W HAT IS THE MARKETING CONCEPT ?  Businesses should strive to satisfy customers while making a profit. W HAT IS A TARGET MARKET ?  A group of people identified as the most likely to become customers – specifically classified by wants/needs and other segmentation factors.

 Describe the elements of the marketing mix.  Explain the impact of electronic commerce on business and marketing.

 Have you ever made a batch of brownies?  What ingredients do you need?  What happens if one of the ingredients is missing?

 The marketing mix includes the tools that markets use / control in order to influence potential customers in a target market.  It is also known as the 4 P’s.  Decisions made about the 4 P’s are based on the people marketers want to win over and make into customers.  Marketers must first clearly define each target market before they can develop their marketing strategies (the 4 P’s).  Without a solid mix of marketing strategies, a product is not likely to succeed in the marketplace.

1. Produc t 2. Place 3. Price 4. Promot ion  Because of the importance of customers, some marketers add a 5 th “P” to the mix. PEOP LE

MARKETING FUNCTIONS MARKETING MIX  Financing, Product Planning, Marketing Research, Pricing, Channel Management, Promotion, Selling  Functions pertain to the business as a whole.  Product, Place, Price, Promotion, People  Mix applies to a specific target market. Marketing Functions  Market Segmentation  Target Market  Marketing Mix

 Refers to tangible, physical characteristic or features of a product / service  Examples include:  Brand name  Quality  Packaging  Accessories / services

 Is about getting the products to the customer  Also referred to as distribution  Examples include:  Specific stores  Distribution channels  Transportation  Order Processing

 What is exchanged for the product  Should reflect what customers are willing & able to pay (demand)  Examples include:  Pricing strategy  Suggested retail price  Seasonal pricing  Bundling

 Communicati on of information  Refers to activities related to advertising, personal selling, sales promotion, and publicity

 Usually refers to a defined target market  Examples include:  Health- conscious women  Active teenagers  Young professionals

PEOPLE school-age children PEOPLE school-age children