Marketing June 12, 2017

MEDIA: communication—here’s a positive message! https://m.youtube.com/watch?v=sQ6_fOX7ITQ

Remember our consumer questions? Who created the ad? What do they want you to buy, do, and/or think? What is the story they want you to believe? What is true? ADDITIONAL—Is it an effective ad?! Any ads from last week’s homework you want to share?

Marketing—4 P’s: Product, Placement, Price, and Promotion Product—What is going to be sold? Placement—Where will it be advertised? Price—How much will the product cost? Promotion—How will it be advertised?

Target market Companies consider DEMOGRAPHICS, GEOGRAPHICS, and PSYCHOGRAPHICS when considering advertisements. Demographics: What do consumers look like? Think about their age, gender, race, income. Geographics: Where do consumers live and buy products? They may be in rural areas, cities, suburbs, on the coast, in midwest. Psychographics: What are the attitudes, opinions, and habits of consumers? Do they like to eat healthy? Do they want to save money? Do they used the Internet? Do they want “the best”?

Bias in Advertising What kinds of groups are targeted in advertising? When creating a group of people to target through DEMOGRAPHICS, bias (lacking a neutral viewpoint, showing prejudice) often occurs. We’ll talk about bias more next week, too.

Ford F-150 What do the consumers being targeted look like Ford F-150 What do the consumers being targeted look like? Where do the consumers being targeted live? What are the attitudes/opinions/habits of the consumers being targeted?

What do the consumers being targeted look like What do the consumers being targeted look like? Where do the consumers being targeted live? What are the attitudes/opinions/habits of the consumers being targeted?

What do the consumers being targeted look like What do the consumers being targeted look like? Where do the consumers being targeted live? What are the attitudes/opinions/habits of the consumers being targeted?

What do the consumers being targeted look like What do the consumers being targeted look like? Where do the consumers being targeted live? What are the attitudes/opinions/habits of the consumers being targeted?

Short ASSignment! Create a NEW vending machine snack! Be prepared to share the following: Product—What is your snack? It can be a variation of a current product. Include basic ingredients, flavor, and name. This is where demographics must be considered. Who will most want your product? Price—How much will it cost? Since this is a snack, the marketing target may not be a huge consideration. Placement—Where will the vending machines that sell your product most likely be located? This is where geographics must be considered. Promotion—Who is your targeted audience? What psychographics must be considered? What is your slogan? What will your packaging look like? You can sketch it or describe it. Be ready to share in about 10-15 minutes!

Homework for June 19th is to design a food truck! Why are food trucks so popular? A “mobile restaurant” is more affordable than the cost of purchasing, building, or renting a stationary location. Limited staff needed. Much higher volume of sales in shorter periods of time possible.

Profit Calculation example Stephanie’s Spicy Dogs All beef hot dogs 80 for $19.88 $.25 each Buns 16 for $2.28 $.14 each Chili 108 oz. for 9.44 $.17 each Frank’s hot sauce 1 gallon for $11.28 $.08 each Jalapeño slices 1 gallon for $7.50 $.12 each Total cost per hot dog: $ .76 Sell for $5 each for $4.24 profit Sell 80 per event=$339.20 200 events a year=$67,840 profit (Prices from Sam’s Club on-line)