1. Professor Kudek

2. Choose a product(s) from your Fortune 500 company. Answer the following questions in a two-page paper (no need for cover page) 1. What need does the product (“really”) fill? 2. Who is the target audience? 3. Describe the market segment. 4. List the 4-Ps of the product. 5. What promotional strategy is being used? 6. What product life cycle stage is the product in? 7. Who are a couple competitors? 8. Describe the current marketing environment. Explain your answer(s)

3. TEN PRINCIPLES OF ECONOMICS 3

4.  “When you make an agreement with your neighbor to buy or sell property, you must not take advantage of each other.  The L ORD demands accurate scales and balances; he sets the standards for fairness. TEN PRINCIPLES OF ECONOMICS 4

5. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging 3. Identify pricing strategies 4. Explore supply-chain management 5. Describe promotion mix 6. Explain product life cycle 7. Describe factors influencing consumer behavior 8. Describe opportunities in field of marketing

6. 1. Define marketing/marketing strategy and how to identify target market.

7.  “…a set of processes for creating, communicating and delivering value to customers and for improving customer relationships.”

8.  Product- Features & Benefits  Setting Price  Identify Target Market  Make Customers Aware

9.  Product- Features & Benefits  Setting Price  Identify Target Market  Make Customers Aware  Get People To Buy  Deliver Purchased Product  Managing Relationships With Customers  After Delivery

10. “You can have the car in any color as long as it is black.” Henry Ford

17. “…a specific group of consumers …particularly interested in your product …who have access to it and have the to buy it.”

18.  Consumer Market  Industrial Market

19. ConsumerBusiness Product When Made Service __________ _________ key When Made Service __________ _________ key Place Where sold Promotion _______ Media Timing _______ Media Timing Price How set

20. ConsumerBusiness Product Made B/4 Sale Service Helpful Style key After Sale Service Critical Function is key Place Where sold Promotion _______ Media Timing _______ Media Timing Price How set

21. ConsumerBusiness Product Made B/4 Sale Service Helpful Style key After Sale Service Critical Function is key Place Buyer to SellerSeller to Buyer Promotion _______ Media Timing _______ Media Timing Price How set

22. ConsumerBusiness Product Made B/4 Sale Service Helpful Style key After Sale Service Critical Function is key Place Buyer to SellerSeller to Buyer Promotion Mass Media Frequent Trade Pubs Infrequent Price How set

23. ConsumerBusiness Product Made B/4 Sale Service Helpful Style key After Sale Service Critical Function is key Place Buyer to SellerSeller to Buyer Promotion Mass Media Frequent Trade Pubs Infrequent Price One SetNegotiable

24. “…groups of potential customers with common characteristics that influence their buying decisions.”

25.  Demographic – Age, marital status, gender, ethnic background, income, occupation, education

26.  Geographic – Climate, region, population density

27.  Demographic – Age, marital status, gender, ethnic background, income, occupation, education  Geographic – Climate, region, population density  Behavioral – Attitudes toward product, user status, usage rate

28.  Demographic – Age, marital status, gender, ethnic background, income, occupation, education  Geographic – Climate, region, population density  Behavioral – Attitudes toward product, user status, usage rate  Psychographic – Interests, activities, attitudes, values

29. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging

31. “…the process of collecting and analyzing the data that’s relevant to a specific marketing situation.”

32. Secondary Already Collected Company Documents Government Data

33. Secondary ◦ Already Collected ◦ Company Documents ◦ Government Data

34. Secondary ◦ Already Collected ◦ Company Documents ◦ Government Data Primary New Information Surveys Personal Interviews Focus Groups

35. “…word, letter, sound, or symbol that… differentiate(s)… products on the market.” ® - trademark registered with the US Patent Office

36. Generic Branding Private Branding Manufacturer Branding

38. “…any added value generated by favorable consumer experiences…”

39. Packaging - “container that holds the product.” – Primary, secondary, etc. Labeling – “…what… (is said) about the product on… (the) packaging.”

40. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging 3. Identify pricing strategies

41. New  Skimming  Penetration

42. New  Skimming  Penetration Other  Cost-Based  Demand-Based  Target Costing  Prestige  Odd-Even

43. Intermediary – “…a wholesaler or retailer who helps move products from their original source to the end user…” Each intermediary in the channel of distribution requires a profit margin, thus increasing the cost of the product.

45. ◦ Example -  Assume four producers –  Assume four consumers – How many transactions possible? What is the purpose of the channel?

46. ◦ Assume 4 producers/consumers ◦ Assume one distributor ◦ How many potential transactions?

47. Information Gathering Promotion Contact Matching Negotiation Distribution Financing Risk Taking Servicing

48. “…companies require suppliers to deliver materials to their facilities just in time to go into the production process.”

49.  Cost  Speed  Match of Mode to Good  Dependability  Accessibility

50.  Truck (65%)- expensive and can go anywhere in a reasonable time  Train (4%)- moderately priced, generally accessible, faster than ship & slower than plane  Plane (8%)- faster but cost more  Ship (9%)- inexpensive but slow  Pipeline (3%)- fine for liquid product  Multimodal (11%)- includes rail, truck, and water

51. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging 3. Identify pricing strategies 4. Explore supply-chain management

53. “…the entire range of activities involved in delivering value to customers…”

54. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging 3. Identify pricing strategies 4. Explore supply-chain management 5. Describe promotion mix

55. “…the means by which (companies) communicate with customers…”

56. Advertising PersonalSelling SalesPromotion Publicity & Public Relations

57. Purpose of Promotion? Target Market? Product Features to Emphasize? Afford? Similar to Competitors?

58. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging 3. Identify pricing strategies 4. Explore supply-chain management 5. Describe promotion mix 6. Explain product life cycle

60. Product Awareness Limited Competition Skim-Pricing Approach Few Channels

61. Building Sales Competition = Lowering Prices Multiple Channels Profitable

62. Sales Grow At Decreasing Rate Differentiate from Competition Price Wars Profits Up With Sales Changing Consumer Preferences

63. Demand Down Intense Price Competition Profits Low Or Losses Revitalize Or Pull Product

64. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging 3. Identify pricing strategies 4. Explore supply-chain management 5. Describe promotion mix 6. Explain product life cycle 7. Describe factors influencing consumer behavior

66. Baby-Boomers = 1946 – 1964 Generation X = 1965 – 1975 Generation Y = 1976 - 2001

67. “…the decision process that individuals go through when purchasing or using products.”

69. 1. Define marketing/marketing strategy and how to identify target market. 2. Identify 4Ps, marketing research, branding, packaging 3. Identify pricing strategies 4. Explore supply-chain management 5. Describe promotion mix 6. Explain product life cycle 7. Describe factors influencing consumer behavior 8. Describe opportunities in field of marketing

70.  Advertising  Brand/Product Management  Marketing Research  Supply Chain/Logistics Management  Retailing  Sales