1. How is marketing essential to business success? Chapter 10

2. Marketing Targets Define and explain marketing concepts
Identify the steps in the marketing strategy
Justify the importance of marketing research
Identify and describe the common types of promotion

3. Marketing
Functions of Marketing:
The process of developing, promoting, and distributing products in order to satisfy customer’s wants and needs.

4. Marketing Strategy Steps
Identify target market
People who will buy and use the product
Create a marketing mix
Blending of 4 marketing elements

5. Target Markets Geographic: Location, Climate
Demographic: Gender, race, age, disability
Socioeconomic: Education, employment, income
Psychographic: Values, lifestyles
Behavioral: Loyalty, occasions
Often cross of segments

6. Who is the target market?
When and where would they air?
Example 1
Example 2
Example 3
Example 4
Example 5
Example 6
Identify your target market

7. The Marketing Mix Marketing Plan Marketing Mix
Combination of marketing strategies
All MUST mix appropriately to achieve success

8. The Product Strategy Product Features Branding: Value name ads
Packaging, and Labeling
Symbol or Name, Container, Information

9. Name that Slogan Complete smartmarketingquiz.com
You're in good hands with . . .
Does she or doesn't she?
Don't leave home without it.
The quick picker upper.
A diamond is forever.
We love to see you smile
Where’s the beef?
Kid tested, Mother approved
Allstate
Clairol
American Express
Bounty
De Beers
McDonalds
Wendy’s
Kix
Complete smartmarketingquiz.com
Work on Business Plan Product Strategy – Name, Slogan, Logo

10. Place – Channels of Distribution
Manufacturers/Producers
Distributors
Indirect
Wholesalers
Direct
Retailers
Customers

11. The Price Strategy Objectives: Obtain a profit Factors Affecting Price
Costs and Expenses
Supply and Demand
Consumer Perceptions
Competition
Government Regulations
Mark up / mark down
Market Share

12. Business Plan Find a location for your company
Figure out product pricing

13. The Promotion Strategy
Pre-Opening Plan
Ongoing Plan
Promotional Plan Format - Campaign
Promotional Activities:
Internet Directories
Direct Mail Transit Ads
Outdoor Displays Print Media
TV Radio
Word of mouth
What promotions do you know about?

14. Not all fun and games Research Improve product or service
Figure out equilibrium price
Calculate channel of distribution
Promotion planning
Ad strategy

15. Marketing Targets Define and explain marketing concepts
The process of developing, promoting, and distributing products in order to satisfy customer’s wants and needs.
Identify the steps in the marketing strategy
ID target market, plan marketing mix
Justify the importance of marketing research
Identify and describe the common types of promotion

16. Marketing Practice Create print advertisement for your business
Create and explain a promotion