1.  EQ:  What is your definition of marketing? Tuesday, September 17, 2013

2.  Please follow with your Teacher Guided Notes. Note Taking

3.  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. Standards

4. Give ‘Em What They Want! Fundamental Marketing Concepts

5.  Independently owned and operated  Organized for profit  Not dominant in its field U.S. Small Business Administration Small Business

6.  American Marketing Association definition: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” What is Marketing?

7.  Give ‘em what they want!  Process  Create value  Price so it will sell  Place where people can get it  They need to know about it Huh?

8. What is Marketed?  Durable Goods - desks, computers, houses  Nondurable Goods - food, cosmetics, gasoline  Services - banking, health care, job placement  People - athletes, musicians, political candidates  Places - honeymoon locations, vacations  Organizations - NCAA, labor unions, art museums  Ideas - "Pitch in", "Buckle up for Safety"

9. Businesses must:  Base decisions on needs and desires of consumers  Give consumers what they want  Satisfy customers' needs and wants to make a profit  Have right goods/services at the right time, the right price and the right place  Communicate this to their customers Customers

10. The Marketing Mix Target Market

11. Video on 4P’s  http://www.youtube.com/watch?v=ss53mGgqgp4&feature= related http://www.youtube.com/watch?v=ss53mGgqgp4&feature= related  Put Spanish caption on!

12. Target Market  A specific group of consumers at which a company aims its products and services  Would average teen buy life insurance?

13. Product  What consumer wants  Product features, like  Size  Color  How used  How named  How different vs.

14. Price  Value  Location  Does customer care?  Competition

15. Place  Where will they look?  What kind of store?  Distribution?  Salespeople?  Competition

16. Promotion  Where?  How?  Radio  TV  Billboards  Social media  When?  Competition

17. Small Business Marketing  Smaller budget  Smaller target market (for now!)  Needs and wants of your community

18.  Go to website: http://www.freeonlinegames.com/game/sim- lemonade-millionaire http://www.freeonlinegames.com/game/sim- lemonade-millionaire  You may also go to freeonlinegames.com and type lemonade in the search box.  Read the instructions first to insure your success  Play the game for five days! Your Turn!

19.  Record information at the end of each day  Cups sold  Income  Total cost  Profit  Any changes you made to price, advertising, recipe  Brief paragraph describing experience and what you would do differently Report