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Chapter 1 – Marketing is All Around Us Marketing is a process P P P S D - We must keep up with trends and consumer attitudes. Ideas, Goods, & Services 1. A business may sell any of the above 2. __________________ – good (ex: cars, toys, furniture, televisions, etc) 3. __________________ – ideas and services (ex: cooking a hamburger, cutting hair, movie theatres, accounting offices) Marketing Foundations 1. Business, Management, Entrepreneurship • _____________________________________________________________________ 2. Communication and interpersonal skills • _____________________________________________________________________ 3. Economics 4. Professional development • _____________________________________________________________________ 7 Functions of Marketing 1. 2. 3. 4. 5. 6. 7. ____________________ – deciding how goods get into customers hands. ____________________ – getting the $ to pay for setting up and running a business ______________________________ – getting information about customers, trends, and competing products. __________________ – deciding how much to charge for goods and services in order to make a profit. ______________________________ – obtaining, developing, maintaining, improving a product. __________________ – sales promotion, advertising, public relations __________________ – provides customers with the goods and services they want The Marketing Concept • The idea that a business should strive to satisfy customers’ needs and wants while generating a profit. • All areas of the business must have this goal. • 1.2 Importance of Marketing • Benefits – New & Improved Products – Lower Prices – Added Value and Utility – Utility = _________________ Fundamentals of Marketing Section 1.3 Market • As a marketer you… – Know your ______________ will not appeal to everyone • A market – Group of people who may be _________________________ – Share similar needs and wants – Have the ___________ to purchase the product Market • Example: – You want to purchase a 6th Man Shirt – You are not interested in purchasing a new computer because you don’t have the $. – You can purchase a 6th Man Shirt because you have an extra $10.00 in your wallet. Market Share • _________________________________________ • Example: Fast Food – Knowing your market share __________________________________________________________ Market Segmentation • The process of classifying customers by needs and wants • Breaking down the market into smaller groups with similar needs – ____________ – ____________ – ____________ – ____________ Target Market • The group you identify for a ________________________________________ • This is the most important group to which all marketing strategies are directed. • No target market = _____________________ • Who is our R&W Shop target market? _____________________________ • Do your products reflect this markets needs and wants? Consumers vs. Customers • A product ______________________________________ • Consumer = ____________________________________ • Customer = ____________________________________ • Example: Kix cereal or Radio Flyer wagon Customer Profile • Lists information about the target market – Age – Income level – Ethnic background – Occupation – Attitudes – Lifestyle – Geographic residence Marketing Mix • ___________________ • Product • ___________________ • Price • ___________________ • **Must know who your target market is before beginning your marketing mix Product 1. Choosing product to make or sell 2. Product design – __________________________ 3. Product development - brand name, packaging, service, warranty 4. Product updates/improvements – _________________________________ 1. Example – _____________________________________________ Pizza Hut Product Updates • "Pan Pizza", which usually comes in three different sizes (including Medium and Large, and the "Personal Pan Pizza", which is micro-sized), • ______________ (a hand tossed crust, with the outermost edge wrapped around a coil of string cheese) • Hand-Tossed (closer to traditional pizzeria crusts) • ______________ (Pizza Hut's original crust) • 4forALL (four small pizzas for everyone) • ______________ (one round pizza, divided into four triangular parts, each part having 4 slices) • Dippin' Strips (rectangular slices that you can dip in sauces) • The Edge (lots of toppings and no crust) • _______________________________ (a breadstick as the crust with sauce and two cheeses). • Calzones ("P'zones") Price • Price should reflect what customers are willing and able to pay • Must consider… – _______________________________________________ – Retail price – usually 30% to 100% of wholesale price – ________________________________________________ Place • Getting the product to the consumer’s hands • Ask yourself… – ____________________________________ – How and where will I distribute my product? • _______________________________ – How will I transport the product to my customers? Promotion • Decisions about advertising, personal selling, sales promotion, and publicity. • How will potential customers be told about a company’s products? – ________________________________________________________