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CHAPTER NATURE AND SCOPE 21 OF MARKETING OBJECTIVES Discuss the importance of marketing and its role in the economy. List the activities that are a part of marketing. Define basic marketing concepts and the four elements of the marketing mix. Explain the four stages of the product life cycle. ID the consumer goods classifications. Marketing Not always easy to match production and consumption. Producers/consumers need info. to help them make their decisions Marketing - set of activities that get products from producers to consumers - but much more than just transporting Marketing Includes packaging, developing brand names, determining prices, financing and storing products and promotion and many more Packaging Engineer ASU Salary Consumers comes into daily contact with marketing in one form or another Organizations engaged in marketing Retailers - businesses that sell directly to final consumers Businesses that sell services rather than products are also included Wholesalers - businesses that buy products from businesses and sell them to other businesses Over 1/3 of all people employed in the US work in a marketing job or a marketing business NATURE OF MARKETING Marketing Activities - pg 547 These activities must occur before a product can be advertised and sold Buying Selling Transporting Storing Financing Researching Risk taking Grading and valuing NATURE OF MARKETING Cost of Marketing Role of Marketing Production oriented Sales oriented Customer oriented A Co. that has adopted the marketing concept will have a marketing manager who is part of top management and is involved in all major decisions--work closely with other people in co. and they strive for customer satisfaction NATURE OF MARKETING Market Determination--must determine the market it wants to serve Market=types of buyers a bus. wishes to attract and where those buyers are located Whom to serve - demographics Where to serve - geographic Identifying target markets - groups of customers w/ similar needs; do market research to ID market before products are even developed Elements of Marketing – 4 Ps Product - pg 552 Price - pg 553--not the easiest to determine Distribution (Place) - pg 554 Promotion - pg 555 Advertising Personal selling Marketing Mix - blend of all decisions related to product, price, place, promotion MARKETING PLAN Marketing Plan — detailed written description of all marketing activities that a business must accomplish and coordinate in order to sell its products Describes goals, target markets, marketing mixes and identifies the ways in which the business will evaluate if the activities were successful and if the goals were accomplished Written for a one year period PRODUCT LIFE CYCLE Four stages of sales and profit performance through which ALL brands of a product progress: Introduction Brand new product enters the market; no competition; low profits at this time due to high costs or production and marketing a new product; counting on future sales Growth When several brands of a new product are available, life cycle changes to growth stage; each company tries to attract customers to it specific brand; usually make a profit at this stage PRODUCT LIFE CYCLE Maturity Product has been purchased by large numbers; quite profitable; many competing brands; loyalty develops at this stage; promotion of brand name, packaging, image, promotion and price are often emphasized at this stage; profits begin to fall at the end of the maturity stage; reintroduce old products Decline Occurs when a new product is introduced that is much better or easier to use; customers begin to switch; may find new uses for old products PRODUCT LIFE CYCLE $ Sales Introduction Growth Maturity Decline Profits CONSUMER PRODUCTS Industrial goods Products designed to be used by another business or incorporated into products: aluminum, bricks, steel; bought in large quantities Consumer goods Products designed for personal or home use; bought in small quanitites Convenience goods Shopping goods Specialty goods Unsought goods Consumer Goods Convenience goods Inexpensive items; bought w/o much thought: groceries Shopping goods Purchased less frequently than convenience goods, higher price, require some buying thought; comparable shopping Specialty goods Products customers insist on having and are willing to search for them Consumer Goods Unsought goods Customers do not shop for these; no strong desire to have them; present a difficult marketing problem. Consumer Goods Unsought goods Ex: life insurance, encyclopedias, funeral services Usually have to go to the customer and use personal selling to discuss the need for the product