Applying the Terms

 The process of developing, promoting, and distributing goods and services to meet the needs of customers.

 The marketing concept is the notion of providing goods and services that customers want or need.  Question  How does a company or business know what the consumer wants or needs?

 The group of people identified as potential customers  Marketing strategies are directed to that group  Customer profile developed for that group (also called demographics)

Four Basic Marketing Strategies called the Four P’s: Product, Place, Price Promotion

What to make  Product features (color, sizes, etc)  Packaging  Brand name  Warranty  What to do with current products  Improvements to products

Getting the product into the consumer’s hands  Determine how and where a product will be distributed  Global companies must decide in which countries the product will be sold  What transportation methods  Sell directly to the consumer or go through middleman?

What is exchanged for the product- how much will be charged:  Should reflect what customers are willing to pay  What is competition’s price  How much profit/ mark-up?

 Activities related to advertising, personal selling, sales promotion, and publicity  How potential customers will learn about company’s products  What will be the message?  What media will be used?  Are there special offers?  What will be the timing of  the promotion?

 Students divide into teams of 2-3 people  Design a new themed T-shirt for the BWHS school store (may use customink.com to complete design)  Target to launch product Homecoming week  Apply the Marketing Mix to this new product  Create a PPT presentation to present to class

 List the 4 P’s of the Marketing Mix  What is the 5 th P  List one thing new that you learned today.

 Characteristics of a group:  Income  Gender  Ethnicity  Geograhpcis  Psychographics  e=1&safe=active e=1&safe=active

 Process of analyzing and classigying customers in a given market to create smaller, more precise target markets

 Marketing functions-categorized into 7 core activities  All lead to the successful marketing  They are: Channel Management (distribution) Marketing Planning Marketing Information Management Pricing Product/ Service Management Promotion Selling

 Also called “Distribution  Process of deciding how product gets to consumer  Includes physically moving and storing product  Includes systems that track products  Includes where products/services sold

 Concepts to target specific marketing strategies to target audiences  Includes determining needs, collecting and analyzing data, presenting data and using data for marketing plan

 Gather market information about customers, trends and competing products  Also storing and analyzing information  Research is continual  Examples: customer surveys

 How much to charge for goods and services  Based on costs  Competition  Willingness to Pay  Price

Obtaining, developing, maintaining, and improving a product or a product mix  Create new product  Improve product  Add new products to current mix

 Effort to inform, persuade, or remind potential customers about products or services  Advertising (paid- commercials, Ads, etc)  Sales Promotion  Selling  Publicity  Direct Mail  Internet and Social Media

 Direct contact with customer  Providing customers with the goods and services they want  Includes: determining need and responding through planned, personalized communication

Students will work with a partner to complete the following activity: Choose a product or service and research each of the functions of marketing for that product or service: Channel Management, Financing, Marketing Information Management, Pricing, Product/Service Management, and Promotion. Groups will submit a brief written explanation, and then will present to the class ONE of the functions- in a 3-5 minute presentation