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Transcript of Introduction to Business © Thomson South-Western Chapter 10 Slide 1 LESSON 10-1 LESSON 10-1...
![Page 1: Introduction to Business © Thomson South-Western Chapter 10 Slide 1 LESSON 10-1 LESSON 10-1 Marketing Basics Goals Define important marketing concepts.](https://reader035.fdocuments.in/reader035/viewer/2022062518/56649f4d5503460f94c6e47e/html5/thumbnails/1.jpg)
Chapter 10
Slide 1Introduction to Business
© Thomson South-Western
LESSON 10-1LESSON 10-1
Marketing Basics
Goals Define important marketing concepts. Identify the steps in a marketing
strategy. Describe the consumer decision-
making process.
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Chapter 10
Slide 2Introduction to Business
© Thomson South-Western
Marketing is the process of planning and
executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
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Chapter 10
Slide 3Introduction to Business
© Thomson South-Western
UNDERSTAND MARKETING
Marketing activities Advertising Brand names on clothes & packages Websites for products Warehousing Distributing Credit functions Gathering customer data
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Chapter 10
Slide 4Introduction to Business
© Thomson South-Western
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Chapter 10
Slide 5Introduction to Business
© Thomson South-Western
UNDERSTAND MARKETING Marketing businesses
Ad agencies Market research firms Transportation cos.
Trucking Ups Dhl FedEx
Financial services Banking, credit
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Chapter 10
Slide 6Introduction to Business
© Thomson South-Western
MARKETING FUNCTIONS
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Chapter 10
Slide 7Introduction to Business
© Thomson South-Western
>> C H E C K P O I N T
Define marketing and the seven marketing functions.
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Chapter 10
Slide 8Introduction to Business
© Thomson South-Western
MARKETING STRATEGY
Marketing planning Satisfying customer needs better than competitors
Develop a successful marketing strategy Identify a target market
Consumers who have similar wants & needs
Create a marketing mix A blending of the 4 P’s
Product, Place( distribution), Price, Promotion
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Chapter 10
Slide 9Introduction to Business
© Thomson South-Western
Develop a successful Marketing StrategyMarketing Orientation
Consider the needs of customer when developing the marketing mix. Don’t assume you know customers
wants.
Research Cruise ship example pg. 240
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Chapter 10
Slide 10Introduction to Business
© Thomson South-Western
UNDERSTAND CUSTOMERS
Two typesFinal consumerBusiness consumer
Consumer decision-making5 Steps
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Chapter 10
Slide 11Introduction to Business
© Thomson South-Western
STEPS IN THE CONSUMER DECISION-MAKING PROCESS
1.1. Recognize a need.
2.2. Gather information.
3.3. Select and evaluate alternatives.
4.4. Make a purchase decision.
5.5. Determine the effectiveness of the decision.
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Chapter 10
Slide 12Introduction to Business
© Thomson South-Western
Buying MotivesWhat motivates you to buy?
Emotional Gifts for loved ones Security
Rational Logic
Cars College costs
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Chapter 10
Slide 13Introduction to Business
© Thomson South-Western
LESSON 10-2LESSON 10-2
Develop Effective Products and Services
Goals Justify the importance of marketing
research. Identify the components of a product. Describe how services differ from
products.
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Chapter 10
Slide 14Introduction to Business
© Thomson South-Western
CREATE AND IMPROVE PRODUCTS
3 possibilities1. Totally new products
2. Major improvements in existing products
3. Minor improvements in existing products
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Chapter 10
Slide 15Introduction to Business
© Thomson South-Western
PLAN MARKETING RESEARCH
Steps in marketing research1.1. Define the marketing problem.
2.2. Study the situation.
3.3. Develop a data collection procedure.
4.4. Gather and analyze information.
5.5. Propose a solution.
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Chapter 10
Slide 16Introduction to Business
© Thomson South-Western
TYPES OF RESEARCH STUDIES
SurveysFocus groupsObservationsExperiments
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Chapter 10
Slide 17Introduction to Business
© Thomson South-Western
PRODUCT PLANNING
Parts of a product Basic product Features (options)
Enhancement to basic product Cell phones
Brand names Packaging
Identifiable Easy to grab
Warranty
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Chapter 10
Slide 18Introduction to Business
© Thomson South-Western
PRODUCT PLANNING
Product planning procedures Idea development Idea screening Strategy development Production and financial planning Limited production and test marketing Full-scale production
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Chapter 10
Slide 19Introduction to Business
© Thomson South-Western
SERVICES Inseparable
Activities that are consumed at the same time they are produced.
