Marketing Part II BCS-BE-36: The student demonstrates understanding of the concept of marketing and its importance to business ownership.

Market Research Market research helps _____make ______. market research the gathering and analysis of ______on the size, location, and makeup of a market

Market Research A marketing concept helps companies to produce and _____products and services that attract ______. marketing concept determining the wants and needs of customers and ______them more efficiently and effectively than competitors

Information About Consumers Marketers _____and label their ______by demographics. demographics facts about the ______, including age, gender, location, and income

Graphic Organizer Sources of Demographic Information ______ Sales ________ _________ The _________

Information About Consumers After ______a market, _______use target marketing. target marketing focusing on the ______most likely to buy a company’s goods and services

Information About Consumers Once marketers know the _______of a market, they can use market segmentation in their target _______. market segmentation the division of a market for a ______into groups of customers who have the same needs and traits

Conducting Market Research Figure 12.1

The Seven Steps of Product Development New products ______the marketplace. Companies take seven steps in _______a new product.

Graphic Organizer The Seven Steps of Product Development 1. ______Ideas 2. Screen Ideas 3. Develop a _______Plan 4. Develop the Product 5. ________the Product 6. Introduce the Product 7. Evaluate Customer _______

Step 1: Generate Ideas Workers often get together for ________. People from a company’s development ______, the marketing research staff, and even outside market ______may be involved.

Step 2: Screen Ideas After a list of ideas for a new product is ______, the team must ______each idea. How do these ideas fit the company’s mission and strategy? Does the new product compete with one of the company’s existing products? If the product’s concept seems risky, should the company ask consumers about the creative concept?

Step 3: Develop a Business Plan The business plan ______a look at the market, including estimated sales, costs, ______potential, _______trends, and competing products.

Step 5: Test-Market the Product Marketers need to test-market a product after the ______is fully developed. test-market offering a product in a limited ______for a limited ____

Step 5: Test-Market the Product The goal of test-marketing is to _____customers’ ______to see if the product is likely to be a _______.

Step 6: Introduce the Product A publicity campaign ______the product. The costs of launching a new ______are often _______.

Step 6: Introduce the Product The company has a short time in the ______before ______start developing similar _______.

Step 7: Evaluate Customer Acceptance Once the product is ______, marketers track _______and their responses to it.

The Functions of Marketing The seven functions of marketing define all the aspects that are part of marketing. Who are our best _______? What new ______are they buying? How often do customers ___the new product?