INTRODUCTION TO MARKETING

BELL WORK Finish your def’n of marketing Get textbook Skim through chapter one, write down any unfamiliar bolded terms BMI3C Unit 1

H O M E W O R K marketing concept brand management aggregate market differentiated markets BMI3C Unit 1

Introduction to Marketing BRAINSTORM What do you think of when you hear the word MARKETING? BMI3C Unit 1

What is Marketing? Marketing is the sum of all the activities involved in planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants. Marketing seeks to discover the needs and wants of prospective customers; and satisfy them. The key to achieving these two objectives is the idea of exchange: the trade of things of value between buyer and seller so that each is better off after the trade. BMI3C Unit 1

Requirements for Marketing to Occur

Requirements for Marketing Two or more parties with unsatisfied needs I am in need of food, McD is in need of selling food in order to make money BMI3C Unit 1

Requirements for Marketing Desire and ability to satisfy those needs I want to curb my hunger and have money, McD has food and a way for me to purchase it from them BMI3C Unit 1

Requirements for Marketing A way for the parties to communicate I watch TV, McD advertises its products on TV I receive mail, McD sends out coupons BMI3C Unit 1

Requirements for Marketing Something to exchange I have money, McD has food BMI3C Unit 1

HOMEWORK Read pages 4 to 7 in the textbook and create a chart defining the key terms. Term Definition Examples BMI3C Unit 1

The Stuff that gets sold Goods & Services The Stuff that gets sold

Goods & Services Read pages 4 to 7 in the textbook and create a chart defining the key terms. Term Definition Examples BMI3C Unit 1

Today’s Agenda Hand in Big Box assignment from yesterday Read pages 2 to 3 quietly Answer questions 1 and 2 Discussion Note Activity - Goods & Services BMI3C Unit 1

Goods & Services Key terms: • industrial goods • consumer goods • raw materials • industrial service • processed goods • consumer service • finished goods When finished, take and complete worksheet, to take up tomorrow. BMI3C Unit 1

What’s wrong with the Pointy-Haired Boss’s suggestion? DILBERT What’s wrong with the Pointy-Haired Boss’s suggestion? BMI3C Unit 1

EVOLUTION OF THE MARKETING CONCEPT

Evolution of Marketing The Production Era (1800s to 1920s) • production creates demand • products will sell themselves BMI3C Unit 1

Evolution of Marketing The Sales Era (1920s to 1960s) • production is greater than demand • hire salespeople to find new markets and consumers BMI3C Unit 1

Evolution of Marketing The Marketing Concept Era (1960s to 1980s) strive to achieve organization’s goals and satisfy consumer needs marketing is integrated into each phase of business starting before production BMI3C Unit 1

Evolution of Marketing The Marketing Orientation Era (1980s to today) • continuously collect information about consumers’ needs, competitors • share this information with other departments and use it to create consumer value BMI3C Unit 1

Today’s Agenda Read 1.4 quietly MITRW Homework check Activity sheet Discussion Note Activity BMI3C Unit 1

MARKETING ACTIVITIES

Marketing Activities Summarize the ten marketing activities and indiciate which high school courses (besides marketing) which you would take if you wanted to get into that field. BMI3C Unit 1

Marketing Activities Research conduct surveys gather information analyse data BMI3C Unit 1

Marketing Activities Product Development create product to satisfy customer’s needs BMI3C Unit 1

Marketing Activities Pricing establish how much to charge for the product based on cost of materials, how much consumer is willing to spend BMI3C Unit 1

Marketing Activities Packaging develop package to attract attention, safely contain product BMI3C Unit 1

Marketing Activities Branding develop a name, trademark, slogan, logo—identity—for the product BMI3C Unit 1

Marketing Activities Sales organize or be involved in the process of getting the product into the consumers’ hands BMI3C Unit 1

Marketing Activities Physical Distribution getting the product from factory to where it is accessible to the consumer BMI3C Unit 1

Marketing Activities Inventory Management calculating how many of each product need to be stocked to satisfy consumers’ needs BMI3C Unit 1

Marketing Activities Storage where will you keep the product between production and retailer? BMI3C Unit 1

Marketing Activities Promotion making consumers aware of your product and its merits BMI3C Unit 1

HOMEWORK Read page 18 Answer questions 1 and 2 Read section 1.5 Unit 1 BMI3C Unit 1

Today’s Agenda Take up homework Based on pg. 18, define nonprofit and not-for-profit organizations, what are the differences between the two? Note BMI3C Unit 1

CONSUMER AND COMPETITIVE MARKETS

Cons & Comp Markets Consumer Market the group you try to attract: target market everybody: aggregate market usually a smaller group, differentiated market based on age, gender, etc. BMI3C Unit 1

Cons & Comp Markets A target market is a group of potential customers to whom a company directs its marketing program EXAMPLES: teens, parents, seniors, extremely wealthy, etc. BMI3C Unit 1

Cons & Comp Markets Competitive Market all products and services that compete for consumers’ money within a category can be broad (toys) can be narrow (diet colas) unrelated (entertainment) BMI3C Unit 1

Cons & Comp Markets A product’s marketing efforts try to influence the consumer’s decision towards spending money on that specific product. BMI3C Unit 1

or “The Marketing Mix and the 2 Cs” The 4 Ps and 2 Cs or “The Marketing Mix and the 2 Cs”

