2Part 1 Marketing Dynamics Chapter 1Marketing Is Dynamic!
3Ch. 1, Marketing Is Dynamic! Chapter ObjectivesState the main goal of marketing.Describe each of the Four Ps.Distinguish among good, service, and idea.Explain how marketers determine the marketing mix.Summarize the key elements of a marketing plan.
5Ch. 1, Marketing Is Dynamic! Marketing DefinedMarketing consists of dynamic activities that focus on the customer to generate a profitable exchange(Continued)
6Ch. 1, Marketing Is Dynamic! Marketing DefinedGoal of marketingmeet customers’ needs and wants with products that customers can and will buy
7Ch. 1, Marketing Is Dynamic! Dynamic = constantly changingMarketing is dynamic because customers’ needs and wants are constantly changingDescribe a want or need of yours that has changed over time.(Continued)
8Ch. 1, Marketing Is Dynamic! Customers’ needs and wants change becausecustomers changethe economy changestechnology changessocial trends change
9Marketing Is Customer-Focused Ch. 1, Marketing Is Dynamic!Marketing Is Customer-FocusedMarketing focuses on the customerA customer can be apersonbusinessnonprofit organizationgovernment(Continued)
10Marketing Is Customer-Focused Ch. 1, Marketing Is Dynamic!Marketing Is Customer-FocusedMarketers focus on customers bylearning what customers need and wantdeveloping products to meet those needs and wants(Continued)
11Marketing Is Customer-Focused Ch. 1, Marketing Is Dynamic!Marketing Is Customer-FocusedA target market is a specific group of customers whose needs a company will focus on satisfying by creating products that the target market wants and will buyTeens are a popular target marketDescribe a product that was designed to meet the wants and needs of teens.
12Marketing Is Relationships Ch. 1, Marketing Is Dynamic!Marketing Is RelationshipsThe basis for marketing is the relationship between the buyer and the sellerMany businesses develop long-term relationships with their customersDescribe a long-term relationship that you have with a business.
13Marketing Is International Ch. 1, Marketing Is Dynamic!Marketing Is InternationalPeople can buy products from anywhere in the worldJapan National Tourist OrganizationWhat enables people to buy products from anywhere?
14Marketing Is the Four Ps Ch. 1, Marketing Is Dynamic!Marketing Is the Four PsThe Four Ps are the basic elements of marketingProductPlacePricePromotion(Continued)
15Marketing Is the Four Ps Ch. 1, Marketing Is Dynamic!Marketing Is the Four PsProduct is the whatWhat are you selling?Place is the whereWhere are you selling it?Price is the how muchHow much will the customer pay for it?Promotion is communicationWhat do you want the customers and the public to know?
16Ch. 1, Marketing Is Dynamic! ProductThere are three types of productsgoodphysical itemserviceaction done for youideaconcept, cause, image, issue, or philosophy(Continued)
18Ch. 1, Marketing Is Dynamic! PlacePlacegetting products to customersat convenient times and locationsincludes distributionDescribe distribution you have seen.(Continued)
19Ch. 1, Marketing Is Dynamic! PlaceDistribution is physically getting goods to customersIncludesshippingstoringinventorystocking of goods
20Ch. 1, Marketing Is Dynamic! PricePrice is the amount of money requested for a productdetermined by the marketersbased onhow much they think the customer will paythe costs to produce the productWhat might happen if you set a price too low or too high?
21Ch. 1, Marketing Is Dynamic! PromotionPromotion iscommunication with customerstelling people aboutyour productyour businessDescribe promotion that you have seen.(Continued)
22Ch. 1, Marketing Is Dynamic! PromotionPromotion includesselling, advertising, and sales promotionpublic relationscreating a positive image of your company
23Marketing Is the Marketing Mix Ch. 1, Marketing Is Dynamic!Marketing Is the Marketing MixThe marketing mix is a plan of action for marketing a productconsists of the decisions made about each of the Four Psmade with the target market in mind(Continued)
24Marketing Is the Marketing Mix Ch. 1, Marketing Is Dynamic!Marketing Is the Marketing MixMarketing mix decisions include answers to these questionsWhat products do customers need or want?Which stores will be convenient for them?What price will they pay?Where will they see ads?Choose a product, then answer these questions for the teen target market.(Continued)
25Marketing Is the Marketing Mix Ch. 1, Marketing Is Dynamic!Marketing Is the Marketing MixWhy is the target market in the center?Is the customer part of the marketing mix?
26The Marketing Mix in Action Ch. 1, Marketing Is Dynamic!The Marketing Mix in ActionImagine that you want to eat dinner.You hear a commercial on the radio promoting a new value meal at a local fast-food restaurant.The announcer says that the value meal costs $3.95. You have $5.00 in your pocket. You buy the value meal.Identify the Four Ps in this marketing mix.
27Marketing Is the Marketing Plan The marketing plan is a plan that guides a company so that it avoids such pitfalls aslost saleslost opportunitiespoor product planning
28Key Elements of a Marketing Plan Key elements of a marketing plan includemarket opportunities and analysisa SWOT analysis helps a company determine its strengths, weaknesses, opportunities, and threatsa market strategyan action planmonitoring and evaluating the planreview revenue from sales to help forecast, or predict future sales and revenue
29Is Marketing in Your Future? Ch. 1, Marketing Is Dynamic!Is Marketing in Your Future?Marketingis an exciting fieldhas potential for high earningsis useful in careers not directly related to marketing(Continued)
30Is Marketing in Your Future? Ch. 1, Marketing Is Dynamic!Is Marketing in Your Future?Marketing skills can help youprepare for a job in marketingprepare for college studies in marketinguse marketing in other fieldsmake wise consumer decisionsHow will marketing skills help you in the future?
31Ch. 1, Marketing Is Dynamic! ReviewExplain how marketing is more than advertising and selling.List the Four Ps.Why isn’t the customer part of the marketing mix?Name a product and describe the marketing mix for that product.
32Glossary customer. Individual or group who buys products. Backcustomer. Individual or group who buys products.distribution. Process of physically delivering goods to customers.forecast. To predict future sales and revenue.Four Ps. Product, price, place, and promotion.(Continued)
33Glossary good. A physical item; something that you can touch. Backgood. A physical item; something that you can touch.idea. A concept, cause, issue, image, or philosophy that can be marketed.marketing. Dynamic activities that focus on the customer to generate a profitable exchange.(Continued)
34GlossaryBackmarketing mix. Plan of action for marketing a product; it consists of the decisions made about each of the Four Ps for that product—product, place, price, and promotion.marketing plan. A plan that guides a company so that it avoids such pitfalls as lost sales, lost opportunities, and poor product planning.(Continued)
35GlossaryBackplace. Marketing activities involved in making products available to customers; includes distribution.price. Amount of money requested or exchanged for a product.product. Anything that can be bought or sold; includes goods, services, and ideas.(Continued)
36GlossaryBackpromotion. Process of telling people about the product and the company that offers it.service. Action that is done for you.SWOT analysis. An analysis that includes a company’s strengths, weaknesses, opportunities, and threats.target market. The specific group of customers whose needs a company will focus on satisfying.