Marketing in Today's World Unit 4, Chapter 13 Page

Marketing in Today's World After completing this chapter, you’ll be able to: After completing this chapter, you’ll be able to: 1.) List the functions of marketing 1.) List the functions of marketing 2.) Identify the importance of market research 2.) Identify the importance of market research 3.) Explain how channels of distribution work 3.) Explain how channels of distribution work Effective marketing puts the products in the hands of its targeted customers Effective marketing puts the products in the hands of its targeted customers

Marketing in Today's World Definition 1 Definition 1 A ________ is a group of customers who share common wants and needs, and who have the ability to purchase a particular product A ________ is a group of customers who share common wants and needs, and who have the ability to purchase a particular product Market Market

Marketing in Today's World Definition 2 Definition 2 _________ is the process of creating, promoting, and presenting a product to meet the wants and needs of consumers _________ is the process of creating, promoting, and presenting a product to meet the wants and needs of consumers Marketing Marketing

Marketing in Today's World Definition 3 Definition 3 Businesses want you to buy their product so they perform detailed research on markets to find and analyze potential customers in their market. This is called _____________ Businesses want you to buy their product so they perform detailed research on markets to find and analyze potential customers in their market. This is called _____________ Target Marketing Target Marketing

Marketing in Today's World The seven functions of marketing are: The seven functions of marketing are: Distribution Distribution Financing Financing Marketing information management Marketing information management Pricing Pricing

Marketing in Today's World Product/service management Product/service management Promotion Promotion Selling Selling Emphasis on each of the functions is critical to a business’s success Emphasis on each of the functions is critical to a business’s success

Marketing in Today's World Graphic Organizer Marketing Functions Graphic Organizer Financing Pricing Market-Information Management Product/Service Management Promotion Distribution Selling ProducersConsumers

Marketing in Today's World Definition 4 Definition 4 Companies use this strategy to build customer relations Companies use this strategy to build customer relations AKA a popular trend in today’s marketing world is ____________ AKA a popular trend in today’s marketing world is ____________ Relationship Marketing Relationship Marketing

Marketing in Today's World Definition 5 Definition 5 The four elements of marketing—product, place, price, and promotion—are called the ___________, or the four Ps The four elements of marketing—product, place, price, and promotion—are called the ___________, or the four Ps The Marketing Mix The Marketing Mix

Marketing in Today's World Product Product Marketing is used first to find out if there is a demand for a product Marketing is used first to find out if there is a demand for a product The next key step is to make it appealing The next key step is to make it appealing

Marketing in Today's World Place Place Where do you sell it? Where do you sell it? What type of location or establishments? What type of location or establishments? Where in the establishment? Where in the establishment?

Marketing in Today's World Price Price To determine the price of a product a marketer considers three questions: To determine the price of a product a marketer considers three questions: 1.) How much will customers pay? 1.) How much will customers pay? 2.) Are we competitive? 2.) Are we competitive? 3.) Can we profit? 3.) Can we profit?

Marketing in Today's World Definition 6 Definition 6 The amount of money a company has to make on a product to pay for its costs is it’s _____________ The amount of money a company has to make on a product to pay for its costs is it’s _____________ Break-even point Break-even point

Marketing in Today’s World Promotion Promotion Promotion consists of making customers aware of a product Promotion consists of making customers aware of a product The most familiar form of promotion is advertising The most familiar form of promotion is advertising What are other examples? What are other examples?

Marketing in Today's World Some marketers offer discounts in the form of coupons, rebates, and sales Some marketers offer discounts in the form of coupons, rebates, and sales Another way companies promote their products is through public relations, or publicity Another way companies promote their products is through public relations, or publicity

Marketing in Today's World Section Review 1.) What is marketing? 1.) What is marketing? 2.) What are the seven functions of marketing? 2.) What are the seven functions of marketing? 3.) Name the marketing mix, or the four Ps. 3.) Name the marketing mix, or the four Ps. 4.) Why is selecting the proper form of promotion vital to making people aware of a product or service? 4.) Why is selecting the proper form of promotion vital to making people aware of a product or service?

Marketing in Today's World Definition 7 Definition 7 Companies engage in __________ to gather and study information about consumers to determine what kinds of goods and services to produce Companies engage in __________ to gather and study information about consumers to determine what kinds of goods and services to produce Market Research Market Research

Marketing in Today's World Definition 8 Definition 8 ____________ are facts about the population in terms of age, gender, location, income, and education ____________ are facts about the population in terms of age, gender, location, income, and education Demographics Demographics Once marketers know the demo-graphics of a market, they can develop products for it Once marketers know the demo-graphics of a market, they can develop products for it

Marketing in Today's World The seven steps for developing a new product are: The seven steps for developing a new product are: 1. Generating ideas 2. Screening ideas 3. Developing a business proposal

Marketing in Today's World 4. Developing the product 5. Test marketing the product 6. Introducing the product 7. Evaluating customer acceptance

Marketing in Today's World Section Review 1. What’s the purpose of market research? 2. Name and describe the seven steps in developing a new product.

Marketing in Today’s World Select three stores that you like to shop in and use their web pages to answer the following three questions: Select three stores that you like to shop in and use their web pages to answer the following three questions: –Is the site attractive and user friendly –What types of products are sold online. Are there differences between what they sell online v. in store? –What security measures are in place to protect online buyers? Create a one page paper that addresses which website you like best and why. Create a one page paper that addresses which website you like best and why.

Marketing in Today's World Definition 9 Definition 9 A ______________ is a particular way to direct products to consumers A ______________ is a particular way to direct products to consumers Channel of Distribution Channel of Distribution

Marketing in Today's World Definition 10 Definition 10 _____ distribution occurs when the goods or services are sold from the producer directly to the customer _____ distribution occurs when the goods or services are sold from the producer directly to the customer Direct Direct

Marketing in Today's World Definition 11 Definition 11 ________ distribution involves one or more intermediaries ________ distribution involves one or more intermediaries Indirect Indirect Distribution affects the price of products Distribution affects the price of products More channels= More $ More channels= More $

Marketing in Today's World Moving the product from manufacturer to the final user is an intermediary, or a go-between Moving the product from manufacturer to the final user is an intermediary, or a go-between Intermediaries include distributors, wholesalers, retailers, and even the Internet Intermediaries include distributors, wholesalers, retailers, and even the Internet

Marketing in Today's World Definition 12 Definition 12 A ___________ represents a single manufacturer in a geographic area A ___________ represents a single manufacturer in a geographic area Distributor Distributor

Marketing in Today's World Definition 13 Definition 13 A _________ receives large shipments of products from many different producers A _________ receives large shipments of products from many different producers Wholesaler Wholesaler Wholesalers generally break up batches for re-sale Wholesalers generally break up batches for re-sale

Marketing in Today's World Definition 14 Definition 14 A ________ sells goods directly to the customer A ________ sells goods directly to the customer Retailer Retailer This is the final stop in the channel of distribution This is the final stop in the channel of distribution

Marketing in Today's World Review Questions Review Questions 1.) Channels of distribution are classified in which two ways? 1.) Channels of distribution are classified in which two ways? 2.) How does distribution affect the prices of products? 2.) How does distribution affect the prices of products? 3.) What are the major types of intermediaries? 3.) What are the major types of intermediaries?

Marketing in Today’s World You have been hired to create an event and generate publicity for a shoe store that plans to introduce a new line of athletic shoes You have been hired to create an event and generate publicity for a shoe store that plans to introduce a new line of athletic shoes Create a one page document that describes what your event would entail Create a one page document that describes what your event would entail Create a flier to promote the event Create a flier to promote the event