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Fundamentals of Marketing

Fundamentals of Marketing. The Marketing Mix. What You’ll Learn. Describe the concept of market Differentiate consumer and industrial markets Describe market share What target marketing is The four P’s of the marketing mix. The Marketing Concept.

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Fundamentals of Marketing

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  1. Fundamentals of Marketing The Marketing Mix

  2. What You’ll Learn • Describe the concept of market • Differentiate consumer and industrial markets • Describe market share • What target marketing is • The four P’s of the marketing mix

  3. The Marketing Concept Businesses must satisfy customers’ needs and wants in order to make a profit

  4. Businesses Must Have: • The right goods and services @ • The right TIME • The right PLACE • The right PRICE Businesses must also know who their customers are!

  5. Market • All potential customers who share common needs and wants and who have the ability and willingness to buy

  6. The Marketing Mix: The four P’s • Product • Place • Price • Promotion

  7. Product Strategies • What product to make • How to package it • What brand name to use • What image to project

  8. Place (Distribution) Strategies • How and where a product will be distributed • How does the customer receive the product? • Where will it be located in the store?

  9. Price Strategies • Reflect what customers are willing and able to pay.

  10. Promotion Strategies • How potential customers will be told about the new product • What the message will be • When and where it will be delivered • What inducements are there to buy (BOGO, 20% off, etc.)

  11. The Marketing Mix The elements are interconnected Product Place Price Promotion

  12. Update your ENB: • Add the Marketing Mix section to the Basics tab • Basics tab should contain: • The Marketing Concept • Goods v. Services • Customer v. Consumer • Marketing Mix • Finish 7 Functions of Marketing tab

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