Chapter 9: Marketing: Providing Value to Customers What is Marketing? The Marketing Mix Pricing a Product Placing a Product Promoting a Product The Product Life Cycle The Marketing Environment Careers in Marketing (cases and problems)

1. What is Marketing? Besides advertising and selling, what are the other 7 factors of marketing used to satisfy customer needs? What is the marketing concept? How does it work? What are the components of a marketing strategy? Discuss the steps in determining your target market Explain the difference between consumer market and industrial market What are market segments and what are some of the common characteristics that influence buyer decisions

2. The Marketing Mix What are the 4 P’s in the market mix? What kind of questions should you ask when conducting market research? Explain the process of collecting secondary data and primary data and describe methods for this collection What is branding and what are the three major branding strategies? Name some factors that could establish branding equity and promote branding loyalty What benefits in marketing are derived from packaging and labeling?

3. Pricing a Product Explain skimming and penetration pricing strategies Discuss the pros and cons of using the following pricing strategies: cost-based pricing, demand-based pricing, target costing, prestige pricing, odd/even pricing

4. Placing a Product Discuss the pros and cons of the following product placement distribution channels: selling directly to customers, selling through retailers, selling through wholesalers What are the various forms and processes used in physical distribution of products? Explain supply chain management and value chain concepts

5. Promoting a Product Describe the elements of promotion mix What are some of the promotional tools available to businesses and how do they use them? How do you manage customer relations? What is permission vs. Interruption marketing?

6. The Product Life Cycle What are the four stages a product can go through in its life cycle? How do they effect sales and marketing of that product? Why is it important to track these cycles and change marketing mix on these products?

7. The Marketing Environment What are the external marketing environment factors that influence how businesses operate? Discuss the five components of the buying process and the 5 psychological and four social influences on buying behavior

8. Careers in Marketing Discuss career opportunities in the area of business marketing. Which one(s) interest you the most?

Cases and Problems The class will divide into four groups: Group 1 will address the Learning on the Web section of chapter 9 Group 2 will address the Career Opportunities section of chapter 9 Group 3 will address the Ethics Angle section of chapter 9 Group 4 will address the Team-Building Skills section of chapter 9 Be prepared to discuss your answers in your groups in the next class session