1. Marketing PPT

2. What you will be able to do
Explain why marketing is the business function that identifies customer needs
Use marketing to establish your brand
Apply the four elements of a marketing plan
Create a marketing plan for your business

3. Explain why marketing is the business function that identifies customer needs.
Marketing – is satisfying the customer at a profit.
Nike creates advertisements and promotions designed to convince customers that Nike sneakers will inspire them to Just Do It.

4. Meet your customer’s needs to gain their loyalty
Your current and future customers are your top priority
Marketing is the communication tool
Meet your customer’s needs and you will gain their loyalty
Loyal customers will most likely stay with you when competitors come in.

5. To “think marketing,” figure out what benefit the customers in your market will need to get from your product or service.
What are you really selling?
Charles Revlon, the founder of Revlon cosmetics, famously said, “In the factory we make cosmetics, in the drugstore we sell hope.”

6. Marketing Vision
To market a product or service successfully, ask yourself:
Who are my customers?
What do they need my product or service to do for them?
The answer to those questions will help you form your marketing vision.
Customers seek out Nike because they have been convinced by Nike’s marketing that the sneakers will inspire them to get up early in the morning and go for a run.

7. Use marketing to establish your brand
Do all cars do the same thing?
Yes…they get you from point A to point B
So why buy a specific car?
Is safety a priority? Buy a Volvo.
Do you want luxury? Buy a Lexus.
Is gas mileage important? Buy a Toyota or a Honda.
Marketing establishes the brand in the customer’s mind.

8. Marketing Brand
A brand is the name that distinguishes a business from its competition.
The brand instantly communicates the business’s competitive advantage to the consumer. Example, when you hear:
Volvo
You think safety
Lexus
You think luxury
Toyota
You think good gas mileage

9. Focus Your Brand
Focus on one benefit you want to make sure customers associate with your business.
The most successful businesses focus their marketing so that they come to own a category in the customer’s mind.
Volvo owns “safety”
Federal Express owns “guaranteed overnight”
Can you think of any??

10. FORD failed Edsel (20 different models)
FORD threw in every gadget they could think of to appeal to every comsumer.
There was no clear outstanding benefit to buying the car.
When it became public it bombed!
Ford lost $350 million bucks
After 2 years FORD pulled the car from production

11. FORD successful Introduced Mustang 1960s
Target market 20 to 30 years old.
Everything made on the car was designed to appeal to young drivers.
Only one model was made
Marketing described the Mustang as “for the young at heart.”

12. How to Build Your Brand
Choose a business name that is easy to remember, describes your business, and establishes “mind share.”
Mind Share – is the degree to which your business comes to mind when a consumer needs something.

13. How to Build Your Brand
Create a logo that symbolizes your business to the customer.
Logo is short for “logotype”
Nike swish
McDonald’s Golden Arch
Can you think of any?

14. How to Build Your Brand Develop a good reputation
Make the best quality product or service
Treat your customers like gold
People must feel good when they think of your brand

15. How to Build Your Brand Create a brand personality
Is your brand’s “personality” youthful and casual, like the Gap’s?
Safe and Serious, like Volvo?
Customers will respond to brand personality and develop a relationship with it.
Personality will reinforce your name and logo

16. How to Build Your Brand
Communicate your brand personality to your target market
What type of advertising will best reach your target market?
Where should you put flyers?
What newspapers or magazines does your target market read?

17. The Four P’s of Marketing
Product
Place
Price
Promotion