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Unit 3 Basic Marketing Concepts. http://www.youtube.com/watch?feature=player_detailpage&v=ssXV0wXUZYg. http://www.youtube.com/watch?v=yGikNBqiNyE&feature=player_detailpage. Commercial Questionnaire. What is the product? Who is the target audience?

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slide2

http://www.youtube.com/watch?feature=player_detailpage&v=ssXV0wXUZYghttp://www.youtube.com/watch?feature=player_detailpage&v=ssXV0wXUZYg

http://www.youtube.com/watch?v=yGikNBqiNyE&feature=player_detailpage

slide3

Commercial Questionnaire

  • What is the product?
  • Who is the target audience?
  • Do you think this commercial creates a relationship with its market? If so, what is it?
  • What aspects of this commercial are memorable?
unit 3 vocabulary
Unit 3 Vocabulary
  • Market Share
  • Marketing
  • Marketing Concept
  • Marketing Mix
  • Market Segmentation
  • Marketing Strategy
  • Mass-Marketing
  • Positioning
  • Products
  • Psychographics
  • Sales Forecast
  • Services
  • Situation Analysis
  • SWOT Analysis
  • Target Market
  • Consumers
  • Consumer Market
  • Customers
  • Customer Profile
  • Customer Relationship Management (CRM)
  • Demographics
  • Discretionary Income
  • Disposable Income
  • Environmental Scan
  • Executive Summary
  • Geographics
  • Goods
  • Industrial Market
  • Market
unit 3 essential question

Unit 3 Essential Question

  • How do the fundamental marketing concepts relate to the scope and impact of marketing on the economy?
marketing is
Marketing is. . .
  • The process of planning, pricing, promoting, selling and distributing products to create exchanges that satisfy customers needs and wants.
  • Products
    • Goods
    • Services
    • Information / Ideas
slide8

Essential Question 2Basic Marketing Concepts

  • How do marketing strategies relate to the marketing mix?
target marketing focuses all marketing decisions on the specific group of people you want to reach
Target Marketing- Focuses all marketing decisions on the specific group of people you want to reach.

The Marketing Mix

  • Product
  • Place
  • Price

4 P’s of Marketing

  • Promotion
product positioning
Product Positioning
  • Positioning: Getting the consumer to think about a product in a certain way.
  • Methods of positioning:
    • Playing to the competition's weaknesses.
    • Looking for underserved markets.
    • Leading with your strengths.
    • Targeting different market segments.
marketing strategies
Marketing Strategies
  • Marketing strategy: Identification of target markets and determination of marketing mix choices that focus on those markets.
  • An effective marketing strategy will focus on a company’s or product’s competitive advantage: the key point of difference.
slide12

Essential Question 3Basic Marketing Concepts

  • What are the marketing functions and their related activities?
functions of marketing
Functions of Marketing
  • Distribution
    • The physical movement of a good or service.
    • Deciding where and to what extent to sell a good or service.
functions of marketing14
Functions of Marketing
  • Financing
    • Determining the need for and availability of financial resources to aid in marketing activities.
functions of marketing15
Functions of Marketing
  • Marketing Information Management
    • Gathering, recording, analyzing, and disseminating information to aid in making marketing decisions.
functions of marketing16
Functions of Marketing
  • Pricing
    • The determination of an exchange price at which the buyer and seller perceive optimum value for a good or service.
functions of marketing17
Functions of Marketing
  • Product/Service Management
    • Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities.
functions of marketing18
Functions of Marketing
  • Promotion
    • Communicates information about products, services, images, or ideas to customers or clients to influence their purchase behavior.
functions of marketing19
Functions of Marketing
  • Selling
    • Responding to consumers needs and wants through planned, personalized communications intended to influence purchase decisions.
slide20

Essential Question 4Basic Marketing Concepts

  • How do the effects of various marketing activities compare and contrast?
slide21

Marketing Activities

  • What marketing activities would be associated with each function of marketing?
        • Distribution?
        • Financing?
        • Marketing Information Management?
        • Pricing?
        • Product/Service Management?
        • Promotion?
        • Selling?
slide22

Essential Question 5Basic Marketing Concepts

  • How do marketing plans interact with marketing strategies?
marketing plan
Marketing Plan
  • Marketing Plan
    • A formal, written document that directs a company’s activities for a specific period of time.
    • Elements of a Marketing Plan include:
      • Situation Analysis
      • Marketing Strategies
      • Implementation
      • Evaluation and Control
marketing plan24
Marketing Plan
  • Marketing Plan
    • The Marketing Strategies section of the Marketing Plan focuses on:
      • Product Positioning
      • Marketing Mix
        • Product
        • Place
        • Price
        • Promotion
slide25

Essential Question 6Basic Marketing Concepts

  • How does the marketing planning process employ situational analysis?
situational analysis
Situational Analysis
  • Situational Analysis: The study of the internal and external factors that affect marketing strategies and is an element of the Marketing Plan.
situational analysis27
Situational Analysis
  • A Situational Analysis includes:
    • SWOT Analysis: An assessment of the company’s internal Strengths and Weaknesses and external Opportunities and Threats.
    • Environmental Scan: An analysis of outside influences that may have an impact on the organization. It includes:
      • Political
      • Economic
      • Socio-Cultural
      • Technological
slide28

Essential Question 7Basic Marketing Concepts

  • How are the concepts of market, market segmentation, and market identification differentiated?
slide29

Demographics

Psychographics

Market

Market Segmentation

Product

Benefits

Geographics

identifying your customers
Identifying Your Customers
  • Market: A group of all potential customers who share common needs and wants, and who have the ability and willingness to buy the product.
  • Market Segmentation: Dividing the total market into smaller groups of people who share specific needs and characteristics.
customers vs consumers
Customers

Buy a product

Consumers

Use the product

Customers vs. Consumers
consumer market vs industrial market
Consumer

Personal Use

Industrial

Business Use

Consumer Marketvs.Industrial Market
market segmentation
Market Segmentation

Geographics

  • Segmentation of the market based on where people live.
market segmentation34
Market Segmentation

Demographics

  • Statistics that describe a population in terms of personal characteristics. These include age, gender, income, ethnic background, education, etc.
market segmentation35
Market Segmentation

Psychographics

  • Involves the study of customers based on lifestyle, and the attitudes and values that shape it.
market segmentation36
Market Segmentation

Product Benefits

  • Built in features of products in response to consumer needs and wants.
market identification identifying your customers
Market Identification:Identifying Your Customers

Developing a Customer Profile

  • Combining geographic, demographic, psychographic, and product benefit data to get a complete picture of your potential customers.
slide38

Essential Question 8Basic Marketing Concepts

  • How does the marketing concept relate to customer needs and wants?
brainstorm
Brainstorm
  • What are the differences between sales-orientedandmarketing-oriented companies.
the marketing concept
The Marketing Concept
  • In order for a business to make a profit, it must focus all of its efforts on satisfying the needs and wants of its customers.
customer satisfaction
Customer Satisfaction
  • Involves creating a relationship with the customer to achieve customer loyalty – also known as Customer Relationship Management (CRM).
  • Customer satisfaction is directly related to the product’s perceived value.