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MARKETING 101

MARKETING 101. Semester One Review. WHAT IS MARKETING?. The creation and maintenance of satisfying exchange relationships Everything that takes place from the creation of a product to the time it reaches a consumer. THE MARKETING CONCEPT. Having the customer’s needs as your primary focus.

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MARKETING 101

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  1. MARKETING 101 Semester One Review

  2. WHAT IS MARKETING? • The creation and maintenance of satisfying exchange relationships • Everything that takes place from the creation of a product to the time it reaches a consumer

  3. THE MARKETING CONCEPT • Having the customer’s needs as your primary focus

  4. THE FOUR “P’s” OF MARKETING

  5. THE MARKETING MIX • BLENDING OF THE FOUR P’s • PRICE • PRODUCT • PLACE • PROMOTION

  6. THE FUNCTIONS OF BUSINESS • Symbolizes that marketing is the center of all business • Without marketing business can not succeed

  7. FINDING YOUR CUSTOMERS STEP ONE – SEGMENT THE POPULATION STEP TWO – SELECT ONE OF THE SEGMENTATIONS AS YOUR TARGET MARKET

  8. COMPETITION • DIRECT COMPETION • A company that offers a product or service that is basically the same as yours ex Blockbuster & Redbox • INDIRECT COMPETITION • A company that offers a different product or service but satisfies the same need as your ex Big Apple Fun Center & Kearney Cinema 8

  9. ECONOMIC UTILITY • The amount of satisfaction a customer receives from the consumption of a product • Ways to increase economic utility • Form utility • Time utility • Place utility • Possession utility

  10. ADDING UTILITY • FORM – change tangibles • TIME – make it available when they want it • PLACE – make it available where they want it • POSSESSION – make it affordable

  11. DISH NETWORK….ADDING UTILITY • FORM • TIME • PLACE • POSSESSION

  12. SATISFYING CUSTOMER NEEDS • Figure out the market segments • Group similar consumers together • Choose a market segment • Your target market • Make decisions based on your target market • Develop a marketing mix

  13. MASLOW’S HIERARCHY OF NEEDS Self-Actualization

  14. EXPLAINATION OF NEEDS • Physiological • Basic things necessary to live • Security • Physical safety and economic security • Social • Friends, love, belonging • Esteem • Respect and recognition • Self-Actualization • Realizing your potential

  15. MOTIVATION • Positive or negative factors that direct individual behavior • Buying Motives – The reasons people buy things • Emotional • Rational • Patronage

  16. EMOTIONAL MOTIVES • Based on feelings, beliefs, and attitudes people have

  17. RATIONAL MOTIVES • Based on fact and logic

  18. PATRONAGE MOTIVES • Based on customer loyalty • When have you been influenced by your loyalty to a business or a product?

  19. CREATIVE FORMATS FOR ADS Musical Dramatization Testimonial Comedy Demonstration Competitive

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