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Transcript
Marketing In Today’s World Freshman Seminar - Introduction to Business Dr. Hays Marketing Essentials The Basics Different products require different strategies Why? Items appeal to different ages, genders, and income ranges. You must know your market! What is a market? A group of customers who share common wants and needs Marketing Definition The process of creating, promoting, and presenting a product or service to meet the wants and needs of consumers Functions Several Define all aspects that are part of marketing a product Distribution Definition Process of getting goods and services to customers Includes purchasing, stock handling, inventory control, physical distribution Transported by trucks, trains, airplanes, ships Also involves systems that track products so they can be located at any time http://www.pressroom.ups.com/gl obal/frontpage Financing Definition Getting money necessary for setting up and running business Also includes protecting investments through risk management Information Management Definition Gathering and analyzing information about consumers What type of information? Making informed decisions requires good research and development Selling Provides customers with goods and services they choose to buy Relationship marketing Building and maintaining relationships with their customers How might businesses build relationships with the teen consumer market? Marketing Mix and the Four P’s Marketing mix consists of four basic marketing strategies Product Place Price Promotion Product Marketing used to determine demand of a product Predicts how to make the product appealing Packaging is a major part of product Design, color, size, brand name Place Marketer decide how and where customers will buy goods and services What kind of location Department store, boutique, mail order? Channel of distribution A pathway to direct products to consumers Direct or Indirect?? Direct sold directly to customer from producer Indirect involves one or more intermediaries Price Marketers consider 3 questions 1. How much are customers willing to pay? 2. Is the price competitive with other products? 3. Can the company make a profit? Break Even Point: the point at which total revenues, or sales, equal total costs and expenses of developing and offering a product or service Promotion Involves making customers aware of products Most familiar form is advertising http://www.adforum.com/
