1. Course standard BMA-IBT-5
Marketing
Demonstrate understanding of the concept of marketing and its importance to business ownership.

2. What is Marketing?
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.”

3. Simple ….Marketing is…
Developing, promoting, pricing, selling, and distributing products
Needs vs. Wants

4. Marketing Businesses
All businesses must complete some marketing activities even if that is not their focus.

5. Products are…
Both goods and services
Goods vs. Services

6. The benefits to marketing are…
New and improved products
Lower prices

7. A target market is…
The group of consumers a business desires to have as customers.
Customer vs. Consumer

8. What is a market?
The group of all potential customers who have similar needs and wants and have the ability to buy the product
Consumer Market
Industrial Market

9. The marketing concept is…
A business approach that directs all marketing efforts towards satisfying customer’s wants and needs.

10. What is market share?
The percentage of the total sales revenue acquired by a business within a market
For example: Running Shoes

11. And market segmentation is…
Dividing the entire market into smaller groups who share similar characteristics.

12. Demographic segmentation is…
Dividing the market based on personal characteristics such as age, gender, income, ethnic background, education, and occupation
For example, Teen Vogue is marketed to…

13. Geographic Segmentation
Dividing a market based on where a person lives (local, regional, state, national, or global markets).
For example, swimwear and body boards sell best…

14. Psychographic Segmentation
Dividing the market based on values (ethics, morals, standards), attitudes (personality), and lifestyles (how people spend their time)
For example: Schwinn Bicycle

15. Behavioral Segmentation
Dividing the market into groups based on what they are looking for in a product and why they buy the product
For example: Crest whitening toothpaste

16. Activity Market segmentation worksheet Vocabulary Marketing
Target Market
Market segmentation
Demographic, Geographic, Behavioral, psychographic segmentation

17. Summarize the marketing mix
Marketing mix: A combination of decisions a business makes in order to best reach its target market. Known as the four Ps (product, price, place, promotion).

18. Marketing Mix: Product
Businesses must decide which products to offer customers.

19. Marketing Mix: Price
The amount a business charges customers for a product.

20. Marketing Mix: Place
Having the product available at the right time and location. Also known as distribution.

21. Marketing Mix: Promotion
Informing and reminding customers of the products available to them and persuading them to purchase.
Promotion includes advertising, personal selling, sales promotion, and publicity.

22. 7 Functions of Marketing

23. Product & Service Management
Designing
Developing
Maintaining
Improving
Acquiring products & services that meet consumer needs

24. Distribution
Determines best ways for customers to locate, obtain, and use the products and services of an organization.

25. Selling
Communicating directly with potential customers to determine and satisfy their needs

26. Marketing-information Management
Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities.

27. Financial Analysis Budgeting for marketing activities
Obtaining the necessary funds needed for operations
Providing financial assistance to customers so they can purchase the business’ products and services

28. Pricing
Setting and communicating the value of products and services

29. Promotion
Communicating information about products and services to potential customers.

30. Marketing Strategy
Marketing activities often cost 50% or more of the selling price of a product or service.
Marketing planning is aimed at satisfying customer needs better than competitors do, resulting in sales and profits.
A company’s plan that identifies how it will use marketing to achieve its goals is called a marketing strategy.

31. Marketing Strategy
Developing a marketing strategy is a two-step process.
Step One: Identify a target market.
Target market: a specific group of consumers who have similar wants and needs.
Step Two: Create a marketing mix.
Marketing mix: the blending of four marketing elements – product, distribution, price, and promotion.

32. Marketing Strategy
Marketing orientation considers the needs of customers when developing a marketing mix.
No assumptions!
Research will be needed to make sure that companies know what customers want.

33. The SWOT analysis is…
Strengths
Weaknesses
Opportunities
Threats

34. Mass Marketing vs. Niche Marketing
Mass marketing: A single marketing plan used to reach all consumers
For example: Light Bulbs
Niche marketing: Narrowing markets, by identifying very specific characteristics, into a more specific group of people
For example: Aquatic Pet Stores

35. Carnival Cruise