Marketing Concept & Mix Introduction to Business & Marketing

Review What is marketing? Process of developing, promoting & distributing goods & services to meet consumer wants & needs Develop Promote Distribute

Review Needs vs. Wants Needs = essential Wants = desired

Review Goods vs. services Goods – tangible (can touch) Services – intangible (can’t touch)

Review Exchange Takes place every time something is sold in the marketplace.

Review Marketing Functions: Financing Marketing Information Management (MIM) Product/Service Management (PSM) Pricing Distribution Promotion Selling

Marketing Concept The marketing concept is the idea that a business should: strive to satisfy customer needs and wants while generating a profit for the business

Marketing Mix The Marketing Mix: “The 4 P’s” The tools that marketers use in order to influence potential customers

Product Place Price Promotion Marketing Mix The Marketing Mix: “The 4 P’s” Product Place Price Promotion

Product: what you are selling The Marketing Mix Product: what you are selling packaging (design, color, size, brand name) quality

Place: where it is sold snowshoes in Maine or Texas? The Marketing Mix Place: where it is sold snowshoes in Maine or Texas? retail store or boutique?

Price: how much it costs The Marketing Mix Price: how much it costs refers to the exchange how much are customers able and willing to pay? (demand) is the price competitive w/ other products? can the company make a profit?

Promotion: how customers become aware of a product The Marketing Mix Promotion: how customers become aware of a product advertising (most familiar form) personal selling sales promotions/discounts coupons, rebates, sales, give-aways publicity

People The Marketing Mix Because of the importance of the customer, some marketers are now adding a fifth “P” to the mix… People

Product Price People Place Promotion The Marketing Mix Product Price People Place Promotion

Will present next class HAVE FUN & BE CREATIVE! Marketing Mix Project Students will work in pairs to create a colorful, eye-catching, 4-sided/4-part project to display The Marketing Mix parts Will present next class HAVE FUN & BE CREATIVE!

Examples

Marketing Mix Project Students will work as a pair and create a colorful, eye-catching, 4-sided or 4-part project to display The Marketing Mix: i.e. car, flower, clover, sun, bug, ipod these will be presented next class