marketing 101
DESCRIPTION
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. - PowerPoint PPT PresentationTRANSCRIPT
MARKETING 101MARKETING 101
Semester One ReviewSemester One Review
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
THE MARKETING CONCEPTTHE MARKETING CONCEPT
• Having the customer’s needs as your primary focus
THE FOUR “P’s” OF MARKETINGTHE FOUR “P’s” OF MARKETING
THE MARKETING MIXTHE MARKETING MIX
• BLENDING OF THE FOUR P’s– PRICE– PRODUCT– PLACE– PROMOTION
THE FUNCTIONS OF BUSINESSTHE FUNCTIONS OF BUSINESS
•Symbolizes that marketing is the center of all business
•Without marketing business can not succeed
FINDING YOUR CUSTOMERSFINDING YOUR CUSTOMERS
STEP ONE – SEGMENT THE POPULATION
STEP TWO – SELECT ONE OF THE SEGMENTATIONS AS YOUR TARGET MARKET
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
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
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
DISH NETWORK….DISH NETWORK….ADDING UTILITYADDING UTILITY
• FORM
• TIME
• PLACE
• POSSESSION
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
MASLOW’S HIERARCHY OF NEEDSMASLOW’S HIERARCHY OF NEEDS
Self-Actualization
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
MOTIVATIONMOTIVATION
• Positive or negative factors that direct individual behavior
• Buying Motives – The reasons people buy things– Emotional– Rational– Patronage
EMOTIONAL MOTIVESEMOTIONAL MOTIVES
• Based on feelings, beliefs, and attitudes people have
RATIONAL MOTIVESRATIONAL MOTIVES
• Based on fact and logic
PATRONAGE MOTIVESPATRONAGE MOTIVES
• Based on customer loyalty
• When have you been influenced by your loyalty to a business or a product?
CREATIVE FORMATS FOR ADSCREATIVE FORMATS FOR ADS
• Musical• Dramatization• Testimonial• Comedy• Demonstration• Competitive