Presentation on theme: "1. 2 Part 1 Marketing Dynamics Chapter 1 Marketing Is Dynamic!"— Presentation transcript:
2 Part 1 Marketing Dynamics Chapter 1 Marketing Is Dynamic!
3 Chapter Objectives State 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.
4 Marketing Terms marketing customer target market Four Ps product good service idea place distribution price promotion marketing mix marketing plan SWOT analysis forecast
5 Marketing Defined Marketing consists of dynamic activities that focus on the customer to generate a profitable exchange Marketing (Continued)
6 Marketing Defined Goal of marketing meet customers needs and wants with products that customers can and will buy
7 Marketing Is Dynamic Dynamic = constantly changing Marketing is dynamic because customers needs and wants are constantly changing Describe a want or need of yours that has changed over time. (Continued)
8 Marketing Is Dynamic Customers needs and wants change because customers change the economy changes technology changes social trends change
9 Marketing Is Customer-Focused Marketing focuses on the customer A customer can be acustomer person business nonprofit organization government (Continued)
10 Marketing Is Customer-Focused Marketers focus on customers by learning what customers need and want developing products to meet those needs and wants (Continued)
11 Marketing Is Customer-Focused A 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 buytarget market Teens are a popular target market Describe a product that was designed to meet the wants and needs of teens.
12 Marketing Is Relationships The basis for marketing is the relationship between the buyer and the seller Many businesses develop long-term relationships with their customers Describe a long-term relationship that you have with a business.
13 Marketing Is International People can buy products from anywhere in the world What enables people to buy products from anywhere? Japan National Tourist Organization
14 Marketing Is the Four Ps The Four Ps are the basic elements of marketingFour Ps Product Place Price Promotion (Continued)
15 Marketing Is the Four Ps Product is the what Product What are you selling? Place is the where Place Where are you selling it? Price is the how much Price How much will the customer pay for it? Promotion is communication Promotion What do you want the customers and the public to know?
16 Product There are three types of products good –physical item service – action done for you idea –concept, cause, image, issue, or philosophy (Continued)
18 Place getting products to customers at convenient times and locations includes distribution Describe distribution you have seen. (Continued)
19 Place Distribution is physically getting goods to customers Distribution Includes shipping storing inventory stocking of goods
20 Price Price is the amount of money requested for a product determined by the marketers based on –how much they think the customer will pay –the costs to produce the product What might happen if you set a price too low or too high?
21 Promotion Promotion is communication with customers telling people about –your product –your business Describe promotion that you have seen. (Continued)
22 Promotion Promotion includes selling, advertising, and sales promotion public relations –creating a positive image of your company
23 Marketing Is the Marketing Mix The marketing mix is a plan of action for marketing a productmarketing mix consists of the decisions made about each of the Four Ps made with the target market in mind (Continued)
24 Marketing Is the Marketing Mix Marketing mix decisions include answers to these questions What 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)
25 Marketing Is the Marketing Mix Why is the target market in the center? Is the customer part of the marketing mix?
26 The Marketing Mix in Action Imagine 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.
27 Marketing Is the Marketing Plan The marketing plan is a plan that guides a company so that it avoids such pitfalls asmarketing plan lost sales lost opportunities poor product planning
28 Key Elements of a Marketing Plan Key elements of a marketing plan include market opportunities and analysis –a SWOT analysis helps a company determine its strengths, weaknesses, opportunities, and threatsSWOT analysis a market strategy an action plan monitoring and evaluating the plan –review revenue from sales to help forecast, or predict future sales and revenueforecast
29 Is Marketing in Your Future? Marketing is an exciting field has potential for high earnings is useful in careers not directly related to marketing (Continued)
30 Is Marketing in Your Future? Marketing skills can help you prepare for a job in marketing prepare for college studies in marketing use marketing in other fields make wise consumer decisions How will marketing skills help you in the future?
31 Review Explain how marketing is more than advertising and selling. List the Four Ps. Why isnt the customer part of the marketing mix? Name a product and describe the marketing mix for that product.
32 Glossary customer. 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. Back (Continued)
33 Glossary good. 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. Back (Continued)
34 Glossary marketing mix. Plan of action for marketing a product; it consists of the decisions made about each of the Four Ps for that productproduct, 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. Back (Continued)
35 Glossary place. 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. Back (Continued)
36 Glossary promotion. 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 companys strengths, weaknesses, opportunities, and threats. target market. The specific group of customers whose needs a company will focus on satisfying. Back