Marketing Basics Chapter 10.1

Key Terms 0 Marketing 0 Marketing Strategy 0 Target Market 0 Marketing Mix 0 Marketing Orientation 0 Final Consumers 0 Business Consumers 0 Consumer- Decision Making 0 Process 0 Buying Motives

Marketing Functions

Understanding Marketing 0 Marketing Activities 0 Marketing Businesses 0 Marketing Functions

Marketing Strategy 0 Marketing Planning 0 Develop a successful marketing strategy 0 Identify a target market 0 Create a marketing mix

Understanding Consumers 0 Consumer decision-making 0 Buying motives

Steps in the Consumer Decision-Making Process 1. 1.Recognize a need Gather information Select and evaluate alternatives Make a purchase decision Determine the effectiveness of the decision.

The Game Plan Marketing TacticsMarketing Strategies 0 The way a product or service is differentiated in the minds of customers from other competing products or services 0 Ex. Plastic Bags as mini-billboards 0 The processes by which the tactics are implemented 0 Ex. Selling ad spaces that are on the sides of buses or on the backs of seats in stadiums

Marketing Intelligence Information gathered about competitors 1. Pricing: Price = Decision to buy 2. Distribution: Convenience to buy 3. Product/Service Management: Differentiation of products 4. Promotional Efforts: 0 Characteristics competitors are emphasizing 0 Customers are targeting 0 Amount customers are spending on their promotions

Finding the Information 1. The Internet 0 Finding public information 0 Ex. Google and its search engine features and results 2. Observations 0 Gain of insight into competition and opportunities 0 Ex. Sales people and interaction with customers 3. Trade Shows 0 Major events where people in a related industry meet to show their products 0 Ex. Wine Festivals, the Big E, or college fairs 4. Customers 0 A rich source of information 0 Ex. Customer suggestion box