Which of the Four P’s of Marketing are Active in Biz-Café What is being sold? What is being bought? Ted Mitchell.

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Presentation transcript:

Which of the Four P’s of Marketing are Active in Biz-Café What is being sold? What is being bought? Ted Mitchell

Your Goal In Biz-Cafe What is your personal goal(s) beyond the the assigned goal of reaching at least $5,000 in retained earning (cumulative net profit over 16 weeks) How will you know if you have a achieved it?

What is the marketing mix or strategy designed to do? Create a higher sales revenue (Top line) Create a higher volume of stuff sold Create more sales transactions Create more shoppers and store traffic Create awareness, interest, desire, etc. among prospective customers Create customers (turn buyers into satisfied loyal customers) Create more profitable customers Retain more of the profitable customers Create higher gross profits Create higher profit from marketing activities Contribute more profit to the bottom line (net profits or earnings)

What are the 4Ps of the Marketing Mix? Profit Profit is NOT an element in the marketing mix Profit is the goal of the marketing mix! 1) Price Strategy 2) Place Strategy 3) Promotion Strategy 4) Product Strategy

What are the Push and Pull Elements of the Marketing Mix? Pull Strategy is any marketing activity in the four P’s designed to get the customer to pull your product of the shelf Push Strategy is any marketing activity in the four P’s designed to get the distributors, retailers to push your product onto the store shelves

What are the 4 P’s in Biz-Café Price Price: What are you choosing? How does it impact sales revenue? Where do you select it? Management Marketing Operations Where and When is it reported? Does the report(s) indicate the impact it’s having on sales?

Place in the Biz-Cafe What are you choosing? How does it impact sales revenue? Where do you select it? Where is it reported? Does the report(s) indicate the impact it’s having on sales?

Promotion in the Biz-Cafe What are you choosing? How does it impact sales revenue? Where do you select it? Where is it reported? Does the report(s) indicate the impact it’s having on sales?

Product in the Biz-Cafe What are you choosing? How does it impact sales revenue? Where do you select it? Where is it reported? Does the report(s) indicate the impact it’s having on sales?

What Product is being Sold? What Product is being Bought? Engagement Ring Pair of Running Shoes Toyota Rav 4 SUV Power Tool Drills The key to this separation is in the benefits or solutions being sought

What Product is being Sold? What Product is being Bought? In Biz-Café 1) something warm and tasty 2) something comforting 3) a wake-me-up, a jolt, a buzz, a pick-me-up 4) a quite spot to relax and take a break 5) freshen up, go to the washroom 6) read a book 7) use the internet 8) rendezvous point to meet friends before morning class before an evening out, movies 9) last stop on the way home to sober up talk about the evening hang out with friends 10) “I can afford it” status

What are the defining characteristics of a customer? Definable need and want The money to satisfy it The authority to spend it

What is a market? A market is customers A set of customers that have articulated their wants in terms of a set of products that provide satisfactions. In marketing it is not defined as the set of manufacturers and customers in an arena of competition (Industry)

What is a market segment? A group of customers with a homogeneous set of needs, wants, problems, who respond to a firm’s 4P marketing mix in a similar way with similar intensity.

What are some popular and important segmenting dimensions? Benefits sought Demographics Geographical Psychographics (vals) Sociological (cultures, reference groups,)

What are characteristics of a good market segment? Homogeneity Substantiality Accessibility Receptivity

What makes a segment a good target market? Potential Growth ( Market Attractiveness) Potential Market Share Your firm has the ability to produce, communicate and deliver the desired satisfactions to the targeted more effectively and efficiently than your competitors and can achieve the firm’s desired level of profitability doing so.

In Biz-Cafe What is your Target Market?