How is marketing essential to business success? Chapter 10

Marketing Targets Define and explain marketing concepts Identify the steps in the marketing strategy Justify the importance of marketing research Identify and describe the common types of promotion

Marketing Functions of Marketing: The process of developing, promoting, and distributing products in order to satisfy customer’s wants and needs.

Marketing Strategy Steps Identify target market People who will buy and use the product Create a marketing mix Blending of 4 marketing elements

Target Markets Geographic: Location, Climate Demographic: Gender, race, age, disability Socioeconomic: Education, employment, income Psychographic: Values, lifestyles Behavioral: Loyalty, occasions Often cross of segments

Who is the target market? When and where would they air? Example 1 Example 2 Example 3 Example 4 Example 5 Example 6 Identify your target market

The Marketing Mix Marketing Plan Marketing Mix Combination of marketing strategies All MUST mix appropriately to achieve success

The Product Strategy Product Features Branding: Value name ads Packaging, and Labeling Symbol or Name, Container, Information

Name that Slogan Complete smartmarketingquiz.com You're in good hands with . . . Does she or doesn't she? Don't leave home without it. The quick picker upper. A diamond is forever. We love to see you smile Where’s the beef? Kid tested, Mother approved Allstate Clairol American Express Bounty De Beers McDonalds Wendy’s Kix Complete smartmarketingquiz.com Work on Business Plan Product Strategy – Name, Slogan, Logo

Place – Channels of Distribution Manufacturers/Producers Distributors Indirect Wholesalers Direct Retailers Customers

The Price Strategy Objectives: Obtain a profit Factors Affecting Price Costs and Expenses Supply and Demand Consumer Perceptions Competition Government Regulations Mark up / mark down Market Share

Business Plan Find a location for your company Figure out product pricing

The Promotion Strategy Pre-Opening Plan Ongoing Plan Promotional Plan Format - Campaign Promotional Activities: Internet Directories Direct Mail Transit Ads Outdoor Displays Print Media TV Radio Word of mouth What promotions do you know about?

Not all fun and games Research Improve product or service Figure out equilibrium price Calculate channel of distribution Promotion planning Ad strategy

Marketing Targets Define and explain marketing concepts The process of developing, promoting, and distributing products in order to satisfy customer’s wants and needs. Identify the steps in the marketing strategy ID target market, plan marketing mix Justify the importance of marketing research Identify and describe the common types of promotion

Marketing Practice Create print advertisement for your business Create and explain a promotion