Back to Table of Contents pp Chapter 13 Marketing in Today’s World
Introduction to Business, Marketing in Today’s World Slide 2 of 45 Why It’s Important Effective marketing puts the products in the hands of its targeted customers.
Introduction to Business, Marketing in Today’s World Slide 3 of 45 Basics of Marketing A market is a group of customers who share common wants and needs, and who have the ability to purchase a particular product.
Introduction to Business, Marketing in Today’s World Slide 4 of 45 Basics of Marketing Marketing is the process of creating, promoting, and presenting a product to meet the wants and needs of consumers.
Introduction to Business, Marketing in Today’s World Slide 5 of 45 Basics of Marketing Businesses want you to buy their product so they perform detailed research on markets to find and analyze potential customers in their market. This is called target marketing.
Introduction to Business, Marketing in Today’s World Slide 6 of 45 Functions of Marketing The seven functions of marketing are: Distribution Financing Marketing information management Pricing continued
Introduction to Business, Marketing in Today’s World Slide 7 of 45 Functions of Marketing Product/service management Promotion Selling
Introduction to Business, Marketing in Today’s World Slide 8 of 45 Graphic Organizer Marketing Functions Graphic Organizer Financing Pricing Market-Information Management Product/Service Management Promotion Distribution Selling ProducersConsumers
Introduction to Business, Marketing in Today’s World Slide 9 of 45 Functions of Marketing A popular trend in today’s marketing world is relationship marketing. Companies use this strategy to build customer relations.
Introduction to Business, Marketing in Today’s World Slide 10 of 45 Marketing Mix The four elements of marketing— product, place, price, and promotion— are called the marketing mix, or the four Ps.
Introduction to Business, Marketing in Today’s World Slide 11 of 45 Product Marketing is used first to find out if there is a demand for a product. Then it is concerned with how to present a product to the customer to make it as appealing as possible.
Introduction to Business, Marketing in Today’s World Slide 12 of 45 Place One of the first things marketers have to consider is where to sell a product. Then marketers have to consider in what kind of location to sell their product.
Introduction to Business, Marketing in Today’s World Slide 13 of 45 Place The placement of the product in a store is important.
Introduction to Business, Marketing in Today’s World Slide 14 of 45 Price To determine the price of a product a marketer considers three questions: 1.How much are customers willing to pay? 2.Is the price competitive with other products? 3.Can the company make a profit?
Introduction to Business, Marketing in Today’s World Slide 15 of 45 Price The break-even point is the amount of money a company has to make on a product to pay for its costs.
Introduction to Business, Marketing in Today’s World Slide 16 of 45 Promotion Promotion consists of making customers aware of a product. The most familiar form of promotion is advertising.
Introduction to Business, Marketing in Today’s World Slide 17 of 45 Promotion Some marketers offer discounts in the form of coupons, rebates, and sales. Another way companies promote their products is through public relations, or publicity.
Introduction to Business, Marketing in Today’s World Slide 18 of 45 Market Research Companies do market research to gather and study information about consumers to determine what kinds of goods and services to produce.
Introduction to Business, Marketing in Today’s World Slide 19 of 45 Market Research Demographics are facts about the population in terms of age, gender, location, income, and education. Once marketers know the demo- graphics of a market, they can develop products for it.
Introduction to Business, Marketing in Today’s World Slide 20 of 45 Product Development A company’s ability to create a new product or a slight variation of an already successful one is important to increasing sales.
Introduction to Business, Marketing in Today’s World Slide 21 of 45 Product Development The seven steps for developing a new product are: 1.Generating ideas 2.Screening ideas 3.Developing a business proposal continued
Introduction to Business, Marketing in Today’s World Slide 22 of 45 Product Development 4.Developing the product 5.Test marketing the product 6.Introducing the product 7.Evaluating customer acceptance
Introduction to Business, Marketing in Today’s World Slide 23 of 45 Channels of Distribution A channel of distribution is a particular way to direct products to consumers.
Introduction to Business, Marketing in Today’s World Slide 24 of 45 Channels of Distribution Direct distribution occurs when the goods or services are sold from the producer directly to the customer.
Introduction to Business, Marketing in Today’s World Slide 25 of 45 Channels of Distribution Indirect distribution involves one or more intermediaries.
Introduction to Business, Marketing in Today’s World Slide 26 of 45 Channels of Distribution The biggest impact distribution has on marketing is how it affects the price of products. Each time a product goes through another channel of distribution, the cost of marketing increases.
Introduction to Business, Marketing in Today’s World Slide 27 of 45 Channel Members Moving the product from manufacturer to the final user is an intermediary, or a go-between. Intermediaries include distributors, wholesalers, retailers, and even the Internet.
Introduction to Business, Marketing in Today’s World Slide 28 of 45 Channel Members A distributor represents a single manufacturer in a geographic area.
Introduction to Business, Marketing in Today’s World Slide 29 of 45 Channel Members A wholesaler receives large shipments of products from many different producers. Wholesalers break the shipments into smaller batches for resale.
Introduction to Business, Marketing in Today’s World Slide 30 of 45 Channel Members A retailer sells goods directly to the customer. This is the final stop in the channel of distribution.