Post on 20-May-2018
Introduction to Marketing
Learning Objective
Students will identify the 4 P’s of Marketing and the Marketing tactics used in advertising.
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Daily Learning Target
I can use the 4 P’s of Marketing to plan an effective marketing
strategy and commercial.
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4
MarketingMarketing
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Lubricant
8
25% Growth in USA 7
Cornerstone Entrepreneurship
5
$ Highest/Lowest Pay
4
Exciting Work With People
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60% CEO’s in America
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Transferable Skills
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1/3 Jobs in USA
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Definition of Marketing
Marketing is the process of developing, promoting,
and distributing products in order to satisfy customers’
needs and wants.
Develop
Promote
Distribute
Products
Where do we see Marketing?
Commercials
Newspapers
Magazines
Billboards
Buses
Park benches
Pop-ups
Internet Ads
Sides of Buildings
Home mailers
Social Media
Infomercials
Radio
In movies and TV shows
In-Store ads
Celebrity branding
The 4 P’s of Marketing
Product
Place
Price
Promotion
Product – An item that satisfies a need or want
Goods, Services, & Ideas – Products are divided into physical goods, intangible services, and information.
Goods – You can see and touch
Services – Provided for you by other people
Ideas – provide information
Product – Target Market
Target Market - A group of customers that the business is aiming for.
Target market Segmentation:
• Gender• Age Range• Level of Income• Lifestyle• Ethnicity• Social Class• Religion• Culture
• Occupation• Education Level• Marital Status• Household size• Stage in family life cycle• Geographical Location• Interests• Corporations
Who is the Target for these TV Shows?
Place - Where and how the product is distributed
Also known as Distribution Differences in Quantity
Large production, small quantity needed
Differences in Assortment
Many similar products in one location
Differences in Location
From manufacturer to customer
Differences in Timing of Production and Consumption
Higher demand different times of the year
Make products available in the RIGHT place at the RIGHT time in the RIGHT quantities.
Manufacturer
Distributer
Store
Customer
Price - The amount a customer pays for the product
How do you determine value?
Production Cost – cost of making the item Also includes advertising, salaries of employees, cost of running
business
Selling Price – amount you are charging the customer
Profit – amount you are making after subtracting the production cost from the selling price.
Price
Competition: Another concept to setting price is considering your competitors prices. If your prices are much higher or much lower, that can affect your sales and also how your company is viewed. “This brand costs the most—It must be the best.”
“This costs the least—it must be a piece of crap.”
“This is way overpriced—I’m not buying it.”
“This is expensive, but it’s the only place I can get it.”
“This is a great price! I’m getting a good deal!”
“I can get this cheaper at store X, I’ll get it there.”
If you have no competition, you can usually get away with charging more. But it’s only a matter of time until someone copies your idea.
Promotion - All methods of communication
from the marketer to the customer
Goal: Get your product in the customer’s head as much as possible.
Slogans
Logos
Jingles
Slogan - A short memorable phrase to remind the consumer of a product
15 minutes could save you 15% or more on car insurance
Finger-lickin’ Good
The quilted quicker picker upper
Drivers wanted
Think outside the bun
You can do it, we can help.
Logo - A graphic mark or emblem used to aid and promote instant public recognition.
Jingles - A catchy tune that contains lyrics that promote a product.
Toys R Us
Pillow Pet
Les Olsen Company
Meow Mix
Twinkle Toes
Red Robin
McDonalds
Commercial Advertising
Bandwagon – “Everyone is doing it.” Join in for certain victory, or because it’s a mass movement and you don’t want to be left behind Kmart Ship the Pants
Beautiful People – Using famous, happy, and/or attractive people to make you feel like the product can make you like them. Old Spice Commercial
Card Stacking – Making the product look better by comparing certain facts to the competition, but not sharing all the facts. Pepsi Vs. Coke
Common Man – Also known as “ordinary people sell,” this technique uses ordinary people, clothing, language, etc, to sell the product Dog Collar Doritos Buddhist Monks
Commercial Advertising
Emotional Appeal - Arouse emotions such as fear, humor, love, or desire Cat Food Commercial
Glittering Generalities – Uses emotionally appealing words but no actual data or concrete argument to prove it. Broad statements about audience beliefs. Doritos
Name Calling – Targeting a specific competitor and using negative names to create an unfavorable opinion about them. Energizer Bunny – Vader
Repetition – Using a jingle or word this is repeated over and over again, getting stuck in your head. Can be catchy music and jingles as well as slogans or phrases. Original Free Credit Report.com
New Free Credit Report.com
Commercial Advertising
Stretch the Truth – Exaggerate a fundamental aspect of the product that is true, but only to a certain degree.
