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Marketing How is marketing essential to business success? Chapter 10.
Transcript of Marketing How is marketing essential to business success? Chapter 10.
Marketing
How is marketing essential to business success?
Chapter 10
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Marketing Targets
Define and explain marketing concepts Identify the steps in the marketing
strategy Justify the importance of marketing
research Identify and describe the common types of
promotion
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Marketing
The process of developing, promoting, and distributing products in order to satisfy customer’s wants and needs.
Functions of Marketing:
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Marketing Strategy Steps
1. Identify target market– People who will buy and use the product
2. Create a marketing mix– Blending of 4 marketing elements
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Target Markets
Geographic: Location, Climate Demographic: Gender, race, age, disability Socioeconomic: Education, employment,
income Psychographic: Values, lifestyles Behavioral: Loyalty, occasions
Often cross of segments
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Who is the target market?
When and where would they air? Example 1 Example 2 Example 3 Example 4 Example 5 Example 6 Identify your target market
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The Marketing Mix
Marketing Plan
Marketing Mix– Combination of marketing strategies– All MUST mix appropriately to achieve
success
Product
Place
Price
Promotion
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The Product Strategy
Product Features Branding:
– Value name ads Packaging, and Labeling
– Symbol or Name, Container, Information
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Name that Slogan
1. You're in good hands with . . .
2. Does she or doesn't she?
3. Don't leave home without it.
4. The quick picker upper.
5. A diamond is forever.
6. We love to see you smile
7. Where’s the beef?
8. Kid tested, Mother approved
1. Allstate
2. Clairol
3. American Express
4. Bounty
5. De Beers
6. McDonalds
7. Wendy’s
8. Kix
Complete smartmarketingquiz.comWork on Business Plan Product Strategy – Name, Slogan, Logo
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Place – Channels of Distribution
Manufacturers/Producers
Distributors
Wholesalers
Retailers
Customers
DirectIndirect
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The Price Strategy Objectives:
– Obtain a profit Factors Affecting Price
– Costs and Expenses– Supply and Demand– Consumer Perceptions– Competition– Government Regulations– Mark up / mark down
Market Share
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Business Plan
Find a location for your company Figure out product pricing
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The Promotion Strategy Pre-Opening Plan Ongoing Plan
– Promotional Plan Format - Campaign Promotional Activities:
Internet Directories
Direct Mail Transit Ads
Outdoor Displays Print Media
TV Radio
Word of mouth What promotions do you know about?
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Not all fun and games
Research Improve product or service Figure out equilibrium price Calculate channel of distribution Promotion planning Ad strategy
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•Define and explain marketing concepts– The process of developing, promoting,
and distributing products in order to satisfy customer’s wants and needs.
•Identify the steps in the marketing strategy
– ID target market, plan marketing mix•Justify the importance of marketing research•Identify and describe the common types of promotion
Marketing Targets
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Marketing Practice
Create print advertisement for your business Create and explain a promotion