Marketing

All of the process—planning, pricing, promoting, distributing, and selling—used to determine and satisfy the needs of customers and the company. Define Marketing

Product What will they buy? Marketing Mix Product What will they buy? Price How much will they pay? Place Where will hey buy it? Promotion How will they know?

Definition: Includes the individuals or companies that are interested in a particular product or service and are willing and able to pay for it. Who is the TM? Demographics Psychographics Use-based data Geographic data Target Market

A system for collecting, recording and analyzing information about customers, competitors, products and services. Primary Data Survey Focus groups Secondary Data Publications Government and business websites Trade magazines Newspaper Market Research

6 steps to Market Research Define the questions Determine the data needed Collect the data Analyze the data Take action Evaluate the Results 6 steps to Market Research

Competition Types of Competition Direct Competition Indirect competition Large retailers Competition

Marketing Plan Used to: Should include: Define your market Outline a strategy for attracting and keeping customer Identify and anticipate change Should include: Product or Service Target Market Competition Marketing Budget Marketing Plan Business Location Pricing Strategy Promotional Strategy Distribution (Place) Strategy