 EQ:  What is your definition of marketing? Tuesday, September 17, 2013

 Please follow with your Teacher Guided Notes. Note Taking

 BMA-IBT-5 Demonstrate understanding of the concept of marketing and its importance to business ownership.  5.1 Explain the fundamental marketing concepts used by a small business. Standards

Give ‘Em What They Want! Fundamental Marketing Concepts

 Independently owned and operated  Organized for profit  Not dominant in its field U.S. Small Business Administration Small Business

 American Marketing Association definition: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” What is Marketing?

 Give ‘em what they want!  Process  Create value  Price so it will sell  Place where people can get it  They need to know about it Huh?

What is Marketed?  Durable Goods - desks, computers, houses  Nondurable Goods - food, cosmetics, gasoline  Services - banking, health care, job placement  People - athletes, musicians, political candidates  Places - honeymoon locations, vacations  Organizations - NCAA, labor unions, art museums  Ideas - "Pitch in", "Buckle up for Safety"

Businesses must:  Base decisions on needs and desires of consumers  Give consumers what they want  Satisfy customers' needs and wants to make a profit  Have right goods/services at the right time, the right price and the right place  Communicate this to their customers Customers

The Marketing Mix Target Market

Video on 4P’s  related related  Put Spanish caption on!

Target Market  A specific group of consumers at which a company aims its products and services  Would average teen buy life insurance?

Product  What consumer wants  Product features, like  Size  Color  How used  How named  How different vs.

Price  Value  Location  Does customer care?  Competition

Place  Where will they look?  What kind of store?  Distribution?  Salespeople?  Competition

Promotion  Where?  How?  Radio  TV  Billboards  Social media  When?  Competition

Small Business Marketing  Smaller budget  Smaller target market (for now!)  Needs and wants of your community

 Go to website: lemonade-millionaire lemonade-millionaire  You may also go to freeonlinegames.com and type lemonade in the search box.  Read the instructions first to insure your success  Play the game for five days! Your Turn!

 Record information at the end of each day  Cups sold  Income  Total cost  Profit  Any changes you made to price, advertising, recipe  Brief paragraph describing experience and what you would do differently Report