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Bell ringer

As the manager of Steel City, you regularly take inventory and have noticed that certain drinks are more popular in specific seasons. To boost sales, you plan to gather a small team of staff to design new products and change your sales system. This text explores ideas to increase sales and covers marketing fundamentals, target marketing, the functions of marketing, product development, channels of distribution, and advertising across various media.

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Bell ringer

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  1. You regularly take inventory at Steel City since you are the manager. You notice that some drinks are more popular in certain seasons. For example, Café Cinnamon sells well only in the winter. You plan to gather a small team of your staff for a meeting to design new products and change your sales system. What ideas do you come up with to share with your team that will increase sales? Bell ringer

  2. Marketing Chapters 13 & 14 Fundamentals of business

  3. Basics of marketing • All products appeal to different ages, genders, and income ranges • Companies must understand WHAT people want to buy and WHY they want to buy it • Research • Development • Marketing • It all comes down to knowing your market!

  4. Basics of marketing • Market: group of customers who share common wants and needs, and have the ability to purchase the product • Examples? • Marketing: process of creating, promoting, and presenting a product to meet the needs and wants of consumers • Involves a number of stages • Target Marketing: finding and analyzing potential customers of a product • Who would be the target market for Rogaine? • For online textbooks? • For a new cereal in the shape of cartoon characters?

  5. 7 Functions of marketing • Distribution - Involves moving goods and services from one place to another • Financing - Money is necessary for any business to run • Marketing Information Management - Good research and development needed to make informed decisions • Pricing - What price to charge to make a profit

  6. 7 Functions of marketing • Product and Service Management - Responding to market opportunities by obtaining information, developing, and maintaining products • Promotion - Communication through media with consumers • Selling - Getting products into the customers’ hands

  7. Marketing mix AKA The 4 P’s • Product • Price • Place • Promotion

  8. Product development • Demographics:facts about the population in terms of age, gender, location, income, and education • 7 Steps in Developing a New Product: • Generating Ideas • Screening Ideas • Developing a Business Proposal • Developing the Product • Test Market the Product • Introduce the Product • Evaluate the Customer Acceptance

  9. Channels of distribution • How products get to consumers • Direct distribution: • Sold from the producer directly to the customer • No intermediaries involved • Indirect distribution: • One or more intermediaries • The more channels involved, the higher the price of the product • Why?

  10. Advertising:the art of attracting an audience • Advertising: paid, non-personal form of communication that businesses use to promote their products • Logos • Slogans • Mass Media: means of communication such as TV, radio, and newspapers • Depends on audience you are trying to reach • Would you advertise for a retirement community on Twitter? • Would you advertise for a new popular app in the newspaper?

  11. Print mediaUses writing and pictures • Magazines • National • Specific audiences • Long life-span • More attractive than newspaper ads • Need to be placed far in advance • Newspapers • Local audiences • Quick and easy • Cheap • Short Life-Span • Ads have competition

  12. Print mediaUses writing and pictures • Directory • Phone books • Local • Cheap • Need to be short • The internet is making this form disappear • Direct Mail • Ads sent by mail directly to consumers • Specific target market • Variety of formats • Make sales with order forms • “Junk Mail”

  13. Print mediaUses writing and pictures • Transit • Buses, trains, airports • Posters • Used for concerts, public events, and local TV • Outdoor • Billboards • Large and in highly populated areas • Local • Ignored

  14. Broadcast media • TV • Combines sound, images, and motion • National or local • Target audiences with specific times or channels • Infomercials: advertises a specific product with a demonstration • Expensive

  15. Broadcast media • Radio • Wide audience • No images • Local • Reach customers on the move • Webcasting • Similar to radio or TV but broadcast over the internet • Concerts, sports, and other events

  16. Cyber • Cyber ads: ads that appear on the internet • Not live like a webcast but stationary as with newspapers or magazines • Pop-up ads: appear for a few seconds when you access a website • Banner ads: displayed across the top or bottom on the screen • Screen ads: appear at the left or right of the screen

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