A Marketing ReviewMarketing Co-op

MarketingO The process of planning pricing,

promoting, selling, and distributing products to satisfy customers’ needs and wants

The Marketing Concept

O The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for a firm.

Target market

Customer needs

Integrated

marketing

profitability

Think. Pair. Share.O You and your

partner have two minutes to list as many benefits to marketing as you can think of!

O Let’s see what you can remember, go!

Benefits of Marketing

O Raises the standard of livingO Improves the quality of lifeO Makes buying convenientO Maintains reasonable pricesO Provides a variety of goods and

servicesO Increases production

The Marketing MixThe 5 P’s of Marketing

People

Product

PricePlace

Promotion

The Marketing Mix• People –

• Product –

• Price –

• Place –

• Promotion –

the target market

what is the product – name, packaging, etc.

what customers are willing and able to pay

where is it sold and how it gets there

how is the product marketed

Target MarketO A specific group

of people that a business wants to reach with their goods or services

Market SegmentationO The process of

dividing the total market for products into smaller, more specific

O Breaking down the market into smaller groups that have similar needs

Demographics

Product BenefitsPsychographics

Geographics

Ways to Segment a Market

Market SegmentationGeographics – where people live

Demographics – personal characteristics like age, gender, income, ethnic background, education & occupation

Psychographics – lifestyle (attitudes/values)

Product Benefits – consumer wants and needs

Who’s the Target Market?

Minivan Target Market

Brainstorm Target Market

O Suburban FamiliesO Stay at home mothersO Multiple childrenO Middle income familiesO Like to travel and active

in the communityO Fast paced lifestyle

Sienna Commercial

Target Market ActivityO With your partners, you will

be assigned a specific target market

O Using the 6 foot sheet of paper you will create a visual representation of your target market

O Collect as many images from the magazine that represent your given target market

The 7 Functions of Marketing

Marketing

Functions

Pricing

Promotion

Selling

Marketing Information Managemen

t

Product & Service

Management

Financing

Distribution

FinancingO Obtaining the

financial resources needed to promote a business or it’s products/services

Marketing Information Management

This info. must be stored and analyzed

Process of getting and analyzing the marketing information needed to make good decisions

Examples of information collected: customer’s trends, habits, attitudes, where they live

PricingO The decisions that

dictate how much to charge for goods and services in order to make a profit

O Based on costs - what competitors are charging, and how much customers are willing to pay

Product/Service Management

Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities

Guides management toward what the consumer needs and wants

PromotionO Any form of

communication used to informing, persuading or reminding potential customers about a business’s products or services

Selling

•Types of selling• Retail• Business to Business• Personal

Providing customers with goods and services they want to buy

DistributionThe process of deciding how to get goods into consumers’ hands