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Marketing’s Main Purpose Marketing Process Provide a bridge between producers & consumers so exchange of goods & services can occur There are 7 main Marketing Functions that make up the marketing process • Distribution: Physical movement & storage • Financing: How & where funds are used in business • Marketing-info-management: Collecting, disseminating, & using info. To make sound business decisions • Pricing: Decisions dictating how much to charge for products • Product/Service management: What products & services will be offered • Promotion: Activities that inform & persuade • Selling: Personalized communication that influences purchasing decisions Marketing Mix(Four P’s): Four Main Marketing Decisions • • • • Product (P/S Planning) Place (Distribution) Price Promotion * Most important decisions because each deals directly with consumers. The Marketing Mix—The Four Ps Product Decisions involve the goods, services, or ideas used to satisfy consumer needs. Price Decisions involve the exchange process between the customer and the seller. Place Decisions involve making the product available to the customer. Promotion Decisions involve how the goods or services are communicated to the consumer. Marketing Decisions Must be Directed Towards the Target Market Target Market: The group(majority) of consumers that a business will direct it’s marketing activities towards • PRODUCT • PLACE • PRICE • PROMOTION How do Businesses Define their Target Market? Through the process of Market Segmentation Analyzing Markets Market segmentation is a way of analyzing a market by specific characteristics in order to create a target market Types of Segmentation: • • • • Demographics Psychographics Geographics Product Benefits Market segmentation Separating larger groups into smaller groups based on certain characteristics • Demographics – Segmenting the market based on consumers personal characteristics. – – – – – – – Age Gender Income Ethnic Background Life Stage Occupation Educational Level • Income – Disposable income – money left after taking out taxes – Discretionary income – money left after paying for basic living necessities such as food, shelter, and clothing • Ethnic Background U.S. Trend – The percentage of the Caucasian population is declining, while other ethnic populations increase. • Education • Occupation • Psychographic – segmenting consumers based on social and psychological characteristics – Lifestyles (outdoor enthusiasts, computer “geeks”) – Hobbies – Personalities – Interests – Trends – healthy eating, politics, Name brands • Geographic – Segmenting consumers based on their location. • Regional, National, Global Music teachers, dancers, and other music lovers would be one category of people who share psychographic characteristics. VALS™ is a marketing and consulting tool that helps businesses worldwide develop and execute more effective strategies. The system identifies current and future opportunities by segmenting the consumer marketplace on the basis of the personality traits that drive consumer behavior. VALS applies in all phases of the marketing process, from new-product development and entry-stage targeting to communications strategy and advertising. Click on VALS to learn more and to take a survey to determine your VALS type Product Benefits Segmentation • Segmenting consumers based on their response or benefits from a product. – Rate of Use – Coffee Drinkers or Smokers – Loyalty – Kroger shoppers or Coke Drinkers – Occasion – Christmas shoppers, Brides & Grooms. Goal of Market Segmentation Identify the specific characteristics of a business’s target market in order to make the most effective marketing decisions.