1. Aim: How can we identify the Four Ps that make up the marketing mix?
Do Now: What is the difference between psychographics and demographics?

2. Marketing Mix
Consists of our basic marketing strategies known as the four P’s of marketing.
Product
Place
Price
Promotion
These are the basic elements to satisfy a customers needs and wants.

3. Product
What a company is offering for sale to customers to satisfy their needs and wants.
includes goods and/or services
strategies that include producing, packaging, and naming a product.
Ex. Guess jeans, Armani sweaters

4. Place Getting the product to consumers and the steps of distribution
How, when and where a product will be distributed
Where the customer will purchase the item

5. Price the amount of money consumers will pay for a product
have to determine how much consumers are willing to pay
depends on the price of producing the item, the markup, and the customer demand.
Goal: Business must make a profit.

6. Promotion
any form of communication that a business or organization uses to inform, persuade, or remind people to buy it’s product
inform customer about the features of the product and persuade to make a purchase

7. The Marketing Concept
Identify their customers and their customers’ needs
Develop and market products and services that their customers consider better than other choices
Operate profitably

8. Aim: What are satisfying Exchanges?
HW: Develop a 5 question survey that would help to determine how a restaurant could better satisfy consumer’s needs.

9. The Marketing Concept and E-Commerce
Identify customers who want its product
Identify customers who are willing to purchase online
Provide adequate information
Make ordering easy and safe
Provide customer service

10. Satisfying Exchanges
Economic utility is the amount of satisfaction received from using a product or service
Consist of 4 utility elements

11. Economic Utility
1. Form utility: Making a product better or easier to use increases form utility
2. Time utility: Consumers expect to be able to purchase a product when they need it.
3. Place utility: Customers expect products and services to be available at a particular location
4. Possession utility: If customers can not afford to purchase or possess a product, their need for the product will be impossible to satisfy.

12. Activity
Think of a product that you have purchased that you found satisfying. Describe how each of the four economic utilities were provided.
HW: Develop a 5 question survey that would help to determine how a restaurant could better satisfy consumer’s needs.