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Chapter 13 Marketing in Today’s World pp. 196-209 Learning Objectives After completing this chapter, you’ll be able to: 1. Identify the functions of marketing. 2. Define Marketing. 3. Describe the elements of the marketing mix. Why It’s Important Effective marketing puts the products in the hands of its targeted customers. Ch 13-14 – Marketing/Advertising Slide ‹#› WHAT is Marketing?? A market is a group of customers who share common wants and needs, and who have the ability to purchase a particular product Teens 12-18 Adults 18-32 Middle 32-54 Senior 55&up Ch 13-14 – Marketing/Advertising Slide ‹#› WHAT is Marketing?? Marketing is the process of creating, promoting, and presenting a product to meet the wants and needs of consumers Fun and Games. A market can be described as the people who are potential customers of a product, as well as by the classification of a product in a category. Ch 13-14 – Marketing/Advertising VIDEO GAME SALES MARKET YEAR - 2000 Slide ‹#› Marketing Mix- The 4 P’s The four elements of marketing— product, place, price, and promotion— are called the marketing mix, or the four P’s. • • • • Who will the product appeal to? How much should it cost? Where should it be sold? What’s the best way to tell people about it? Ch 13-14 – Marketing/Advertising Slide ‹#› Product Is there a demand for our product? How do we package our product? • Packaging – color, size, design, brand name • Make product as appealing to customer as possible Ch 13-14 – Marketing/Advertising Slide ‹#› Place Where do we sell our product? In what kind of location do we sell it? Where do we place the product? Where to sell – what region? What kind of location – Gas store? Fast food place? Department store? Placement – Display stand? Checkout line? Ch 13-14 – Marketing/Advertising Slide ‹#› Promotion - making customers aware of a product - Advertising is a form of promotion (tool) Ways to promote products - through public relations, or publicity. - offer discounts: coupons, rebates, sales Ch 13-14 – Marketing/Advertising Slide ‹#› Price To determine price: 1. How much are customers willing to pay? 2. Is the price competitive with other products? 3. Can the company make a profit? break-even point - amount of money a company has to make on a product to pay for its costs Ch 13-14 – Marketing/Advertising Slide ‹#› ?????????????????? What is the Marketing Mix? The 4 P’s Product Place Price Promotion Ch 13-14 – Marketing/Advertising Slide ‹#› 7 Functions of Marketing 1) Distribution - moving G&S to end user 2) Financing – keep money coming in, how do customers pay? HUNTLEY 3) Marketing Information Management conduct mkt research about their market 4) Pricing – what to charge to make profit? Ch 13-14 – Marketing/Advertising Slide ‹#› 7 Functions of Marketing 5) Product/Service Management – obtaining info, developing and maintaining products 6) Promotion – communication through any type of media, how do we get our product into the customer’s hands? 7) Selling – provide customer with the G&S relationship marketing: building customer relations through loyal customer service Ch 13-14 – Marketing/Advertising Slide ‹#› HOMEWORK Rd. Pages 223-227 Questions 1-3 on Pg. 227 Ch 13-14 – Marketing/Advertising Slide ‹#› Learning Objectives After completing this chapter, you’ll be able to: 1. Describe market research. 2. Identify the steps in developing a new product. 3. Explain the process of the channels of distribution. Why It’s Important Effective marketing puts the products in the hands of its targeted customers. Ch 13-14 – Marketing/Advertising Slide ‹#› Market Research • Companies do market research to gather and study information about consumers • Demographics are facts about the population in terms of age, gender, location, income, and education Once marketers know the demographics of a market, they can develop products for it. Ch 13-14 – Marketing/Advertising Slide ‹#› WHAT is Marketing?? • Businesses want you to buy their product so they perform detailed research on markets • Target Marketing – businesses find and analyze potential customers in their market Ch 13-14 – Marketing/Advertising Slide ‹#› Product Development • A company’s ability to create a new product or a slight variation is important to increasing sales 7 STEPS TO DEVELOP A NEW PRODUCT 1. Generate ideas 2. Screen ideas 3. Develop business proposal 4. Develop the product 5. Test market product 6. Introduce product 7. Evaluate customer acceptance Ch 13-14 – Marketing/Advertising Slide ‹#› Channels of Distribution • The way to direct products to consumers • Distribution impacts marketing b/c it affects the price of products • Each “channel of distribution” makes the marketing costs increase • Intermediaries (go-betweens) include distributors, wholesalers, retailers, and even the Internet Ch 13-14 – Marketing/Advertising Slide ‹#› ?????????????????? • What are facts about the population in terms of age, gender, location, income, and education called? • DEMOGRAPHICS Ch 13-14 – Marketing/Advertising Slide ‹#› Channels of Distribution • Direct distribution G&S sold from the producer directly to the customer EX: farmer’s market (Tom’s), fish market • Indirect distribution involves one or more intermediaries Ch 13-14 – Marketing/Advertising Slide ‹#› Channel Members Distributors – represents a single manufacturer in a geographic area Wholesalers – receive large shipments. Sell small batches for resale. Retailers – sell goods directly to customer. Final stop in channel of distribution. Ch 13-14 – Marketing/Advertising Slide ‹#› HOMEWORK Questions 2-6 on Pg. 228 Ch 13-14 – Marketing/Advertising Slide ‹#› End of Chapter 13 Marketing in Today’s World