Mktg unit 1 chpt 1

Marketing Unit 1 World of Marketing

Advertising

Social MediaTelevision

INTERNET

MAILERSSpam

Catalogs

Coupons

Word of Mouth

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The 4 P’s• Product• Price• Place• Promotion

Additional P’s• Packaging• Positioning• People• Process• Partners• Purpose• Personality• Punch

http://youtu.be/JIirzTdaey4

http://www.youtube.com/watch?v=EXy2_vcFdUY

• I can define marketing in my own words

• I know and can explain the four foundations of marketing

• I can list the seven functions of marketing

• I can understand the marketing concept

*Today’s Learning Targets

*Marketing:The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.

WHAT?!

*The Marketing Concept

*Business should strive to satisfy customers’ needs and wants while generating a profit for the firm.

*Focused on the customer!

*Customer Relationship Management (CRM)

E-mailsUsing the name in

print ads or

catalogs

FREQUENT CUSTOMER

Freebies

*Name two ideas that can be marketed.

*Where do exchanges take place?

*What is the main difference between consumers and industrial users

*A customer purchases two tables at $149.99 each and would like them to be delivered. Your company charges customers $50 for delivery and the state imposes a 5 percent sales tax on furniture, but not on the delivery charge. What is the total amount due to the customer?

*List at least three ways the Internet has changed marketing functions.*Review: TBDmarketingessentials.glencoe.com/1/r

ead

• I can analyze the benefits of marketing.

• I can apply the concept of utility.

*Marketing Essential Unit 1, Section 2

*Economic Benefits*New and Improved Products

*Lower Prices

*Utility

*An attribute of a product or service that makes it capable of satisfying consumers’ wants and needs.

*Added Value

*Form Utility

*Place Utility

*Time Utility

*Possession Utility

*Information Utility

*Review: TBD

*How does marketing help to lower prices?

*In what way is marketing related to form utility?

*Which utility is added by drive-through windows at fast-food restaurants?

*In business-to-business transaction, the seller offers the buyer a 2 percent discount for paying a bill early. Assuming the buyer took advantage of this offer, how much would be discounted on a $10,000 invoice?

*Write a brief story (two to three paragraphs) about a young person shopping at the local mall that incorporates all the benefits of marketing.

*Marketing Essentials Unit 1,

Section 3*I can describe the concept of market

*I can differentiate consumer and industrial markets

*I can describe market share

*I can define the target market

*I can list the components of the marketing mix

*Market*A group of people who might buy a

product or service

Consumer Market*Buy for personal use

*Objectives

* Low/Reasonable Price

*Make Life Easier

* Improve Appearce

* Create Status

* Personal Satisfaction

Industrial Market*Buy for a company

*Objectives

* Improve Profits

* Improve Productivity

* Increase Sales

* Decrease Expenses

*What does the Consumer Want

*What does the reseller Want?

Percentage of the sales volume generated by all companies in a given market

*Market Share

21.1

17.5

17.2

10.7

7.2

26.3

Camera Market

SonyKodacCanonOlympusFujiOthers

*Target Market & Market

Segmentation

*Target Market: The group of customers identified within a specific market.

*Market Segmentation: Breaking a market into smaller groups based on common characteristics, then marketing to one group.

*Customer Profile

*Used to develop a clear picture of the target market.

*Age

*Income

*Ethnicity

*Occupation

*Attitudes

*lifestyle

*residence.

Catherine (Traditional)

*Conservative

*Working or stay at home mother

*All Ages

*Family Oriented

*Drives Lexus

*Owns clothes for multiple years

Julie (Neo-Traditional)*Middle of the road

*Working mother or single

*All ages

*Career Focused

*Drives Audi

*Wears clothes for multiple seasons, adds new items for fashion twist

Alex (Fashion)

Erin (Contemporary)

*Middle of the road

*Working mother or single

*All ages

*Career Driven

*Drives Volkswagon or Toyota

*Wears clothes for one season, some basics

*Liberal

*Single

*All ages

*Status Driven

*Drives BMW or Mecedes

*Wears clothes once

Energy Drinks

35.2

27.3

11.1

6.6

5.1

2.7

22

RedbullMonsterRockstarFull ThrottleAmpNo FearOther

Market Segmentations

• Extreme Sports Enthus. (14-35)

• Athletic Adults(26-42)

• Wanabe Athletes (14-35)

Target Market• Extreme Sports Enthus. (14-35)

Customer Profile• Male• Jake• Skateboarder• College Aged• Pizza deliver

The 4 P’s• Product• Price• Place• Promotion

Additional P’s• Packaging• Positioning• People• Process• Partners• Purpose• Personality• Punch

http://youtu.be/JIirzTdaey4

http://www.youtube.com/watch?v=EXy2_vcFdUY

Product

Price

Promotion

Place

*New Target Market

*Review: TBD

*What is the difference between consumer and industrial markets?

*What is the relationship among market segmentation, target markets and customer profiles?

*Name the four P’s of the marketing mix, and explain the importance of target market for each of them.

*If total sales in the ice cream category were $4.4 billion and Breyers’ sales were $650,417,792 what would be its market share? Round your answer to the nearest tenth decimal place.

*Write a customer profile for a magazine of your choice. Support your description by describing sample articles and advertisements from the magazine.