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Published byChristal Fitzgerald Modified over 9 years ago
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August 6th Bell Work What is good and bad about the Share a Coke campaign?
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The following ad is promoting a well-balanced cereal. What is the main theme? How does the picture work with the words?
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Marketing Marketing is planning, promoting, selling, pricing and distributing ideas, goods, or services.
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Goods Kinds of things you can touch or hold in your hand. Tangible items.
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Services Thing you cannot physically touch, yet they have monetary value and meet the needs and wants of consumers.
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Channel Marketing/ Distribution Deciding on how goods get into customers’ hands.
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Pricing How much to charge for goods and services.
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Product/service management Obtaining, developing and improving a product.
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Selling Providing customers with goods and services they want.
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Industrial/Consumer Market Industrial Market - Businesses that buy product for use in their operation. Business to Business Consumer Market – Purchase goods and services for personal use.
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Market Share Percentage of total sales generated by competing companies.
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Marketing Mix 4 P’s: Product, Price, Place, Promotion.
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Utility The added value of a product in economic terms. Form, Place, Time, Possession, Information.
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Form Utility Not directly involved in marketing. Putting parts together and making them more useful. Changing raw material.
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Time Utility Having a product at a certain time of the year or convenient time of the day.
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Place Utility Determine the most convenient and efficient locations to sell products.
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Possession Utility How are you going to pay for item.
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Customer Profile List info about target market such as age, income, lifestyle, job.
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Market Research Organized effort to gather information about consumers. Ex. Filling out questionnaires.
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Market Segmentation Process of classifying customers by needs and wants.
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Chapt 2 S.W.O.T. Analysis Strength Weakness Opportunities Threats Analyze everything that can make the business succeed or fail.
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Three C’s of internal analysis Company – What the company is strong at and what is the company weak at. What new products have been successful. What is mission statement. Customer – Customer Satisfaction. Questionnaire or survey Competition – What is the market share; Are competitors taking business away.
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Environmental Scan Political – Know the laws Economic – Know the state of the Economy Socio-cultural – Change in demographics. (age, ethnicity, education level, income) Technology – Technology can be a threat or an opportunity for a company.
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Three Phases of Marketing Planning Implementation Control
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Marketing Strategy Identifies target markets, considering the needs of the customers.
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Seven Elements of a Marketing Plan Executive Summary – each topic in the plan & gives an explanation of the costs involved in implementing the plan. Situation Analysis Goals & Objective Market Strategies Implementation Evaluation & Control Appendix
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Marketing Plan Formal written document that directs a company’s activities for a specific period of time.
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Market Segmentation The process of classifying people who form a group into smaller group. Demographics – age, gender, income, marital status, education, ethnicity, occupation. Geographic's – Where people live. Psychographics – Grouping people with similar lifestyles. Shared attitudes, values and opinions. Behavioral factors- benefits desired by consumers, shopping patterns and usage rate.
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