Download - MARKETING 101
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MARKETING 101MARKETING 101
Semester One ReviewSemester One Review
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WHAT IS MARKETING?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
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THE MARKETING CONCEPTTHE MARKETING CONCEPT
• Having the customer’s needs as your primary focus
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THE FOUR “P’s” OF MARKETINGTHE FOUR “P’s” OF MARKETING
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THE MARKETING MIXTHE MARKETING MIX
• BLENDING OF THE FOUR P’s– PRICE– PRODUCT– PLACE– PROMOTION
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THE FUNCTIONS OF BUSINESSTHE FUNCTIONS OF BUSINESS
•Symbolizes that marketing is the center of all business
•Without marketing business can not succeed
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FINDING YOUR CUSTOMERSFINDING YOUR CUSTOMERS
STEP ONE – SEGMENT THE POPULATION
STEP TWO – SELECT ONE OF THE SEGMENTATIONS AS YOUR TARGET MARKET
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COMPETITIONCOMPETITION
• DIRECT COMPETION– A company that offers a product or service that is
basically the same as yoursex Blockbuster & Redbox
• INDIRECT COMPETITION– A company that offers a different product or
service but satisfies the same need as yourex Big Apple Fun Center &
Kearney Cinema 8
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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
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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
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DISH NETWORK….DISH NETWORK….ADDING UTILITYADDING UTILITY
• FORM
• TIME
• PLACE
• POSSESSION
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SATISFYING CUSTOMER NEEDSSATISFYING 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
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MASLOW’S HIERARCHY OF NEEDSMASLOW’S HIERARCHY OF NEEDS
Self-Actualization
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EXPLAINATION OF NEEDSEXPLAINATION 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
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MOTIVATIONMOTIVATION
• Positive or negative factors that direct individual behavior
• Buying Motives – The reasons people buy things– Emotional– Rational– Patronage
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EMOTIONAL MOTIVESEMOTIONAL MOTIVES
• Based on feelings, beliefs, and attitudes people have
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RATIONAL MOTIVESRATIONAL MOTIVES
• Based on fact and logic
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PATRONAGE MOTIVESPATRONAGE MOTIVES
• Based on customer loyalty
• When have you been influenced by your loyalty to a business or a product?
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CREATIVE FORMATS FOR ADSCREATIVE FORMATS FOR ADS
• Musical• Dramatization• Testimonial• Comedy• Demonstration• Competitive