© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 SLIDE 1 (PART 1) 10-1 (PART 1) 10-1Marketing Basics 10-2 10-2Develop.

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© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 SLIDE 1 (PART 1) 10-1 (PART 1) 10-1Marketing Basics Develop Effective Products and Services (PART 2)10-3 (PART 2)10-3Price and Distribute Products Plan Promotion 10 C H A P T E R Marketing (Part 1, Pages 1-2)

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 What is Marketing? ●Marketing is the process of creating, delivering, and selling a product to the consumer. ●The seven marketing functions include: product and service management, distribution, selling, marketing information management, financial analysis, pricing, and promotion.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 SLIDE 3 Marketing Functions

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 KEY TERMS ●Marketing Strategy- a company’s plan that identifies how they will analyze and meet the needs of their customers. ●Target Market- a specific group of consumers that have similar wants and needs. ●Demographics- statistical facts about your customers (example: young, old, )

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 MARKETING MIX (THE 4 P’s) Marketing Mix- The 4 factors of production ●Product- What are you producing/selling? ●Place- Where is the location of sales? ●Price- How much is the product? ●Promotion- How do you advertise your product?

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 MARKETING STRATEGY ●Marketing Orientation- considering the needs of customers when developing a marketing mix (researching the customer) ●Final Consumers- purchases a product for personal use ●Business Consumers-purchases a product for a business or to resale to customers.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 Consumer Decision-Making Process The steps a consumer will follow when purchasing a product. STEPS IN THE CONSUMER DECISION-MAKING PROCESS 1. 1.Recognize a need Gather information Select and evaluate alternatives Make a purchase decision Determine the effectiveness of the decision.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 Buying Motives- understanding why consumers buy products 2 MOTIVES (motivation for purchase-why?) EMOTIONAL- Buying products based on emotions, wants, and desire. RATIONAL-Buying products based on logic and need.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R MARKETING RESEARCH- Finding solutions to problems through carefully designed studies involving consumers (analyzing problems, solutions, & consumers) ●Steps in marketing research Define the marketing problem Study the situation Develop a data collection procedure Gather and analyze information Propose a solution.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 2 Types of Businesses Products- Tangible items (example- a cell phone, iphone) Services- Intangible action (example- cell phone provider, AT&T)

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 SLIDE 11 PRODUCTS ●FEATURES- Facts of the product Example- compact product (portable) VS ●BENEFITS- Results of the product. Example- easy to carry anywhere you go. Brand Name- unique, recognizable symbol to identify a company (Ex: Nike – Swoosh) Packaging- the protective covering of a product Warranty- To guarantee a product- money back or replacement if it breaks

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 SLIDE 12 SERVICES ●CHARACTERISTICS: (think of all cell phone providers & plans) ●Intangible- the have no physical form ●Inseparable-they are consumed the same time they are produced. ●Perishable- timing is essential ●Heterogeneous- differences in type and quality of service

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 10 ONLINE RESEARCH ●SEARCH FOR JOBS/CAREERS IN THE FIELD OF MARKETING (see worksheet instructions) PAGE 2 B- MARKETING RESEARCH OF A MAJOR SNACK FOOD COMPANY (see worksheet instructions)