Intangible No physical form
Perishable Must meet the needs at the time needed
Heterogeneous Different in type and quality provided
Uniqueness of customer and person providing service
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Chapter 10
Slide 20Introduction to Business
© Thomson South-Western
LESSON 10-3LESSON 10-3
Price and Distribute Products
Goals Discuss how the selling price of a
product is calculated. Differentiate between a direct and an
indirect channel of distribution.
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Chapter 10
Slide 21Introduction to Business
© Thomson South-Western
VALUE AND PRICE
Buyers usually want to pay the lowest price possible.
Sellers want to charge the highest price possible.
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Chapter 10
Slide 22Introduction to Business
© Thomson South-Western
PRICING FACTORS
Supply More means less Less means more
and demand More means more Less means less
Uniqueness competition
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Chapter 10
Slide 23Introduction to Business
© Thomson South-Western
PRICING FACTORS
Age Old means less New means more
Season AC’s in winter
Buy off-season
Complexity Convenience
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Chapter 10
Slide 24Introduction to Business
© Thomson South-Western
PRICE A PRODUCT Selling price
What we pay Product costs
Costs to produce or buy the product by producer Operating expenses
Overhead Salaries, wages, rent, utilities, etc.
Profit What’s left after all costs are paid
Gross margin Difference between SP & Costs Before OE.
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Chapter 10
Slide 25Introduction to Business
© Thomson South-Western
PRICE A PRODUCT
Sellingprice
=Product
costs+
Operating expenses
+ Profit
GrossMargin
=Sellingprice
+Product
costs
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Chapter 10
Slide 26Introduction to Business
© Thomson South-Western
PRICE A PRODUCT
Markup Usually expressed as a % of costs 100% means double the costs
Markdown Also a %
Start small then grow
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Chapter 10
Slide 27Introduction to Business
© Thomson South-Western
CHANNELS OF DISTRIBUTION
Need for distribution channels Differences in quantity Differences in assortment Differences in location Differences in timing
We try to even all these out
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Chapter 10
Slide 28Introduction to Business
© Thomson South-Western
Channels and channel members
Businesses takeover the channels when consumers don’t want to.
Example You can go and buy produce at a produce
stand during the growing season for it. In winter in the LV, not a lot available. Someone took over getting us our produce. Not just Giant, Wegmans, or Weis
Trucking cos., wholesalers, etc.
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Chapter 10
Slide 29Introduction to Business
© Thomson South-Western
Channels of Distribution
Direct Producer to consumer
Examples?? Road-side stands Dell Computers
Indirect One or more business help get it to consumer
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Chapter 10
Slide 30Introduction to Business
© Thomson South-Western
LESSON 10-4LESSON 10-4
Plan Promotion
Goals Justify the importance of
communication in marketing. Identify and describe the common types
of promotion.
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Chapter 10
Slide 31Introduction to Business
© Thomson South-Western
COMMUNICATION
Communicating through promotion The way businesses communicate with us
Ads Radio, TV, Internet, Print (Mags, Newspapers)
Salespeople Telemarketing Cold-calling
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Chapter 10
Slide 32Introduction to Business
© Thomson South-Western
PERSONALIZED PROMOTION
Personal selling New cell phone example page 257 Best and Costliest Cold-calling Telemarketing Internet
Usually for more expensive products. More preparation by salesperson
On products On customer
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Chapter 10
Slide 33Introduction to Business
© Thomson South-Western
MASS PROMOTION
Less expensive Less effective
TIVO Long-lasting effects PR
Favorable objectives Publicity (Image)
Not asked for Free Can be good or bad
COUPONS GAMES CONTESTS
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Chapter 10
Slide 34Introduction to Business
© Thomson South-Western
MASS PERSONALIZATION
COMBO OF BOTHSurveysWeb linksFAQ