Reviewing Marketing Terms What is Marketing? Goods vs Services Marketing Concept Marketing Mix Target Market Market Segmentation
Marketing Process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that meet customer wants and or needs.
Products, Goods, and Services Products- Goods and Services Goods- tangible products Services- intangible products
Marketing Concept Focus on wants and needs of customer Objective - meet wants and needs AND profit
Marketing Mix Marketing strategies Four categories of strategies/decisions 4P’s Product, Place, Price, Promotion
5 th P People Target market All decisions center around People
Target Market Group of people identified as potential customers Similar characteristics Also called PEOPLE or the 5 th P All decisions center around target market
Market Segmentation Dividing a market into sub groups Sub groups based on similar traits Used to identify/define target market
Demographics Characteristics of a Group: Income Ethnicity Age Gender Psychographics
Activity Apply Components of the Marketing Mix Instructions: Students work with partner or small group to apply the components of the marketing mix to the Boxercraft Flannel pants that are sold in the school store. Include the 5 th P in this analysis. Use PPT or Word to prepare this activity. Email to firstname.lastname@example.org@lcps.org
Examining Marketing and Business Day 2 Agenda Formative Assessment-Review Marketing Terms What is a Marketing Plan SWOT Analysis
The Marketing Plan Good Marketing Begins with Good Planning
Marketing Plan Formal, written document Directs activities for specific time period Provides “roadmap” for business Communicates goals and objectives Communicates strategies Explains budget and timeline Evaluates
SWOT ANALYSIS Strengths Weaknesses Opportunities and Threats Analysis of internal and external environment Critical to understanding your business Develop strategy around SWOT analysis Strengths and Weaknesses are Internal SWOT factors Opportunities and Threats are External SWOT factors
SWOT Analysis Rules for Successful SWOT Analysis Be realistic Distinguish between where organization is today and can be in the future Be specific- no gray areas Apply in relationship to competition- how better or worse than competition Keep it simple Used to identify how to “add value”
Environmental Scan PEST Analysis of outside influences that can impact Methodical analysis of four areas: POLITICAL – issues around government involvement in business; global political issues ECONOMIC- current state of the economy; local/state/national/international SOCIO-CULTURAL –attitudes, lifestyles, opinions of customers and potential customers TECHNOLOGICAL- changing technology and it’s impact on business
Class Assignment Students work with a partner to prepare a SWOT Analysis for The Falcons’ Nest- the school store at Briar Woods High School. Use the SWOT grid provided OR download the grid to “Your Documents” and complete using Word Processor. Due end of class. 50 Points.
Day 3- Agenda Formative Assessment- Marketing Plan and SWOT Analysis Review SWOT analysis Examine Elements of A Marketing Plan
Components of Marketing Plan I. Executive Summary Introduction to Marketing Plan; brief overview of the entire plan; usually written LAST II. Situation Analysis Snapshot of company’s current position A. SWOT Analysis B. Environmental Scan (PEST)
Marketing Plan III. Objectives Defines specific goals to be met A. Company’s Mission B. Marketing Objectives C. Financial Objectives
Falcons’ Nest Mission Statement The Falcons’ Nest strives to Deliver quality products to the Briar Woods’ family; Encourage school spirit Provide outstanding customer service; and Engage in a continuous commitment to Give back to our community
Group Responses: #1- The Falcons’ Nest goal is to have the best quality products available to the Briar Woods family; fuel school spirit; provide outstanding customer service; and always give back to our community while having the fairest prices. #2- Keep as it #3- The Falcons’ Nest strives to achieve great products for the Briar Woods family.-( the rest stays the same) #4-The Falcons’ Nest strives to promote school spirit through quality products; Provide outstanding customer service; and ensure continuous commitment to our Briar Woods family
Marketing Objectives Focus on a few “big picture” objectives Objectives must be realistic and specific Single-minded ( one topic for each objective) Must support overall business goals/mission Must be measurable- time bound
Example of Marketing Objectives Increase gross sales by 20% for the 2014-2015 school year Increase Spirit-Box sales by 10% for the 2014- 2015 school year Launch online store by December1, 2014.
Financial Objectives Refers to “revenue” the company will generate Expressed in $ Specific amount targeted to generate Could project and measure “costs” and lowering costs Could project and measure “profit”
Class Activity Using information from class lessons, handouts, and Internet research, students will work with a partner to prepare the following information for a marketing plan for The Falcons’ Nest- the school store at Briar Woods: 1)Revise current mission statement to be effective and accurate 2)Write value statements for school store 3)Write 3 Marketing Objectives and 3 Financial Objectives 4)Prepare in PPT presentation and share with class. Presentations given same day as assignment. 50 Points
The Marketing Plan Day 3 Lesson Agenda Formative Assessment- Mission and Objectives Marketing Strategies Positioning and Points of Difference Marketing Mix Class Activity- apply marketing mix to company objectives
Marketing Strategies Company defines HOW objectives will be met Uses marketing mix to meet objectives (4 Ps) Uses Positioning and Points of Difference strategies
Positioning A strategy that aims to make a brand occupy a distinct position or image Relative to competing brands Perception of customer Accomplish by emphasizing distinguishing features of brand
Points of Difference Attributes or benefits consumers associate with a brand Consumers feel cannot find same benefits with competing brands Exclusiveness; Superiority established in minds of consumer Part of building brand and positioning
Class Activity Students will work with partner to prepare the following as applied to The Falcons’ Nest: 1.Positioning and Points of Difference 2.Marketing Mix (Four P’s) Prepare in PPT and share out with class. Due end of class. 50 Points.