marketing how is marketing essential to business success? chapter 10

Marketing

How is marketing essential to business success?

Chapter 10

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Marketing Targets

Define and explain marketing concepts Identify the steps in the marketing

strategy Justify the importance of marketing

research Identify and describe the common types of

promotion

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Marketing

The process of developing, promoting, and distributing products in order to satisfy customer’s wants and needs.

Functions of Marketing:

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Marketing Strategy Steps

1. Identify target market– People who will buy and use the product

2. Create a marketing mix– Blending of 4 marketing elements

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Target Markets

Geographic: Location, Climate Demographic: Gender, race, age, disability Socioeconomic: Education, employment,

income Psychographic: Values, lifestyles Behavioral: Loyalty, occasions

Often cross of segments

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Who is the target market?

When and where would they air? Example 1 Example 2 Example 3 Example 4 Example 5 Example 6 Identify your target market

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The Marketing Mix

Marketing Plan

Marketing Mix– Combination of marketing strategies– All MUST mix appropriately to achieve

success

Product

Place

Price

Promotion

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The Product Strategy

Product Features Branding:

– Value name ads Packaging, and Labeling

– Symbol or Name, Container, Information

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Name that Slogan

1. You're in good hands with . . .

2. Does she or doesn't she?

3. Don't leave home without it.

4. The quick picker upper.

5. A diamond is forever.

6. We love to see you smile

7. Where’s the beef?

8. Kid tested, Mother approved

1. Allstate

2. Clairol

3. American Express

4. Bounty

5. De Beers

6. McDonalds

7. Wendy’s

8. Kix

Complete smartmarketingquiz.comWork on Business Plan Product Strategy – Name, Slogan, Logo

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Place – Channels of Distribution

Manufacturers/Producers

Distributors

Wholesalers

Retailers

Customers

DirectIndirect

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The Price Strategy Objectives:

– Obtain a profit Factors Affecting Price

– Costs and Expenses– Supply and Demand– Consumer Perceptions– Competition– Government Regulations– Mark up / mark down

Market Share

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Business Plan

Find a location for your company Figure out product pricing

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The Promotion Strategy Pre-Opening Plan Ongoing Plan

– Promotional Plan Format - Campaign Promotional Activities:

Internet Directories

Direct Mail Transit Ads

Outdoor Displays Print Media

TV Radio

Word of mouth What promotions do you know about?

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Not all fun and games

Research Improve product or service Figure out equilibrium price Calculate channel of distribution Promotion planning Ad strategy

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•Define and explain marketing concepts– The process of developing, promoting,

and distributing products in order to satisfy customer’s wants and needs.

•Identify the steps in the marketing strategy

– ID target market, plan marketing mix•Justify the importance of marketing research•Identify and describe the common types of promotion

Marketing Targets

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Marketing Practice

Create print advertisement for your business Create and explain a promotion