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Chapter 10

Chapter 10. What is marketing?. Marketing…. Marketing- the business function that identifies customer needs and responds to them For example- Nike used the slogan “Just do it” to market their inspire customers to buy their product.

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Chapter 10

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  1. Chapter 10 What is marketing?

  2. Marketing… • Marketing- the business function that identifies customer needs and responds to them • For example- Nike used the slogan “Just do it” to market their inspire customers to buy their product. • Marketing is how you will communicate to your customers that you are deeply committed to meeting their needs.

  3. Marketing… • Is meeting new customer needs • Building the loyalty of current customers • Attracting new- especially competitors- customers • Who are your customers? • Friends -babies • Classmates -local people • Relatives -? • Young children -? • Adult men -?

  4. Marketing… • To market a product or service successfully, ask yourself: • Who are my customers? • What do they need my product or service to do for them? • Answering those questions will help you form your marketing vision. • Marketing vision- the benefit you want to show customers that your product or service provides

  5. Brand • You want to develop a brand that customers distinguish from its competition • What will your brand communicate? • Examples: • Lexus- luxury • Save-a-lot- inexpensive • ??????

  6. How to build your brand • Choose a business name that is easy to remember, describes your business, and establishes “mind share” • Create a logo that symbolizes your business to the customer • Develop a good reputation • Create a brand personality- youthful, healthy, etc. • Communicate your brand personality to your target market

  7. Logo • Logo- short for “logotype” • A distinctive company trademark or sign • You will have to create your own logo—think about what you want it to be and what you want it to represent!

  8. The four P’s of Marketing • Product- the product or service should meet or create a customer need • Place- Place your product where customers who need it do their shopping • Price- the product has to be priced low enough so the public will buy it, and high enough to make a profit. • Promotion- Advertising, publicity, etc.

  9. Business card • Include your name • Address • Contact info • Website info • Your logo • A short catchy phrase

  10. Other promotional tools • Publicity- free advertising • Freebies- give away free samples • Discounts- offer a lower price to attract customers • Walking advertisement- t-shirt, hats, buttons • Donate products- give away product for a good cause

  11. Market Segment • Who IS your market segment? • Market segment- composed of consumers who have a similkiar response to a certain type of marketing • Could it be- women, men, friends, neighbors, people online, • Decide WHO you want to target as your market segment

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