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Chapter 1 Marketing Is All Around Us • Section 1.1 Marketing and the Marketing Concept • Section 1.2 The Importance of Marketing • Section 1.3 Fundamentals of Marketing Key Terms market consumer market industrial market market share target market customer profile marketing mix Fundamentals of Marketing Section 1.3 – page 12 Objectives Describe the concept of market Differentiate consumer and industrial markets Describe market share Define target market List the components of the marketing mix Marketing Essentials Chapter 1, Section 1.3 Market and Market Identification market People who share similar needs and wants and are capable of buying products. Learn the terms in this section. The first important term is market, which refers to people who: Share similar needs and wants Have the ability to purchase a product Marketing Essentials Chapter 1, Section 1.3 Consumer Versus Industrial Markets consumer market All consumers who purchase goods and services for personal use. The consumer market wants products and services that: Save money Make life easier Improve appearance Create status Marketing Essentials Chapter 1, Section 1.3 Consumer Versus Industrial Markets industrial market Businesses that buy products to use in their operations; also called the business-tobusiness market (this can be abbreviated as B-to-B or B2B). The industrial market, or business-to-business (B-to-B) market, wants products and services that: Improve productivity Improve efficiency Increase sales Decrease expenses Marketing Essentials Chapter 1, Section 1.3 Consumer Versus Industrial Markets Perdue advertises its chicken and turkey products: On television and in newspapers, to reach consumers In Supermarket News, to reach professionals in the supermarket industry Marketing Essentials Chapter 1, Section 1.3 Market Share market share A company’s percentage of total sales volume generated by all competition in a given market. A company’s market share is its percentage of total sales in a given market, such as the video game market. Market share changes as: New competitors enter the market The market’s volume increases or decreases Marketing Essentials Chapter 1, Section 1.3 target market A group of people identified as those most likely to become customers. Target Market and Market Segmentation Identifying a product’s target market is a key to success. A single product may have these two target markets: Consumers use the product Marketing Essentials Chapter 1, Section 1.3 Customers buy the product Target Market and Market Segmentation A nutritious breakfast food would be targeted at: Children Parents Consumers Customers Marketing Essentials Chapter 1, Section 1.3 customer profile A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence. Target Market and Market Segmentation To develop a clear picture of its target market, a business may create a customer profile, which lists information such as: Age Which well-known Income level company has all of this Ethnic background information… and Occupation more… about you? Attitudes Lifestyle Geographic residence Marketing Essentials Chapter 1, Section 1.3 Marketing Mix marketing mix The four basic marketing strategies, called the four Ps: product, place, price, and promotion. The marketing mix includes four basic marketing strategies, or tools, called the four Ps: product place price promotion Marketing Essentials Chapter 1, Section 1.3 Product A company must choose what products to develop, update, and improve. Marketing Essentials Chapter 1, Section 1.3 Place A company must decide where to sell and distribute a product. Marketing Essentials Chapter 1, Section 1.3 Price A company must determine what price it will charge for a product. Marketing Essentials Chapter 1, Section 1.3 Promotion A company must decide how to advertise, promote, and publicize a product. Marketing Essentials Chapter 1, Section 1.3 For a closer look, go to page 17 in your book. Marketing Mix Case Study • Come up with the 4 P’s o Product = American Eagle Cellphone (not a real product… yet) • What would this product need? Camera, 4G, iOS/Android??? o Price - What price would you charge? o Place - Where would you sell it? o Promotion - How would you promote it? • Who is your target market????? Section Review • How do customer profiles help create target markets? • Name the 4 P’s of the marketing mix and explain the importance of a target market. • What are some differences between consumers (like you & me) and industrial (business) customers?