1. Marketing Concept Satisfy customer’s needs and wants Do it better than the competition

2. Utility Utility – added value in economic terms Form Place Time Possession Information

3. Vocabulary Customers – those people who buy the product Consumers – those people who use the product Market – all potential customers who share common needs and wants and who have the ability and willingness to buy

4. Marketing Mix (5 P’s) Product Price Place Promotion People

5. Marketing Mix Model People PricePlacePromotionProduct

6. Product Strategy What product to make How to package it What brand name to use What image to project

7. Place Strategy How and where to distribute

8. Price Promotion How much to charge Cost vs. Price Pricing Methods

9. Promotion Strategy How to tell customers about product What will that message be When and where is the product available

10. People Target market – focus marketing decisions on a very specific group of people Must be very specific Market Segmentation –Demographics –Psychographics –Geographics –Product Benefits

11. Demographics Personal characteristics that describe a population May Include: –Age –Gender –Income Disposable vs. Discretionary –Race

12. Psychographics Describes the way a population thinks and acts May include: –Sports enthusiasts –Extremists –Conservatives –Movers and shakers

13. Geographics Where a population lives May Include: –Rural –Urban –Cold climate –Warm climate –Rainy –Dry

14. Product Benefits Population that uses product based on benefits May Include –Specialty shoes (ie. Football shoes, basketball shoes) –Diet soda