INTRODUCTION TO MARKETING. BMI3C Unit 1 Slide 2 Introduction to Marketing BRAINSTORM Make a list of all the terms you think of when you hear the word.

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Presentation transcript:

INTRODUCTION TO MARKETING

BMI3C Unit 1 Slide 2 Introduction to Marketing BRAINSTORM Make a list of all the terms you think of when you hear the word MARKETING?

BMI3C Unit 1 Slide 3 What is Marketing? Marketing is the sum of all the activities involved in planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants.

What is the point of marketing It’s not about what you want to sell, its about what the customers want to buy BMI3 C Unit 1 Slide 4

BMI3C Unit 1 Slide 5 What is Marketing? Marketing seeks to discover the needs and wants of prospective customers; and satisfy them.

BMI3C Unit 1 Slide 6 What is Marketing? The key to achieving these two objectives is the idea of exchange: the trade of things of value between buyer and seller so that each is better off after the trade.

BMI3C Unit 1 Slide 7 AN EXAMPLE ME: Hungry McD’s: Needs to sell food ME: Buy food McD’s: Makes money

Requirements for Marketing to Occur

In Your Opinion… What is necessary in order for marketing to occur (i.e. who needs to bring what to the table?) BMI3 C Unit 1 Slide 9

BMI3C Unit 1 Slide 10 Requirements for Marketing 1. Two or more parties with unsatisfied needs I need food, McD was in need of selling food in order to make money

BMI3C Unit 1 Slide 11 Requirements for Marketing 2. Desire and ability to satisfy those needs I want to curb my hunger and have money, McD has food and a way for me to purchase it from them

BMI3C Unit 1 Slide 12 Requirements for Marketing 3. A way for the parties to communicate I watch TV, McD advertises its products on TV I receive mail, McD sends out coupons

BMI3C Unit 1 Slide 13 Requirements for Marketing 4. Something to exchange I have money, McD has food

BMI3C Unit 1 Slide 14 DILBERT What’s wrong with the Pointy- Haired Boss’s suggestion?

Needs & Wants

BMI3C Unit 1 Slide 16 NEEDS vs. WANTS A need occurs when a person feels deprived of basic necessities (food, drink, shelter) A want is a need that is shaped by a person’s knowledge, culture, and personality

BMI3C Unit 1 Slide 17 NEEDS vs. WANTS If you are hungry, you have a basic desire or need to eat. Based on your past experience with hunger, you may want a chocolate bar or an apple. NEED food WANT apple

BMI3C Unit 1 Slide 18 NEED or WANT? water gatorade salad Cologne air American Eagle Hoody

BMI3C Unit 1 Slide 19 What is a Market? A market is a group of people with a desire to purchase a product and the ability or means to do so.

BMI3C Unit 1 Slide 20 What is a Target Market? A target market is a group of potential customers to whom an organization directs its marketing program EXAMPLES: teens, parents, seniors, extremely wealthy, etc.

Who Markets? In your notes, brainstorm 5 groups who you feel market

BMI3C Unit 1 Slide 22 Who Markets? All organizations, and many individuals, including: Manufacturers market their products to potential customers Ex.

BMI3C Unit 1 Slide 23 Who Markets? Service Businesses market their expertise to potential customers Ex.

BMI3C Unit 1 Slide 24 Who Markets? Not-for-profit Organizations market their cause to potential donors Ex.

BMI3C Unit 1 Slide 25 Who Markets? Politicians market their ideas to potential voters Ex.

BMI3C Unit 1 Slide 26 Who Markets? Job applicants market their skills to potential employers Ex.