Marketing In Today’s World Freshman Seminar - Introduction to Business Dr. Hays Freshman Seminar - Introduction to Business Dr. Hays

Marketing Essentials  The Basics  Different products require different strategies  Why?  Items appeal to different ages, genders, and income ranges.  You must know your market!  What is a market?  A group of customers who share common wants and needs  The Basics  Different products require different strategies  Why?  Items appeal to different ages, genders, and income ranges.  You must know your market!  What is a market?  A group of customers who share common wants and needs

Marketing  Definition  The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers  Functions  Several  Define all aspects that are part of marketing a product  Definition  The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers  Functions  Several  Define all aspects that are part of marketing a product

Distribution  Definition  Process of getting goods and services to customers  Includes purchasing, stock handling, inventory control, physical distribution  Transported by trucks, trains, airplanes, ships  Also involves systems that track products so they can be located at any time  obal/frontpage obal/frontpage  Definition  Process of getting goods and services to customers  Includes purchasing, stock handling, inventory control, physical distribution  Transported by trucks, trains, airplanes, ships  Also involves systems that track products so they can be located at any time  obal/frontpage obal/frontpage

Financing  Definition  Getting money necessary for setting up and running business  Also includes protecting investments through risk management  Definition  Getting money necessary for setting up and running business  Also includes protecting investments through risk management

Information Management  Definition  Gathering and analyzing information about consumers  What type of information?  Making informed decisions requires good research and development  Definition  Gathering and analyzing information about consumers  What type of information?  Making informed decisions requires good research and development

Selling  Provides customers with goods and services they choose to buy  Relationship marketing  Building and maintaining relationships with their customers  How might businesses build relationships with the teen consumer market?  Provides customers with goods and services they choose to buy  Relationship marketing  Building and maintaining relationships with their customers  How might businesses build relationships with the teen consumer market?

Marketing Mix and the Four P’s  Marketing mix consists of four basic marketing strategies  Product  Place  Price  Promotion  Marketing mix consists of four basic marketing strategies  Product  Place  Price  Promotion

Product  Marketing used to determine demand of a product  Predicts how to make the product appealing  Packaging is a major part of product  Design, color, size, brand name  Marketing used to determine demand of a product  Predicts how to make the product appealing  Packaging is a major part of product  Design, color, size, brand name

Place  Marketer decide how and where customers will buy goods and services  What kind of location  Department store, boutique, mail order?  Channel of distribution  A pathway to direct products to consumers  Direct or Indirect??  Direct sold directly to customer from producer  Indirect involves one or more intermediaries  Marketer decide how and where customers will buy goods and services  What kind of location  Department store, boutique, mail order?  Channel of distribution  A pathway to direct products to consumers  Direct or Indirect??  Direct sold directly to customer from producer  Indirect involves one or more intermediaries

Price  Marketers consider 3 questions 1. How much are customers willing to pay? 2. Is the price competitive with other products? 3. Can the company make a profit? Break Even Point: the point at which total revenues, or sales, equal total costs and expenses of developing and offering a product or service  Marketers consider 3 questions 1. How much are customers willing to pay? 2. Is the price competitive with other products? 3. Can the company make a profit? Break Even Point: the point at which total revenues, or sales, equal total costs and expenses of developing and offering a product or service

Promotion  Involves making customers aware of products  Most familiar form is advertising   Involves making customers aware of products  Most familiar form is advertising 