1. What Is Marketing? REVIEW

2. Objectives 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. Identifying and Responding to Customer Needs Marketing ◦Satisfying the customer at a profit ◦Business function that identifies customer needs and responds to it ◦Art of getting the customer to come to the product ◦Through marketing the name of your business should come to mean something clear and concrete in the consumer’s mind

4. Meet Your Customers’ Needs to Gain Their Loyalty Market ◦Current and future customers ◦Use marketing to communicate you are committed to meeting their needs ◦Builds a loyal customer base

5. Marketing Explain the Benefits of a product Figure out what benefits the customers in your market will need to get from your product or service

6. The Marketing Vision Drives All Business Decisions 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 answers will help form your Marketing Vision Marketing Vision ◦The benefit you want to show customers that your product or service provides

7. Marketing Establishes Your Brand Brand ◦The name that distinguishes a business from its competition. ◦Instantly communicates the business’s competitive advantage to the consumer ◦Televison ads ◦Print ads ◦Other marketing efforts

8. Focus Your Brand The key to building a successful brand is to focus tightly on the one benefit you want to make sure customers associate with your business Even entertainers can become a brand ◦Develop consistent image and sound ◦Toys ◦Clothing ◦Posters ◦etc

9. Failure to Success Ford ◦Edsel ◦Had every gadget that would appeal to everyone ◦Lacked focus ◦Spent over $350 million in advertising ◦No one wanted the car ◦Forced to pull the plug on production of this vehicle ◦Mustang ◦Had a clear target market of 20 to 30 year olds ◦“For The Young At Heart”

10. How To Build Your Brand Step-by-Step process: 1.Choose a business name that is easy to remember, describes your business, and establishes “mind share.” ◦The degree to which your business comes to mind when a consumer needs something 2.Create a logo that symbolizes your business to the customer ◦Distinctive company trademark, or sign 3.Develop a good reputation ◦Make sure your product or service is of the highest quality you can afford to offer ◦Always treat your customers like gold 4.Create a brand personality ◦Customers respond to brand personality and develop a relationship with it ◦Personality will reinforce your name and logo 5.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?

11. You Represent Your Brand Always present yourself and your business in such a way that people will have confidence in your product or service ◦Anything that harms your reputation will damage your sales and profits ◦Anything that boosts your reputation will have a positive impact on your business Eight things you can do to build your brand and its reputation: 1.Provide high-quality product or service 2.Maintain the highest ethical standards 3.Define your product or service clearly – FOCUS!!!!!! 4.Treat your employees well 5.Make all your ads positive and informative 6.Associate your company with a charity 7.Become actively involved in your community 8.Make sure your business does not pollute the environment

12. Mind Share vs. Market Share Mind Share ◦Advertising Market Share ◦Portion of the total possible market a company has in relation to its competitors After your advertising gains mind share, you will still need marketing to get the consumer to make a purchase. Only then can you take market share from your competitors

13. The Four P’s Every marketing plan has four elements ◦Product ◦Meets or creates a consumer need ◦Place ◦Place your product where customers who need it do their shopping ◦Price ◦The product has to be priced low enough so the public will buy it, and high enough for the business to make a profit ◦Should reflect your marketing vision ◦Promotion ◦Consists of advertising, publicity, and promotional items ◦Business cards ◦T-shirts, caps, clothing, etc. ◦Freebies or discounts

14. How Can You Tell If Your Promotions Are Working? Ask your customers ◦Survey ◦Ask new customers for e-mail address, phone number, etc.

15. Philanthropy Can Bring Positive Publicity You have a responsibility to help the community you serve ◦Will bring positive publicity ◦Cause-Related Marketing ◦Marketing inspired by a commitment to a social, environmental, or political cause ◦Donate fixed percentage of its revenue to a particular charity and then publicize this in marketing ◦Donate something your business produces