1. Marketing Strategies Chapter 11.1 Market to Me!

2. Meeting Consumer Needs 0 Marketing: the process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants. 0 Four P’s of Marketing: 0 Product 0 Price 0 Place 0 Promotion

3. What is a Market? 0 A set of people who share similar wants or needs and who are capable of buying products. 0 Markets: 1. Consumer 2. Organizational 3. Governmental

4. 1. Consumer Markets 0 Individuals and households of people (“end-users”). 0 Market segmentation is the process of analyzing and classifying customers in a market to create smaller, more precise market. 0 Demographics 0 Geographic characteristics 0 Psychographics

5. Demographics 0 Statistics that describe a population in terms of personal characteristics. Examples: 0 Age 0 Gender 0 Income 0 Disposable – money left after taking out taxes (used for necessities) 0 Discretionary – money left after paying for all needs (luxury products) 0 Ethnicity 0 Education 0 Occupation

6. Geographics 0 Segment market based on where people live (local, regional, national, or global). Examples: 0 City 0 State 0 Region 0 Country 0 Relation to ethnic concentrations, where people are moving, acceptance to new products.

7. Psychographics 0 Studies of consumers based on social and psychological characteristics (how people spend their time and money). 0 Athletes 0 Students 0 “Gamers” 0 Based on attitudes, interests, and opinions.

8. 2. Organizational Markets 0 Companies who sell goods or services to other businesses. 0 Wholesale distributors – sells products to retailers 0 Retail outlets – merchant who sells products. 0 Commercial market – companies who buy goods and services to make products. 0 Ex. Intel sells processors to IBM 0 Ex. GM buys steel and aluminum from other companies

9. 3. Governmental Markets 0 Companies specialize in selling to gov’t markets. 0 Involves a complicated bidding process. 0 Involves completing a Request for Proposal ‘RFP.’ 0 For international gov’t marketing and sales you must first learn how gov’ts purchase products.

10. Your Project 0 Four P’s of Marketing: 0 Product 0 Price 0 Place 0 Promotion 0 The Marketing Mix The Marketing Mix

11. Day 1: Product 0 Be specific in describing what the business actually does and how the product/service works. 0 You should describe the details, options, sizes available and how the variations fit the targeted group or groups of customers. 0 Variety, quality, design, packaging, brand 0 Clearly define the type of company you are (service business, manufacturer, retailer, etc.). 0 Set your company goals for sales, market share and production levels. 0 VibramVibram

12. Day 1: Target Market 0 You should have a slide that describes, in detail, who your targeted group of customers is by describing specific market segments. 0 You should specify: 0 demographic 0 psychographic 0 geographic 0 Also, make a list of some competitors.

13. Day 2: Price 0 You should describe how the price you have chosen is reflective of the three key pricing decisions: 1. What price is necessary to break-even? 2. What are our customers willing and able to pay? 3. Where is your price in relation to competitors? 0 What about retail price vs. bonuses, discounts, payment plans?

14. Day 3: Place 0 You should describe all of the specific places your product will be available to customers. 0 You should also describe any geographic placement of your product, as well as any specific placement within the stores you will sell the product to (if necessary). 0 Identify any social, legal, economic, or technical challenges in the countries you are distributing too.

15. Day 4: Promotion 0 This should describe all of the “advertising” you will perform. 0 Which print media formats you will use 0 Magazines, Newspapers, Billboards 0 Be as specific as possible (ex: Sports Illustrated Magazine, or “Billboards in major cities”) 0 Which Broadcast media formats you will use 0 Television, Radio, Internet Television 0 Be as specific as possible (ex: “On Children networks such as Nickelodeon and Disney Channel from 3-6 p.m.) 0 Promotion also includes: personal selling, sales promotions, public relations, sponsorship, sales calls and more.