1. A Marketing Review Marketing Co-op

2. Marketing O The process of planning pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants

3. The Marketing Concept O The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for a firm. Target market Customer needs Integrated marketing profitability

4. Think. Pair. Share. O You and your partner have two minutes to list as many benefits to marketing as you can think of! O Let’s see what you can remember, go!

5. Benefits of Marketing O Raises the standard of living O Improves the quality of life O Makes buying convenient O Maintains reasonable prices O Provides a variety of goods and services O Increases production

6. The Marketing Mix The 5 P’s of Marketing PeopleProductPricePlacePromotion

7. The Marketing Mix People – Product – Price – Place – Promotion – the target market what is the product – name, packaging, etc. what customers are willing and able to pay where is it sold and how it gets there how is the product marketed

8. Target Market O A specific group of people that a business wants to reach with their goods or services

9. Market Segmentation O The process of dividing the total market for products into smaller, more specific O Breaking down the market into smaller groups that have similar needs

11. Market Segmentation Geographics – where people live Demographics – personal characteristics like age, gender, income, ethnic background, education & occupation Psychographics – lifestyle (attitudes/values) Product Benefits – consumer wants and needs

12. Who’s the Target Market? Minivan Target Market Brainstorm Target Market O Suburban Families O Stay at home mothers O Multiple children O Middle income families O Like to travel and active in the community O Fast paced lifestyle

13. Target Market Activity O With your partners, you will be assigned a specific target market O Using the 6 foot sheet of paper you will create a visual representation of your target market O Collect as many images from the magazine that represent your given target market

14. The 7 Functions of Marketing Marketing Functions PricingPromotionSelling Marketing Information Management Product & Service Management FinancingDistribution

15. Financing O Obtaining the financial resources needed to promote a business or it’s products/services

16. Marketing Information Management  This info. must be stored and analyzed Process of getting and analyzing the marketing information needed to make good decisions Examples of information collected: customer’s trends, habits, attitudes, where they live

17. Pricing O The decisions that dictate how much to charge for goods and services in order to make a profit O Based on costs - what competitors are charging, and how much customers are willing to pay

18. Product/Service Management Obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities Guides management toward what the consumer needs and wants

19. Promotion O Any form of communication used to informing, persuading or reminding potential customers about a business’s products or services

20. Selling Types of selling Retail Business to Business Personal Providing customers with goods and services they want to buy

21. Distribution The process of deciding how to get goods into consumers’ hands