Chapter 8 The Marketing Environment

The Marketing Process  Marketing = the process of developing, promoting, and distributing products, services  The Marketing Process Developing new products and services involves studying consumer behavior Market Research = using tools to find out buyers’ needs and wants

 Promoting Products= making people aware of the product – advertising, radio, TV  Distributing Products = the process of getting the product to the consumers Examples = “web sites”

The Marketing Concept  Marketing Concept= the idea that an organization needs to satisfy its customers while also trying to reach its organizational goals  Target Market= a specific group of consumers that you focus on

The Marketing Mix  PRODUCT Name of product, how to package, or design it  PRICE What are people willing and able to pay Cover costs as well  PLACE Distribution – how to get products to consumers  PROMOTION Media outlet

Concept of Utility  Utility = Adding value to the product through placement, information and exchange  PLACE UTILITY= impulse buying is one example  TIME UTILITY= holiday sales, Spring Break, etc.  POSSESSION UTILITY= cash, credit, gift certificates  INFORMATION UTILITY= product display, packaging

The Marketing Plan  Marketing Plan= a written document that provides activities of a company for a specific period of time  Mission – a business’ purpose or goal

Environmental Analysis SWOT Analysis Internal Factors= operations, departments, etc StrengthsWeaknesses Qualities that give Qualities that give A businessa business a competitive a competitive advantagedisadvantage External Factors= competition, demographics OpportunitiesThreats Features or eventsFeatures or events that could benefit that could damage the the businessbusiness

Other External Marketing Factors  Demographics = describe a population such as age, gender, income, education, etc.  Economics= taxes, real estate, income  Politics – 9-11  Technology= internet

Setting Goals and Objectives  Goal = desired outcome  Objectives= steps that lead to the goal ClearSpecificReasonableMeasurable