Marketing A market is never saturated with a good product, but it is very quickly saturated with a bad one. Henry Ford - Henry Ford Henry Ford

Identifying and Responding to Customer Needs Marketing is satisfying the customer at a profit. Nike sells sneakers but also markets them “Just Do It”

Customer Needs…con’t Marketing is the business function that identifies customer needs and responds to them “The art of getting the customer to come to the product.”

Have SMART Marketing Objectives

Meet Your Customers’ Needs to Gain Their Loyalty Make your current and future customers your top priority Together, this group is your market You will strive to build a loyal customer base This may lead to word of mouth networking…$$$ for you!

Marketing Explains the Benefits of a Product A customer who goes to the hardware store to buy a drill does not need a drill- he needs a hole. Your marketing should emphasize what good holes your drills make

The Marketing Vision Drives All Business Decisions Who are my customers? What do they need my product or service to do? The vision is the benefit you want to show customers that your product or service provides. What is Nike’s “Just Do It” vision?

Marketing Establishes Your Brand People get in mind the Brand of a company through marketing Each brand and competitive advantage has been established in your mind through TV commercials, print ads and other marketing efforts

Examples of Branding What do the following represent to you?: McDonald’s SubwayVolvoMercedes

Brand or Product? Band Aid KleenexCoke

How to Build Your Brand 1. Choose a name that is easy to remember (establish a “mind share”) 2. Create a logo 3. Develop a good reputation 4. Create a brand personality 5. Communicate your brand personality to your target market

You Represent Your Brand Provide a high quality product or service Maintain the highest level of ethical standards Define your product or service clearly Treat your employees well Make all your ads positive and informative Get involved with a charity Become involved in your community Make sure your idea does not pollute the environment

The 4 P’s of Marketing ProductPlacePricePromotion

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