRODUCT PLANNINGPROCESS

  42. OBJECTIVE Be able to outline the product planning process and identify the associated terms

  43. FEATURE/BENEFIT ANALYSIS

  44. FEATURES Facts About the Product Size, Color, Materials, Warranties, Construction Methods, Manufacturer, Etc.

  45. Benefits = Buying Motives Buying Motives: • What a product does for you • The reasons why people buy products or services

  46. BENEFITS • Will it make you rich? • Will it make you successful? • Will it make you happy? • Will it relax you? • Will it make you healthier? • Will it make you attractive? • Etc. etc. etc.

  47. BUYING MOTIVESActivity • If you were to design a new car, what buying motives would you appeal to? • Safety? • Excitement? • Cost Savings? • Comfort? • Other

  48. BUYING MOTIVESActivity • What “features” would you have on your new car? • Safety • Excitement • Cost Savings • Comfort • Other?

  49. BUYING MOTIVESAssignment With a Partner • If you were to design a new ____, what buying motives would you appeal to? • ______________? • ______________? • ______________? • ______________?

  50. BUYING MOTIVESAssignment With a Partner • What “features” will you have on your new _____? • ____________ • ____________ • ____________ • ____________ • ____________

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