Chapter 13 Marketing in Today’s World pp

Ch – Marketing/AdvertisingSlide 2 Learning Objectives After completing this chapter, you’ll be able to: 1.Identify 1.Identify the functions of marketing. 2.Define Marketing 2.Define Marketing. 3.Describe the elements of the marketing mix 3.Describe the elements of the marketing mix. Why It’s Important Effective marketing puts the products in the hands of its targeted customers.

Ch – Marketing/AdvertisingSlide 3 WHAT is Marketing?? A market is a group of customers who share common wants and needs, and who have the ability to purchase a particular product

Ch – Marketing/AdvertisingSlide 4 WHAT is Marketing?? Marketing is the process of creating, promoting, and presenting a product to meet the wants and needs of consumers Fun and Games. A market can be described as the people who are potential customers of a product, as well as by the classification of a product in a category. VIDEO GAME SALES MARKET YEAR

Ch – Marketing/AdvertisingSlide 5 Marketing Mix- The 4 P’s The four elements of marketing— product, place, price, and promotion— are called the marketing mix, or the four P’s. Who will the product appeal to? How much should it cost? Where should it be sold? What’s the best way to tell people about it?

Ch – Marketing/AdvertisingSlide 6 Product Is there a demand for our product? How do we package our product? Packaging – color, size, design, brand name Make product as appealing to customer as possible

Ch – Marketing/AdvertisingSlide 7Place Where do we sell our product? In what kind of location do we sell it? Where do we place the product? Where to sell – what region? What kind of location – Gas store? Fast food place? Department store? Placement – Display stand? Checkout line?

Ch – Marketing/AdvertisingSlide 8 Promotion - making customers aware of a product - Advertising is a form of promotion (tool) Ways to promote products - through public relations, or publicity. - offer discounts: coupons, rebates, sales

Ch – Marketing/AdvertisingSlide 9Price To determine price: 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 - amount of money a company has to make on a product to pay for its costs

Ch – Marketing/AdvertisingSlide 10 ?????????????????? What is the Marketing Mix? The 4 P’s Product Place Price Promotion

Ch – Marketing/AdvertisingSlide 11 7 Functions of Marketing 1) Distribution - moving G&S to end user 2) Financing – keep money coming in, how do customers pay? 3) Marketing Information Management - conduct mkt research about their market 4) Pricing – what to charge to make profit? HUNTLEY

Ch – Marketing/AdvertisingSlide 12 7 Functions of Marketing 5) Product/Service Management – obtaining info, developing and maintaining products 6) Promotion – communication through any type of media, how do we get our product into the customer’s hands? 7) Selling – provide customer with the G&S relationship marketing: building customer relations through loyal customer service

Ch – Marketing/AdvertisingSlide 13 HOMEWORK Rd. Pages Questions 1-3 on Pg. 227

Ch – Marketing/AdvertisingSlide 14 Learning Objectives After completing this chapter, you’ll be able to: 1.Describe market research 1.Describe market research. 2.Identify the steps in developing a new product 2.Identify the steps in developing a new product. 3.Explain the process of the channels of distribution 3.Explain the process of the channels of distribution. Why It’s Important Effective marketing puts the products in the hands of its targeted customers.

Ch – Marketing/AdvertisingSlide 15 Market Research Companies do market research to gather and study information about consumers Demographics are facts about the population in terms of age, gender, location, income, and education Once marketers know the demographics of a market, they can develop products for it.

Ch – Marketing/AdvertisingSlide 16 WHAT is Marketing?? Businesses want you to buy their product so they perform detailed research on markets Target Marketing – businesses find and analyze potential customers in their market

Ch – Marketing/AdvertisingSlide 17 Product Development A company’s ability to create a new product or a slight variation is important to increasing sales 7 STEPS TO DEVELOP A NEW PRODUCT 1.Generate ideas 2.Screen ideas 3. Develop business proposal 4.Develop the product 5.Test market product 6.Introduce product 7.Evaluate customer acceptance

Ch – Marketing/AdvertisingSlide 18 Channels of Distribution The way to direct products to consumers Distribution impacts marketing b/c it affects the price of products Each “channel of distribution” makes the marketing costs increase Intermediaries (go-betweens) include distributors, wholesalers, retailers, and even the Internet

Ch – Marketing/AdvertisingSlide 19 ?????????????????? What are facts about the population in terms of age, gender, location, income, and education called? DEMOGRAPHICS

Ch – Marketing/AdvertisingSlide 20 Channels of Distribution Direct distribution G&S sold from the producer directly to the customer EX: farmer’s market (Tom’s), fish market Indirect distribution involves one or more intermediaries

Ch – Marketing/AdvertisingSlide 21 Channel Members Distributors – represents a single manufacturer in a geographic area Wholesalers – receive large shipments. Sell small batches for resale. Retailers – sell goods directly to customer. Final stop in channel of distribution.

Ch – Marketing/AdvertisingSlide 22 HOMEWORK Questions 2-6 on Pg. 228

End of Chapter Marketing in Today’s World 13