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Transcript
Now looking at your list – can you figure out what each company (or product) was by what you wrote down – 2minutes. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives Includes a range of activities Ongoing process that changes https://www.youtube.com/watch?v=po 0jY4WvCIc https://www.youtube.com/watch?v=T40 gL-o6XnY Marketing IS: BOOK DEFINITION: The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers. PLANNING = PRODUCT PROMOTING= PROMOTION PRICING = PRICE DISTRIBUTING= PLACE The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business Customer focus A company’s plan identifies how it will use marketing to achieve its goals is called a marketing strategy 1. Identify a target market › › 2. A target market is a specific group of customers that have similar wants and needs Easier to develop products and services that customers want Create a marketing mix › THE 4 Ps Decide who your target market is What the product is and how does it appeal to the market How much is this product sold for Where is this product sold How is it promoted The Marketing Mix is the blending of 4 marketing elements – Price, Product, Place, Promotion (5th – People) A successful marketing mix satisfies the wants and needs of the target market Provides a profit for the company MARKETING MIX – 4 P’s • PLACE • PRODUCT • PRICE TARGET MARKET • PROMOTION Choosing what products to make and sell ‘Old’ products needing improvements or updates What will appeal to the target market Price strategies should reflect what the customers are willing and able to buy Compare prices to competition – be competitive Promo pricing helps to launch new products Advertising, personal selling, sales promotion and publicity Should reinforce the image wanted Remember the audience Getting the product to the consumer’s hands Where do your customers shop? Transportation methods
