3 Commercial Questionnaire What is the product?Who is the target audience?Do you think this commercial creates a relationship with its market? If so, what is it?What aspects of this commercial are memorable?
5 Unit 3 Essential Question How do the fundamental marketing concepts relate to the scope and impact of marketing on the economy?
6 Essential Question 1 Basic Marketing Concepts What is marketing?
7 Marketing is. . .The process of planning, pricing, promoting, selling and distributing products to create exchanges that satisfy customers needs and wants.ProductsGoodsServicesInformation / Ideas
8 Essential Question 2 Basic Marketing Concepts How do marketing strategies relate to the marketing mix?
9 Target Marketing - Focuses all marketing decisions on the specific group of people you want to reach.The Marketing MixProductPlacePrice4 P’s of MarketingPromotion
10 Product PositioningPositioning: Getting the consumer to think about a product in a certain way.Methods of positioning:Playing to the competition's weaknesses.Looking for underserved markets.Leading with your strengths.Targeting different market segments.
11 Marketing StrategiesMarketing strategy: Identification of target markets and determination of marketing mix choices that focus on those markets.An effective marketing strategy will focus on a company’s or product’s competitive advantage: the key point of difference.
12 Essential Question 3 Basic Marketing Concepts What are the marketing functions and their related activities?
13 Functions of Marketing DistributionThe physical movement of a good or service.Deciding where and to what extent to sell a good or service.
14 Functions of Marketing FinancingDetermining the need for and availability of financial resources to aid in marketing activities.
15 Functions of Marketing Marketing Information ManagementGathering, recording, analyzing, and disseminating information to aid in making marketing decisions.
16 Functions of Marketing PricingThe determination of an exchange price at which the buyer and seller perceive optimum value for a good or service.
17 Functions of Marketing Product/Service ManagementObtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.
18 Functions of Marketing PromotionCommunicates information about products, services, images, or ideas to customers or clients to influence their purchase behavior.
19 Functions of Marketing SellingResponding to consumers needs and wants through planned, personalized communications intended to influence purchase decisions.
20 Essential Question 4 Basic Marketing Concepts How do the effects of various marketing activities compare and contrast?
21 Marketing ActivitiesWhat marketing activities would be associated with each function of marketing?Distribution?Financing?Marketing Information Management?Pricing?Product/Service Management?Promotion?Selling?
22 Essential Question 5 Basic Marketing Concepts How do marketing plans interact with marketing strategies?
23 Marketing Plan Marketing Plan A formal, written document that directs a company’s activities for a specific period of time.Elements of a Marketing Plan include:Situation AnalysisMarketing StrategiesImplementationEvaluation and Control
24 Marketing Plan Marketing Plan The Marketing Strategies section of the Marketing Plan focuses on:Product PositioningMarketing MixProductPlacePricePromotion
25 Essential Question 6 Basic Marketing Concepts How does the marketing planning process employ situational analysis?
26 Situational AnalysisSituational Analysis: The study of the internal and external factors that affect marketing strategies and is an element of the Marketing Plan.
27 Situational Analysis A Situational Analysis includes: SWOT Analysis: An assessment of the company’s internal Strengths and Weaknesses and external Opportunities and Threats.Environmental Scan: An analysis of outside influences that may have an impact on the organization. It includes:PoliticalEconomicSocio-CulturalTechnological
28 Essential Question 7 Basic Marketing Concepts How are the concepts of market, market segmentation, and market identification differentiated?
30 Identifying Your Customers Market: A group of all potential customers who share common needs and wants, and who have the ability and willingness to buy the product.Market Segmentation: Dividing the total market into smaller groups of people who share specific needs and characteristics.
31 Customers vs. Consumers Buy a productConsumersUse the product
32 Consumer Market vs. Industrial Market Personal UseIndustrialBusiness Use
33 Market Segmentation Geographics Segmentation of the market based on where people live.
34 Market Segmentation Demographics Statistics that describe a population in terms of personal characteristics. These include age, gender, income, ethnic background, education, etc.
35 Market Segmentation Psychographics Involves the study of customers based on lifestyle, and the attitudes and values that shape it.
36 Market Segmentation Product Benefits Built in features of products in response to consumer needs and wants.
37 Market Identification: Identifying Your Customers Developing a Customer ProfileCombining geographic, demographic, psychographic, and product benefit data to get a complete picture of your potential customers.
38 Essential Question 8 Basic Marketing Concepts How does the marketing concept relate to customer needs and wants?
39 BrainstormWhat are the differences between sales-oriented and marketing-oriented companies.
40 The Marketing ConceptIn order for a business to make a profit, it must focus all of its efforts on satisfying the needs and wants of its customers.
41 Customer Satisfaction Involves creating a relationship with the customer to achieve customer loyalty – also known as Customer Relationship Management (CRM).Customer satisfaction is directly related to the product’s perceived value.