Bell Ringer What is marketing? Try to come up with your own definition without looking in your book. Today’s Objectives  Be able to explain how the role.

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Presentation transcript:

Bell Ringer What is marketing? Try to come up with your own definition without looking in your book. Today’s Objectives  Be able to explain how the role of marketing has changed in the US.  Explain the elements of market research.

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 The sole purpose of marketing today is to convince consumers that a certain product will add to their utility.  Utility- amount of satisfaction you get from a product.

1. Form Utility: conversion of raw materials to finished goods. Ex – transforming cotton cloth to curtains. 2. Place Utility: having a product available where a customer wants to buy it. Ex – locating a gas station on a busy corner. 3. Time Utility: having a good or service available when a customer wants to buy it. Ex – having Christmas trees for sale in December. 4. Ownership Utility: the satisfaction you get from simply owning the good/service. Ex – owning a new corvette for the satisfaction of having a sweet car!

A. Collecting data and analyzing that data is called market research. It is critical in determining what consumers want. B. Market research is done at several stages. A.Is done during the development stages to refine the product. B.It is also done after the product is in the marketplace in order to determine if any more changes need/can be made to improve it. C.It is also done after a product is no longer sold so that a company can reflect on how they marketed their product and decide whether or not to do things differently in the future.

 The first step in market research is doing market surveys. Researchers gather info about who might use a product; such as age, gender, income, education, location etc.  Usually involves giving a series of carefully worded questions to consumers.

 The last step taken by most market researchers is to do some test-marketing. Test-marketing is offering a product for sale in a small area, for 2 months – 2 years to see how well it sells before offering it nationally.