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Holland Middle School FBLA February General Membership Meeting Thursday February 17th 2017 Business Spotlight Questions? What was the purpose of doing the Business Spotlight? Why did we pick the businesses we highlighted? How does the business spotlight relate to FBLA/ This Lesson? Why Is Marketing Important? Financial success is a direct result of an organization’s ability to effectively market its products and services A business achieves profitability when they offer the goods and services that customers need and want at the right price Marketers strive to identify and understand all factors that influence consumer buying decisions Benefits of Marketing The marketing process serves many purposes and provides numerous benefits for the consumer The ability to add perceived value to goods and services Making the buying process easy and convenient for consumers Creating and maintaining reasonable prices Offering a variety of goods and services Increasing production The Marketing Mix: The Marketing Mix: Consists of variables controlled by marketing professionals in an effort to satisfy the target market The Marketing Mix Product Involves the goods, services, or ideas used to satisfy consumer needs Price Determined by what customers are willing to pay and production costs Place Involves the process of making the product available to the customer Promotion Involve how the goods or services are communicated to the consumer Target Markets A target market refers to people with a defining set of characteristics that set them apart as a group Target Markets Must Be: Sizeable: The overall size of the market Reachable: Ability for marketers to reach consumers Measurable: Ability to measure size, accessibility and overall purchasing power of the target market Behavioral: Marketers seek to find similar behaviors within each respective target market The Marketing Concept All organizations must have an understanding of their target market to create an effective marketing strategy that caters to their audience The Marketing Concept Part of Coca-Cola’s marketing strategy is to target moms. As such, the soft drink giant rolled out a comprehensive marketing campaign tied to the 2012 Olympic Games based on the knowledge that the Olympics traditionally attract more female viewers than almost any other sporting event. Marketing Applications LESSON 4.3 Niche Marketing Niche Marketing: Niche Marketing offers a unique opportunity to consumers or one that has not been offered in the past Process of carving out a relatively tiny part of a market that has a very special need not currently being filled Niche Marketing Cable television channels often seek niche audiences to appeal to specific target groups with a common set of interests, such as ESPN designing programming to appeal to sports fans Niche Marketing - Discussion When a business sees a competitor enjoying success with a particular niche, often times the market can become flooded with other companies exploiting the same niche or another similar niche. Can you think of any examples? Niche Marketing Lululemon Athletica is a Canadian retailer that distributes product in Canada and the United States. The company targets its branded yoga and fitness apparel to a niche consumer of female athletes. Niche Marketing Lululemon, positioned as a high-end brand, has enjoyed explosive growth in the past several years (in 2012 they were named the 7th most valuable brand in Canada. On the heels of their success, Under Armour has introduced a new yoga line, Gap introduced its GapBodyFit line, Forever 21 began selling active wear and both Nordstrom and Target expanded their store branded women’s sportswear offerings. Niche Marketing When Lululemon was forced to recall product in 2013 because they were see through when stretched, Under Armour (who has been targeting women as a key demographic for several years), responded by featuring the tag line "We've Got You Covered” on its Facebook page in an effort to drive customers to its site Niche Marketing As the running category continues to gain steam (sales of running shoes were up 14% in the last year), brands like Vibram and their “five finger shoes”, Fila with skeletoes, and Adidas with adiPURE (among others) have carved a niche with “minimalist” running shoes, designed to create a “barefoot” jogging experience while still providing protection for the feet Niche Marketing Niche Marketing However, not all niche markets last. For the first quarter of 2013, sales were of the minimalist shoe were down 10% while motion control shoes were up 25% (another niche in the running category). Said Matt Powell in an interview on runnersworld.com, "It appears this fad is pretty much over." Market Segmentation the process of identifying groups of consumers based on their common needs Market Segmentation Helps Companies To: Understand consumer groups Determine target markets Develop positioning strategies Customize products and marketing strategies Five Bases for Market Segmentation 1) Demographic 2) Product 3) Psychographic 4) Benefits 5) Geographic Five Bases for Market Segmentation Age Income Occupation Gender Education Demographic Segmentation: Focuses on information that can be measured Demographic Segmentation According to knowledgebase.com, the biggest