Sham Wow
Statistics - Facts and figures are often used to make a product sound better, healthier, more effective, etc. Demonstrations of the product vs. a competitor are common. Subway
Testimonial - Popular stars as spokespersons, receiving big contracts to endorse products. YOU can resemble your celebrity idol by using the product. Drew Breeze
Transfer - Associate the product with something consumers love or relate to (so they will transfer the qualities of that positive image to the product.) Chuck Norris
Commercial Advertising
Family Fun and Togetherness– Every child dreams of fun family times. Ads employing this tactic convey this ideal image as achievable if you use the product being promoted. Wii Old El Paso
Thrill and Excitement - Many products are promoted as something that will add excitement to an otherwise dull existence. Mountain Dew - Rhapsody Doritos Commercial in the Gym
Cartoons Sell - Not only are “real” people used to sell products, so are cartoon characters. Many products have brand-specific characters like Tony the Tiger or the Energizer Bunny. Frosted Flakes Xmas Fruity Pebbles
Coke Christmas
Did you get the strategies?
Types of Entrepreneurs
Entrepreneur
One who organizes, manages,
and assumes the risks of a
business or enterprise.
Brainstorm
Traits of a
Successful
Entrepreneur
Inventor
Comes up with ideas for entirely
new products and services
Thomas Edison
Alexander Graham Bell
Eli Whitney
Benjamin Franklin
Henry Ford
James Naismith
Brainstorm
Traits of a
Successful
Inventor
Thomas Edison
Innovator
Takes existing products or
services and changes some
aspect of them, such as
features, size, or pricing
Internet
Weapons
Money
From Poop to Profits
What made this farmer
an Entrepreneur?
Marketing Entrepreneurs
They do not change the product
itself, but rather the way the
product is perceived by
consumers.
Burger King creates the left
handed Whopper
Entrepreneurial Skillsand Careers
Need for Entrepreneurial Skills
“Since small businesses have created the majority of new jobs over the last few
decades, in this period of major economic restructuring it is essential that education
professionals focus on essential entrepreneurial skills to stimulate new business
creation. the entrepreneurial competencies essential to the 21st Century Workplace are provided to the present and future worker force.
It is not enough to know how to fix a computer network or build a house, one must have the appropriate entrepreneurial skills to make it a successful business“
- Hank Kopcial, NFIB Young Entrepreneur Foundation
Entrepreneurship can be risky…
• Sporadic Income
• Business will fail and lose investment
• Possibly liable for debts
• Harder to find work or start again
• Less Security (perhaps)
Taking a Calculated Risk
“A risk that has been given thoughtful consideration and for which the potential costs and potential benefits have been weighted and considered”
Owner-entrepreneurship education empowers young people to make well-informed decisions about their future, whether they choose to become entrepreneurs or not.
Financial Rewards
Profits
Facebook - Mark Zuckerberg launched Facebook around age 20
The Body Shop – Dame Anita Roddick started at age 27 with 15 products
Spanx – Sara Blakely started at age 28
Wal-Mart – Sam Walton started at age 26
Capital Growth
Non-financial Rewards
• Independence
• A sense of satisfaction
• Building something
• Being in control
• Employing more people
• Making a contribution to community
The Burrito Project – Salt Lake City
Find a “need” (opportunity) and figure out how to meet it
A “need” for a sober living environment
A “need” for a shirt extender
A “need” for shoe and leather repair
A “need” for car inspections
A “need” for airport transportation A “need” for child care.
Find a “want” (opportunity) and figure out how to meet it
A “want” to make own jewelry and wedding rings
A “want” for chic, fun fitness apparel.
A “want” to snow-kite
A “need” for a hostess gift and a “want” for chocolate
Most entrepreneurs are good at what they do, BUT they don’t know how to plan for
and operate a small business
• Attorneys• Doctors• Dentists• Architects• Accountants• Interpreters & Translators • Financial Analysts • Optometrists• Home Health Care Providers• Web Designers • Insurance Agents• Non-profit directors*• Funeral Directors• Tour Guides
• Caterer• Restaurant Owner • Marriage, Child and Family
Counselors • Travel and Transportation Agents• Veterinarians• Plumbers • Hair Stylist
Why should students care about entrepreneur education?
Entrepreneurship allows you to dream your own destiny and craft a job that you can excel at.
• If you're going to spend time doing something, why not spend time doing something you love? Pursue your passion.
• Resume Builder. What looks better on a resume --someone who started a lawn-mowing business and made sales as a teenage or someone who worked as a cashier in a local supermarket?
• Students already own five powerful assets: time, talent, attitude, energy and unique knowledge of one’s local market.
Barefoot Tubing
Why should parents care about entrepreneurship education?
• “I’ve seen apathetic kids whose families have been on welfare for generations get excited about school and their futures. They discover that they can participate in our economy and earn money. They quickly realize that to do so, they must to learn to read, write and do math.”
“I’ve also seen how owning even the simplest small business fills a teen with pride.”
* Why Every School in America Should Teach Entrepreneurship, Steve Mariotti – Network for Teaching Entrepreneurship (NFTE)
Skills for a lifetime…
Remember - entrepreneurs who have built and sold one business for a substantial amount go on to build other successful businesses. They never lose the entrepreneurial buzz.
Happy Monkey Hummus