Marketing Market Planning Product/Service Development PricingPromotion Distribution Selling Information Management Finance Risk Management
Market Planning Developing a strategy to: achieve company goals satisfy customer needs better than competitors Create sales and earn a profit Product/Service Management Designing, developing, maintaining, improving and acquiring products and services that meet customer needs Distribution Determining the best way for customers to locate, obtain, and use products and services
Pricing Setting and communicating the value of products Promotion Communicating information about products and services to potential customers. Selling Communicating directly with customers to determine and satisfy their needs.
Information Management Obtaining and using information to improve business decision-making and the performance of marketing activities. Finance Budgeting for marketing activities Obtaining necessary funds for operations Providing financial assistance to customers Risk Management Reducing the possibility of financial loss Ensuring product is safe and meet all guidlines
volunteers?!? › Your Business Your Business If you make a great product is marketing necessary? More important, marketing or a quality product?
All Costs are per item Office Supply Store - $100 Cheap Pencils - $15 #1 Supplier - $50
Using the needs of customers as the primary focus throughout the functions of marketing 3 Step process: 1.Identify needs of customers 2.Develop and market product/service 3.Operate the business at a profit Satisfied or not what's the difference?
Marketing Research gathers and analyzes information about customers. › Methods of Information gathering Surveys Focus Groups Observation Test Markets Random Sampling /Experiment
STEP 1 – Identify the Target MarketTarget Market Who are we selling our product or service to? Gatorade vs. Your Turn Your Turn STEP 2 – Develop Marketing MixMarketing Mix Product, Price, Place (Distribution), Promotion
TARGET MARKET – specific group of consumers that have similar wants and needs TARGET MARKET Companies can not meet everyone’s needs with any one product Focusing on a target market makes it easier to develop products people want
Product pricing promotion place What are we going to sell How much will we charge How will we communicate to our customers about our product or service How will we get our product or service to customers
What does the customer want/need from the product/service? What features does it have to meet these needs? What is it to be called? How is it branded? How is it differentiated versus your competitors?
What is the value of the product or service to the buyer? How will your price compare with your competitors? What profit will we earn? Pricing Factors Supply and Demand Uniqueness Age Season Complexity Convenience Quality
What are the best methods and procedures to use so customers can find obtain and use your product? Where do buyers look for your product or service? What do your competitors do? Direct vs. Indirect Channels of Distribution Direct – From Producers to Consumer Indirect – One or more business in between the producer & consumer. Transportation Company Retailers
Where and when can you get across your marketing messages to your target market? How do your competitors do their promotions? And how does that influence your choice of promotional activity? Types of Promotion Advertising Personal Selling Sales Promotions Giveaways Publicity Word of Mouth