Intro to… Unit one: chapter ONE

Learning goals- You will learn… Define the basic nature and scope of marketing activities (e.g. sales, pricing, branding, distribution, storage) Compare how supply and demand affect marketing decisions Describe current marketing activities that target various market segments. (e.g youth, baby boomers, Generation X, seniors)

In this unit, you will complete… Unit 1 Vocabulary NOTES 4 Activities Assignment: Careers in Marketing

What is marketing? Chapter 1

What is marketing? Marketing is the sum of all the activities involved in the planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants. Marketing is the process that connects suppliers with end users.

Discussion: How do the following use marketing? Service Businesses Not-for-Profit Organizations Politicians Famous Actors/ Actresses Yourself?

What is a good? GOODS Industrial Goods- products used in business to make other products or to assist in business operations. They can be raw materials, processed goods, or finished goods. Consumer Goods- nonindustrial products intended for personal use by the general public. Retail stores sell consumer goods. Some consumer goods may also be marketed to industry.

What is a service? INDUSTRIAL CONSUMER Activities performed for others. Services can be either industrial, consumer, or both! Eg. – nails, make-up, tailoring, barber services, tanning services, etc INDUSTRIAL If a business purchases a service- e.g. dry cleaning company uniforms- then it is industrial CONSUMER If an individual buys a service- e.g. Chauffeur Driving Service- then it is Consumer

Activity: good or service? Industrial or consumer or both? Lawn care Babysitting Office Chair Soccer Ball Dish Soap Piano Tuner Hotel Keurig K-cups Computer Legal Advice

Marketing concept The marketing concept is the idea that a business or organization must consider both its potential customers and its competitors in EVERY important business decision. The focus is always to overcome the competitor and satisfy the customer!

Supply & demand in marketing When supply for a product that consumers want or need is low, marketing is not as important. E.g.- At Christmas time, a VERY trendy toy was Fingerlings and stores were selling out weeks before Christmas! The product was selling itself, and there was no need to spend money on marketing. When supply for a product that consumers are not excited about is high, marketing becomes a major factor in an organization’s success. E.g. Assume that at Christmas time, stores stock their shelves of all their products. They brought in numerous sets of pots and pans and no one has been purchasing them. Now would be a good time to spend some money on marketing these products and get them sold before Christmas through sales, promotions, door crashers, etc.

The 10 marketing activities: Research Product Development Pricing Packaging Branding Sales Physical Distribution Inventory Management Storage Promotion

The markets The consumer market The competitive market The consumer market refers to all those consumers who are or may become interested in a particular product or service and who have the means by which to purchase it. The Target Market is the specific group of consumers that the marketer most wants to attract. The competitive market comprises all the products or services that compete with one another for consumers’ money within a specific category. They can be very narrow, broad, or unrelated.

The marketing mix The Marketing Mix is divided into 4 major categories, otherwise referred to as the 4P’s of Marketing. They are: We will have an in-depth look at each of the above 4 P’s as the course continues. Product What is your product/ service? Who will you sell to? Price How much will you charge? Is it comparable to your competitors? Place How will you distribute/ store/ produce/ organize/ etc.? Promotion How will your let buys be aware of product and entire them to purchase?

Marketing strategies A marketing strategy is the method selected to carry out a carefully devise plan of action in order to achieve a specific goal. A marketing strategy outlines how the company will carry out the marketing plan. They may choose either a brand strategy or a distribution strategy. Marketing plan includes marketing goals, target market, competitors, marketing research, marketing positioning, pricing strategy, channels of distribution, promotional proposal, sales forecast

If so- buy, If not- don’t buy. Marketing strategy Brand distribution The goal is to communicate the value of a product or service to the consumer. Value is the difference between the perceived cost of the product and the perceived satisfaction derived from the product. What is the value proposition? What are the benefits of the product? Why should I buy your product? What makes the product unique to me? Finally, do the overall value/ benefits outweigh the actual cost of the product? If so- buy, If not- don’t buy. The focus on the best way to deliver a product or a service to the target market. There are 3 ways: Push--sells the product to retailers, importers, or wholesalers. There is a rely on the retailer to display the product and sell it to the customers. Pull--A pull strategy attempts to increase consumer demand directly rather than rely on retailers to sell the product to the customer. Manufacturers try to convince consumers that they need their product. Therefore customers go to the store looking for a certain product. Combination Push/ Pull--The pull strategy normally cannot work alone and most likely needs the retailers help in order to advertise and promote certain products to sell more items.

Intro to marketing NAILED IT!!!