Presentation on theme: "Warm-up 1. Booking airline tickets for vacationers is an example of __________ marketing. a. Feature b. Benefits c. Service d. Goods."— Presentation transcript:
Warm-up 1. Booking airline tickets for vacationers is an example of __________ marketing. a. Feature b. Benefits c. Service d. Goods
Agenda 10 Question Seven Functions Quiz You can work with partner & use notes Everyone completes quiz Everyone is done work on Psychology of Color Project Quiz is your grading sheet email@example.com firstname.lastname@example.org Take Ad Meter Survey Vote on commercials Time Permits (Marketing Mix Notes / Assignment)
RELATIONSHIP OF GOALS, TACTICS, & STRATEGIES TO THE MARKETING MIX Mission Statement – the guiding principle for all business decisions and provides direction for planning. Goals/Objectives – established on a yearly basis and support the mission statement. Goals must be measurable and have a deadline. Strategies – are then developed to accomplish goals and it reflects the method to achieve the goal (what to do). Tactics – are then developed to accomplish the strategies; it is the how things will be done, daily actions.
Marketing The Marketing Concept is the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm. Customer Satisfaction is very important. Repeat customers are what make businesses successful Customer Relationship Management If businesses don’t make money, they don’t do it!
Fundamentals of Marketing Marketers realize that not every product can appeal to everyone. Marketers examine two key factors to define their market: Who is interested in a product? Who can afford their product? A market is made up of all people who share similar needs and wants and who have the ability to purchase your product. MUST MEET BOTH CRITERIA TO BE INCLUDED
Examples of a Market Luxury Suites at Yankees Stadium Prices range from $600,000 and $850,000 Rich, Men, Sports Fans Malt-O-Meal Frosted Flakes $1.41/box at DollarDays International Lower Income, Kids/Single Parents Hollister Co. Santa Monica Jacket $140 jacket Teenage Girls, Colder climate areas, Medium-High Income Families
Target Market & Market Segmentation Market Segmentation is the process of classifying customers by needs and wants. Goal is to identify the group of people who are most likely to become customers. This specific group is known as a Target Market All marketing strategies are directed towards the target market. Provides the focus of your marketing campaign. Marketer’s must develop a clear target market before developing a marketing strategy.
Consumer v. Customer A product may have more than one target market. Example:Low Sugar Fruity Pebbles Identify the consumer: Children Identify the customer: Parents *Most five year olds do not purchase their Fruity Pebbles Same Product--- Different Approach To target parents you would use commercials that advertise how healthy they are and air them on a Saturday night. To target children you would use commercials that focus on how fun the cereal is, the bright colors, the cool characters and air this commercial on Saturday mornings.
Target Market To develop a clear picture of their target market, businesses create customer profile lists of information about the target market. Age Income Level Ethnic Background Occupation Attitudes Lifestyle Geographic Residence Understanding these characteristics allows you to make better choices
The Marketing Mix The Marketing Mix includes four basic marketing strategies called the four P’s: 1. Product 2. Place 3. Price 4. Promotion 5. *People These are the tools that marketers use to influence potential customers
The 4 P’s…. Product: What you decide to make and sell. Includes the features, benefits, packaging, name, and brand. Place: Deals with how and where a product will be distributed. Price: Price is what is exchanged for the product. Reflects what a customer is willing and able to pay. Promotion: Refers to decisions about advertising, personal selling, sales promotion, and publicity.
Walgreen's Wal-Mart CVS Thermal Water Bottle Keeps water at 10 degree Drops chewing gum out the bottom Brail Censored buttons to guide all users $9.99 Commercial of athletes using my product Buy One, Get One Free Breast Cancer Awareness Month promotion Hello Kitty, Bye Bye Worries! W G