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Marketing How is marketing essential to business success? Chapter 10.

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Presentation on theme: "Marketing How is marketing essential to business success? Chapter 10."— Presentation transcript:

1 Marketing How is marketing essential to business success? Chapter 10

2 2 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

3 3 Marketing The process of developing, promoting, and distributing products in order to satisfy customers wants and needs. Functions of Marketing:

4 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 4

5 Target Markets Geographic: Location, Climate Demographic: Gender, race, age, disability Socioeconomic: Education, employment, income Psychographic: Values, lifestyles Behavioral: Loyalty, occasions Often cross of segments 5

6 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 6

7 7 The Marketing Mix Marketing Plan Marketing Mix –Combination of marketing strategies –All MUST mix appropriately to achieve success

8 8 The Product Strategy Product Features Branding: –Value name ads Packaging, and Labeling –Symbol or Name, Container, Information

9 9 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. Wheres the beef? 8. Kid tested, Mother approved 1. Allstate 2. Clairol 3. American Express 4. Bounty 5. De Beers 6. McDonalds 7. Wendys 8. Kix Complete smartmarketingquiz.com Work on Business Plan Product Strategy – Name, Slogan, Logo

10 10 Place – Channels of Distribution Manufacturers/Producers Distributors Wholesalers Retailers Customers Direct Indirect

11 11 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

12 Business Plan Find a location for your company Figure out product pricing 12

13 13 The Promotion Strategy Pre-Opening Plan Ongoing Plan –Promotional Plan Format - Campaign Promotional Activities: Internet Directories Direct MailTransit Ads Outdoor DisplaysPrint Media TVRadio Word of mouth What promotions do you know about?

14 Not all fun and games Research Improve product or service Figure out equilibrium price Calculate channel of distribution Promotion planning Ad strategy 14

15 Define and explain marketing concepts –The process of developing, promoting, and distributing products in order to satisfy customers 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 15 Marketing Targets

16 16 Marketing Practice Create print advertisement for your business Create and explain a promotion


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