demographic for the artist Shakira is 20-year old women Demographic Segmentation A survey by CNBC has found that half of all American households own at least one Apple device, and the average Apple-buying household has a total of three Five Bases for Market Segmentation Sports Fans Music Lovers Individuals who enjoy attending live events Psychographic Segmentation: Grouping consumers based on personality traits and lifestyle Five Bases for Market Segmentation Season ticket holders enjoy additional “perks” such as exclusive invitations to pre-game chalk talks with the team’s coaches Benefits Segmentation: Refers to a perceived value consumers receive from the product or service Five Bases for Market Segmentation North, South, East and West Regions of the United States Urban and Rural areas of a particular state Geographic Segmentation: Dividing of markets into physical locations Important to Sports Marketers Because: Sports consumers are characteristically loyal to particular regions when making buying decisions Selecting multiple segments Because many segments may be valid in helping marketers make decisions, marketers often choose to use several segments Ultimately, a decision is made based on what best fits the organization’s target market Positioning Fixing company products in the Minds of Consumers All about “perception” Relative to competitor products Positioning: The fixing your sports or entertainment entity in the minds of consumers in the target market Positioning Sports drinks (Gatorade as a performance beverage) Movie studios (Pixar as a leader in animated films) Entertainers (Will Ferrell as a comedic actor) Positioning Wheaties cereal has positioned itself as a brand affiliated with athletic performance and its slogan, “the breakfast of champions”, has remained since the brand’s introduction in 1924 High (variable one) Product B Product A High (variable two) Low (variable two) Product D Product C Low (variable one) Positioning Map: Products or services are grouped together on a positioning map where they are compared and contrasted in relation to one another Ticket Sales Positioning Map High Price Luxury suite at an NFL game Lower level seats for Disney on Ice Client Entertaining Family Fun Club seats at an NBA game “Cheap Seats” at a minor league baseball game Night at the movies Low Price High Price Courtside Seats Lower Level End Zones Lower Level Seats Upper Level Seats Mid/Upper Level Sidelines Top Row Corners Low Price Advertising TV Commercials and infomercials Print Advertisements Direct Mail Internet (banner ads, “pop up” ads, social media ads) Social Media Advertising: Any paid, nonpersonal form of communication by an identified company promoting goods and services. Why Advertise? Effective communication Create awareness Create / Change image Associate a brand with feelings and emotion Precipitate behavior Establish / Maintain goodwill Assist in the increase in sales Types of Advertising Print Media: Any written form of communication used to inform, persuade, or remind consumers about products or services offered Print Media Types of Advertising Outdoor Advertising: Includes any outdoor signs and billboards Offers a high level of visibility Provides 24-hour advertising Outdoor Advertising Outdoor Advertising The elevator doors in hotels and business buildings can even be used for advertising Outdoor Advertising Types of Advertising Mass Transit Advertising: Uses public transportation, such as buses, bus stands, taxicabs, and subways to post advertising messages Mass Transit Advertising Hops are a new single A minor league baseball team from Hillsboro, Oregon a suburb of Portland. Types of Advertising Broadcast Media: Any visual and/or auditory form of communication used to inform, persuade, or remind consumers about goods or services offered Types of Advertising Radio Advertising: Advertisers match their target market to a radio station that segments a particular market * Has the ability to reach a wide audience Coke Summer Radio Ad Types of Advertising Television Advertising: Includes commercials and infomercials Is traditionally the most expensive form of broadcast media Council Rock High School South Teachers and Family star in Dietz & Watson Commercial Mrs. Lynch English Mr. Lynch Health/ P.E. Types of Advertising Online/Digital Media: Advertising through various digital media platforms * Banner ads, pop-ups etc. * Digital broadcasts * Social media channels (Facebook, Twitter, etc.) * Mobile Types of Advertising Online/Digital Media Types of Advertising “Specialty” Media (or Promotional Products): Includes “everyday” items displaying a company name or logo Examples include lanyards, calendars, pens, magnets, and coffee mugs Types of Advertising Additional Forms of “Creative” Media: Marketers often use many other creative ways of communicating advertising messages to consumers Examples include: blimps (and other forms of aerial advertising, supermarket carts/bags, hot air balloons, and in-theater advertisements Create an Advertisement for HMS FBLA Create an Advertisement for FBLA. Use the computer/computer programs to complete the following A colorful new logo Highlight the 75 year celebration Include an original # Be Creative! Save all work to the S Drive In the FBLA folder Winners will get prize at March Meeting + be used to promote HMS FBLA!