Marketing Business Essentials Sherenna Vandiver wjTxLnw

Basics of Marketing Market – a group of customers who share common wants and needs, and who have the ability to purchase the product Marketing is the process of creating, promoting, and presenting a product to meet the wants and needs of consumers. Businesses need to know their customers’ wants and needs in order to make a profit – marketing concept Target marketing – businesses do detailed research on markets to find and analyze potential customers in their market.

Functions of Marketing Distribution – moving goods and services from one place to another (transport of the goods) Financing – money part of the business Marketing Information Management – research and development about the market Pricing – decisions on what price to charge for a product in order to make a profit Product/Service Management – obtaining information, developing, and maintaining products Promotion – communication through any type of media to get a product out and into the hands of the public Selling – retailers or the business-to-business market that provides customers with goods and services

Marketing Mix (The Five Ps) Product Who will the product appeal to? Is there a demand? How do I package it? Place Where will it be sold? Where to sell, what type of location, placement Price How much should it cost? How much are they willing to pay? Is the price competitive? Can the company make a profit? Break-Even Point – the amount of money a company has to make on a product to pay for its costs Promotion What’s the best way to tell people about it? Publicity and advertising People What are the demographics of the people who will buy your product? (target market)

Product The product element refers to what you are offering as a whole including the features, branding and packaging as well as service and warranty terms. The products or services offered to your customer: ▫their physical attributes, ▫what they do, ▫how they differ from your competitors and what benefits they provide

Price How you price your product or service so that your price remains competitive but allows you to make a good profit.profit The price element refers to all the parts that make up your overall price including the advertised price, any discounts, credit terms or other payment arrangements offered.

Place Also referred to as Distribution ▫Where your business sells its products or services and ▫how it gets those products or services to your customers. The place element refers to how you deliver your product or service such as the location (e.g. via a shopfront, online or a distributor), delivery methods as well as how you manage your stock levels.

People The people element refers to yourself and your staff. This covers customer service levels, as well as effective communication and training for your staff. refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors.

Promotion The promotion element refers to all the activities and methods you use to promote your business and products including sales, public relations, direct marketing and advertising.promote your business The methods used to communicate the features and benefits of your products or services to your target customers.target customers Advertising Discounts in the form of coupons, rebates, and sales. Free stuff Publicity ▫Through public relations ▫News stories on TV, in newspapers, the Internet, or in magazines ▫Sponsorship

Promotion In the past, promotion consisted of brand-created messages, with every brand claiming its products were the best. But today, a brand is what consumers say about it. Consumers can find opinions from real product owners online at any time, and no amount of marketing can cover up this first-person transparency. I nstead of merely promoting a message, the most successful brands today get consumers to promote it for them by first delivering great experiences, then encouraging and enabling consumers to talk about them.