1. Marketing CHAPTER 10 10-1 Marketing Basics
10-2 Develop Effective Products and Services
10-3 Price and Distribute Products
10-4 Plan Promotion

2. 10-1 Marketing Basics Define important marketing concepts.
Goals
Define important marketing concepts.
Identify the steps in a marketing strategy.
Describe the consumer decision-making process.

3. Key Terms marketing marketing strategy target market marketing mix
marketing orientation
final consumers
business consumers
consumer decision-making process
buying motives
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4. Standards & EQ
BMA-IBT-5 Demonstrate understanding of the concept of marketing and its importance to business ownership.
5.1 Explain the fundamental marketing concepts used by a small business.
5.2 Understand target market and demographics in marketing strategies.
Essential Questions: What are some important marketing concepts?
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5. Focus on Real Life
Compare selling today with selling hundreds of years ago.
How is it the same and how is it different?
What about advertising?
Most of the time businesses continue to use things that work, but must adapt to changes in consumer needs and technology.
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6. UNDERSTAND MARKETING What is marketing?
People often use terms such as advertising and selling when talking about marketing.
Marketing is
An organizational function and
A set of processes for creating, communicating, and delivering value to customers
And for managing customer relationships
In ways that benefit the organization and its stakeholders.
Includes a range of activities.
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7. UNDERSTAND MARKETING Marketing activities
Advertisements of the radio for products and services.
You see brand names on packages you eat and wear.
Interact with salespeople in stores.
Read product descriptions on company’s websites
All of these are examples of marketing.
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8. UNDERSTAND MARKETING Other examples include:
Storing products in warehouses.
Establishing and accepting credit and arranging means of online payment.
Businesses use marketing when they gather data on consumer needs.
They use that info to improve products & to test new products before they are sold.
Businesses market products and services
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9. UNDERSTAND MARKETING Marketing businesses
All businesses must complete some mkting activities.
Includes advertising agencies and marketing research firms.
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10. UNDERSTAND MARKETING Marketing functions Product & Service Management
Distribution
Selling
Marketing-information management
Financial analysis
Pricing
Promotion
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11. Marketing Functions Product & Service Management Distribution Selling
Designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
Distribution
Determining the best ways for customers to locate, obtain, and use the products and services of an organization.
Selling
Communicating directly with potential customers to determine and satisfy their need.
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12. Marketing Functions Marketing-information management
Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities.
Includes marketing research and development of databases with info about products, customers, & competitors.
Financial analysis
Budgeting for marketing activities, obtaining necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services.
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13. Marketing Functions Pricing Promotion
Setting and communicating the value of products and services.
Customers must be able to easily to identify the price of items that interest them or they will move on to another price.
Promotion
Communicating information about products and services to potential customers.
Advertising through television, newspaper, magazines, radio, direct mail, Internet.
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14. Marketing Functions
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15. Checkpoint >>
Define marketing and the seven marketing functions.
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16. WTBS… Create Flash Cards
Write each marketing function on one side of the card and the definition on the other side of the card.
Work in teams to study the function and their definition using the flash cards
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17. MARKETING STRATEGY Marketing planning
Aimed at satisfying customers needs better than competitors do, resulting in sales and profits.
Develop a successful marketing strategy (step process)
Identify a target market (specific group of consumers who have similar wants and needs)
Create a marketing mix (blending of four marketing elements
Product
Distribution
Price
Promotion
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18. Marketing Mix Example
Company owns a fleet of cruise ships gathers info on people who might consider a cruise as a vacation choice.
Product
Exciting, relaxing cruise experience
Onboard activities, onshore activities
Distribution
Providing all of documents needed by travelers, arranging customer travel to & from port city, handling baggage, ensuring effective customer service throughout process.
Price
Provide affordable cruise with payment options to meet the budgets of target customers.
Promotion
Offers information to interest prospective customers in the cruise and persuade them to decided it is the best vacation choice
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19. Checkpoint >>
What are the two steps in developing a marketing strategy?
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20. WTBS…
On a sheet of paper, with a partner, write down a product or service.
Identify the target market (write down similar needs and wants of them)
Write the marketing mix for that product or service.
Product
Distribution
Price
Promotion
10 minutes…
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21. Understand Customers Effective marketing begins with customers
Many new businesses fail b/c the owners have an idea for the product, but fail to consider customers and their needs.
Business can develop products for 2 types of consumers:
Final consumer – Persons who buy products and services mostly for their own use.
Business consumer - persons, companies, and organizations that buy products for the operation of a business.
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22. UNDERSTAND CUSTOMERS Consumer decision-making 1. Recognize a need.
2. Gather information.
3. Select and evaluate alternatives.
4. Make a purchase decision.
5. Determine the effectiveness of the decision.
Buying motives (reasons consumers decide what products and services to purchase)
Emotional buying motives
Reasons to purchase based on feelings, beliefs, and attitudes.
Rational buying motives
Guided by facts and logics. (ex. College to attend, car to buy)
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23. Checkpoint >>
What are the steps in the consumer decision-making process?
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24. WTBS…
Think of something you purchase and which motive (Emotional or Rational) persuaded you to make the purchase.
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