Environ- mental Factors: Uncontrollable regulatory Marketing Mix: product social competitive price consumer place promotion BMI3C Unit 1 technological economic

The 4 Ps and 2 Cs product price place promotion consumer competition BMI3C Unit 1

The 4 Ps and 2 Cs product price place promotion consumer competition The product is a good, service, idea, or event to satisfy the consumer’s needs. Examples? BMI3C Unit 1

The 4 Ps and 2 Cs product price place promotion consumer competition The price is what is exchanged for the product, usually money. BMI3C Unit 1

The 4 Ps and 2 Cs product price place promotion consumer competition The place is a means of getting the product into the consumer’s hands. Examples? BMI3C Unit 1

The 4 Ps and 2 Cs product price place promotion consumer competition Promotion is the means of communication used by the seller to inform the buyer. Examples? BMI3C Unit 1

The 4 Ps and 2 Cs product price place promotion consumer competition The consumer is the individual or group of individuals who may use your product. BMI3C Unit 1

The 4 Ps and 2 Cs product price place promotion consumer competition The competition is other firms that could provide a product similar to yours. Who competes with Nike? Pepsi? McDonalds? Ford? BMI3C Unit 1

The Marketing Mix Worksheet

H O M E W O R K Marketing Mix worksheet Start thinking about 4 Ps and 2 Cs assignment BMI3C Unit 1

Today’s Agenda Marketing Mix worksheet Read “Future Shop”, page 20, answer questions Group activity & discussion Note Work on assignment due Friday BMI3C Unit 1

Information Technology Read “Future Shop” on page 20, answer questions. At your table, compare answers to #1, list 3 advantages (benefits) and 3 disadvantages (costs).  What can Future Shop do to capitalize on the advantages or downplay the disadvantages? Compare your answers to #2 BMI3C Unit 1

The Marketing Mix Worksheet

Today’s Agenda Read “Marketing Mix gets the taste test”, highlight examples of how 4 Ps are used. Take up homework (Who Markets?; 4Ps, 2Cs worksheet) Note * For test on ?day: Review notes, 1.1, 1.2, 1.4-7. BMI3C Unit 1

Marketing Strategies

Marketing Strategies A strategy is a method to carry out an action plan to reach a goal. A marketing strategy explains how a company will carry out the marketing plan, its goals, and the marketing mix formula to achieve those goals. BMI3C Unit 1

Marketing Strategies The Marketing Plan contains: a section outlining marketing goals of the business target market(s) a list of as many competitors as possible BMI3C Unit 1

Marketing Strategies The Marketing Plan contains: a research section, with a plan for gathering and analysing info how the product will be positioned, with rationale pricing strategy BMI3C Unit 1

Marketing Strategies The Marketing Plan contains: distribution channels & logistics promotional and advertising proposal BMI3C Unit 1

value = - Marketing Strategies Brand strategies The primary goal is to communicate the value of a product or service to the consumer. value = - perceived benefit perceived cost BMI3C Unit 1

Marketing Strategies Brand strategies see example on page 26 It attempts to position the product or service by creating a positive value equation in the consumer’s mind. BMI3C Unit 1

The Value Equation Group Activity

Marketing Strategies Distribution strategies Focus on the best way to deliver a product/service to the target market. MANUFACTURER RETAILER CONSUMER BMI3C Unit 1

Marketing Strategies Distribution strategies PUSH: “If the product is out there where people will see it, they will buy it.” focus on selling the good to the retailer, importer or wholesaler BMI3C Unit 1

Marketing Strategies Distribution strategies incentives, promotions, product display case offered in exchange for product placement The manufacturer needs to push the product through the chain BMI3C Unit 1

Marketing Strategies Distribution strategies PULL: “increase distribution by increasing consumer demand” focus is on selling the good to the consumer BMI3C Unit 1

Marketing Strategies Distribution strategies convince consumers that they need the product, and that specific brand requires a strong advertising and promotions campaign BMI3C Unit 1

Marketing Strategies Distribution strategies The pull strategy is difficult to use alone, the push strategy can be. Most strategies use a combination of the two. BMI3C Unit 1

H O M E W O R K Study for test on Monday: Review notes, 1.1, 1.2, 1.4-7. Make sure you understand any of the terms you jotted down at the beginning of the unit! BMI3C Unit 1

Watch the video, write down examples of the 4 Ps WARNING! This video contains extreme eighties hairstyles! Viewer discretion is advised. VIDEO: Famous Amos Watch the video, write down examples of the 4 Ps

Today’s Agenda Bell work Take up homework Note Video * For test on Monday: Review notes, 1.1, 1.2, 1.4-7. BMI3C Unit 1

BELL WORK List three items you frequently purchase. Identify the product, price, place(s) where it can be bought, how it is promoted, who the target market (consumer) is, and who provides competition for that product. Be prepared to share one. BMI3C Unit 1

HOMEWORK For test on Monday: Review your notes Reread 1.1, 1.2, 1.4, 1.5, 1.6, 1.7. BMI3C Unit 1

Please insert tape for unit 2 End of Unit 1 Please insert tape for unit 2 BMI3C Unit 1