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Marketing in Today’s World. Intro to Business Chapter 13. Marketing Essentials. Learning Targets Define Marketing Identify the Functions of Marketing List the Elements of the Marketing Mix. Marketing Essentials. The Basics of Marketing Market

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marketing in today s world

Marketing in Today’s World

Intro to Business

Chapter 13

marketing essentials
Marketing Essentials
  • Learning Targets
    • Define Marketing
    • Identify the Functions of Marketing
    • List the Elements of the Marketing Mix
marketing essentials1
Marketing Essentials
  • The Basics of Marketing
    • Market
      • A group of customers who share common wants and needs
      • Must identify who your market is before selling your product.
      • Ex. of markets: Gender, age, income levels
    • Marketing
      • The process of creating, promoting, and presenting a product or service to meet the wants and needs of customers.
      • Used to find out if there is demand for a product
marketing essentials2
Marketing Essentials
  • The Functions of Marketing
    • Distribution
      • The process of getting goods and services to customers
      • Includes purchasing, stock handling, inventory control and physical distribution.
      • How?
    • Financing
      • Getting the money that is necessary for setting up and running a business
marketing essentials3
Marketing Essentials
  • Marketing Information Management
    • Gathering and analyzing information about consumers, trends, and competitors products.
    • Making informed decisions requires good research and development
  • Pricing
    • Deciding how much to charge for a product or service so the business can make a profit
  • Product/Service Management
    • Obtaining, developing, maintaining and improving a product or product mix on response to market opportunities.
marketing essentials4
Marketing Essentials
  • Promotion
    • Any effort to inform, persuade, or remind potential customers about a business’s products or services
  • Selling
    • Providing Customers with the goods and services to buy
    • Relationship marketing – Build and maintain relationships with their customers
marketing essentials5
Marketing Essentials
  • The Marketing Mix
    • 4 P’s - basic marketing strategies
      • Product
        • Marketing is used to find out if there is a demand for a product
        • How to make the product appeal to the customers
        • Packaging – design, color, size and brand name
      • Place
        • Marketers have to decide how and where customers will buy their goods and services.
        • Channel of distribution – a pathway to direct products to consumers
        • Direct distribution – Occurs when goods or services are sold from the producer directly to the consumer
        • Indirect distribution – Involves one or more intermediaries.
        • Distribution affects the price of products. Cost of distribution is added to the product
marketing essentials6
Marketing Essentials
  • Price
    • To determine price a marketer must consider:
      • How much are customers willing to pay?
      • Is the price competitive with other products?
      • Can the company make a profit
    • Must find the break-even point
      • The point at which total revenues, or sales, equal total costs and expenses.
  • Promotion
    • Making customers aware of a product
    • Most familiar is advertising
    • Others include discounts (rebates, coupons and sales) and giveaways
  • 5th P – People
    • The success of a marketing mix depends on people: Employees and Customers

13-1

market research and product development
Market Research and Product Development
  • Learning Targets
    • Describe the kinds of market research a company may use
    • Identify the steps in developing a new product
  • Market Research
    • The gathering and analysis of information on the size, location, and makeup of a market
    • Helps companies to produce and market products and services that attract customers
    • Marketing Concept
      • Involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors.

13.2

market research and product development1
Market Research and Product Development
  • Information About Customers
    • Demographics
      • Facts about the population
      • Include: age, gender, location and income
    • Target Marketing
      • Helps companies focus on the people most likely to buy their product or service
      • Once demographics are figured out companies produce product to fit that group
    • Market Segmentation
      • The division of a market, for a product, into groups of customers who have the same needs and traits.
      • Ex. Coach purse or Playstation
market research and product development2
Market Research and Product Development
  • The Seven Steps of Product Development
    • Step 1: Generate Ideas
      • Working together to think of new products (brainstorming)
      • Includes people from development department, market research staff, and outside market researchers
      • Collaboration is key
    • Step 2: Screen Ideas
      • The team must evaluate each plan
        • How do these ideas fit the company’s mission and strategy?
        • Does the new product compete with one of the company’s existing products
        • Check with consumers. Likes and dislikes about ideas
market research and product development3
Market Research and Product Development
  • Step 3: Develop a Business Plan
    • Written proposal provides a look at the market
    • Includes: Estimated sales, costs, profit potential, market trends and competing products
  • Step 4: Develop the Product
    • Build a prototype: model of the actual product
    • To see how it would look and test how it can be made
    • Any changes need to be made at this time
market research and product development4
Market Research and Product Development
  • Step 5: Test-Market the Product
    • Offer it in a limited market for a limited time
    • To collect customer responses to see if the product is likely to succeed.
    • This can allow competitors to enter market at the same time taking away the competitive advantage
  • Step 6: Introduce the Product
    • Once it has passes the market test, it is time to enter the marketplace
    • Introduced through a publicity campaign (Can be expensive)
    • Have a limited time
market research and product development5
Market Research and Product Development
  • Step 7: Evaluate Customer Acceptance
    • Once introduced, marketers track customers and their responses
    • Answers key questions used in research and development
    • If the customers like the product the company will continue to produce it
    • If it is not liked by the customers, it will be taken off the market

13-2