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Transcript
Fundamentals of
Marketing
Section 1.04
RELATIONSHIP OF GOALS, TACTICS, &
STRATEGIES TO THE MARKETING MIX

Mission Statement – the guiding principle for all
business decisions and provides direction for planning.
 Goals/Objectives – established on a yearly basis and
support the mission statement. Goals must be
measurable and have a deadline.
 Strategies – are then developed to accomplish
goals and it reflects the method to achieve the goal
(what to do).
 Tactics – are then developed to accomplish the
strategies; it is the how things will be done,
daily actions.
Marketing

The Marketing Concept is the idea that a
business should strive to satisfy customers’
needs and wants while generating a profit for
the firm.

Customer Satisfaction is very important.



Repeat customers are what make businesses
successful
Customer Relationship Management
If businesses don’t make money, they don’t do it!
Fundamentals of Marketing

Marketers realize that not every product can appeal to
everyone.

Marketers examine two key factors to define their market:



Who is interested in a product?
Who can afford their product?
A market is made up of all people who share similar needs
and wants and who have the ability to purchase your product.

MUST MEET BOTH CRITERIA TO BE INCLUDED
Examples of a Market

Luxury Suites at Yankees Stadium

Prices range from $600,000 and $850,000


Malt-O-Meal Frosted Flakes

$1.41/box at DollarDays International


Rich, Men, Sports Fans
Lower Income, Kids/Single Parents
Hollister Co. Santa Monica Jacket

$140 jacket

Teenage Girls, Colder climate areas, Medium-High Income
Families
Target Market & Market Segmentation

Market Segmentation is the process of classifying
customers by needs and wants.



Goal is to identify the group of people who are most
likely to become customers.
This specific group is known as a Target Market
All marketing strategies are directed towards the target
market.


Provides the focus of your marketing campaign.
Marketer’s must develop a clear target market before developing a
marketing strategy.
Consumer v. Customer
A product may have more than one target market.
Example: Low Sugar Fruity Pebbles
Identify the consumer: Children
Identify the customer: Parents

*Most five year olds do not purchase their Fruity Pebbles
Same Product--- Different Approach
To target parents you would use commercials that advertise how
healthy they are and air them on a Saturday night.
To target children you would use commercials that focus on how fun
the cereal is, the bright colors, the cool characters and air this
commercial on Saturday mornings.
Target Market

To develop a clear picture of their target market,
businesses create customer profile lists of
information about the target market.







Age
Income Level
Ethnic Background
Occupation
Attitudes
Lifestyle
Geographic Residence
Understanding these
characteristics allows
you to make better
choices
The Marketing Mix
The Marketing Mix includes four basic
marketing strategies called the four P’s:

4.
Product
Place
Price
Promotion
5.
*People
1.
2.
3.

These are the tools that marketers use to
influence potential customers
The 4 P’s….

Product: What you decide to make and sell. Includes the
features, benefits, packaging, name, and brand.

Place: Deals with how and where a product will be
distributed.

Price: Price is what is exchanged for the product. Reflects
what a customer is willing and able to pay.

Promotion: Refers to decisions about advertising, personal
selling, sales promotion, and publicity.
Pick a product
MARKET SEGMENTATION
Market Segmentation

The key to marketing & selling is to know your
customer
 You
have to know what is cool, in order to continually
reach your audience
 Not
all customers are the same
 Use
certain methods to reach certain customers
Market Segmentation

Market Segmentation is the process of identifying
a target market by dividing the market into
segments according to customer needs and
characteristics.
 Basically
you take a target market and break down
into even smaller markets.
 This process is done so that marketers can sell their
products or services more effectively.
Market Segmentation Facts

Why do marketer’s use market segmentation?

Very costly to target all groups

Must find the group of consumers who you have a clear
competitive advantage

Use research to determine if the costs of development are
effective

Specific information allows you to know your customers:

Buying Behavior, Values, Fashion Interests, etc…
Market Segmentation = Jeans

Most people in America wear Jeans
 Not
everyone wears the same type of jeans
Market Segmentation: Price
Market Segmentation

There are four key factors that marketers use to
determine how to segment a market:
1.
Demographics
2.
Geographic Variables
3.
Psychographic Variables
4.
Buying Behavior
Demographics

Demographics: Refers to statistics that describe a
population in terms of personal characteristics.
Age (Baby Boom, Generation X, Generation Y, Generation Z)
 Gender (Male v. Female)
 Occupation
 Education
 Income



Disposable: Money left after taxes
Discretionary: Money left after taxes & basic needs have been paid
Marital Status
 Ethnic Background

Psychographics

Psychographics
involves grouping
people with similar
lifestyles, as well as
shared attitudes,
values, & opinions.

Examples:


Latest Diet Trends
Environmental Concerns
Geographics

Geographics: Refers to segmenting customers
based on where they live.

Segment a market geographically can be done:
 Locally, Regionally, Nationally, or Globally

Hispanic cultures are prevalent in L.A., Miami, New York, Texas,
Arizona, etc..

African American cultures are prominent in the south

States with high teen percentages:
 Alaska, Utah, Arizona, Texas, California, & Idaho
Market Segmentation

Behavioral Buyers:
Accounting for the type
of shopping they
prefer.

Online, In-Store, Catalog

Safety Issues concerning
identity
Mass Marketing v. Segmentation

Mass Marketing: Occurs when a company uses a
single marketing strategy to reach all customers
Products has universal appeal and few features to
differentiate them from competitors.
 Not as popular as it used to be because companies prefer
to cluster consumers.


Niche Marketing: Narrowing down your market and
using precision to create your products
Top Ten List

Exchange list of wants and needs

Based on your partners needs and wants you need to
come up with a new product or service to meet one
of their needs.

You need to make decisions about the 4 P’s




What is the product or service you want to create?
What is the price you are going to sell it for?
Where will you sell it?
How will you promote it?
Assignment

List 10 needs and wants in your life at the bottom of
your sheet








Hello Kitty
Track/Cross Country
Ipod
Stuffed Animal
Car
Smart Water
Monster Energy Drinks
Snuggie Blanket
•Thermal Water Bottle
•Keeps water at 10 degree
$9.99
•Drops chewing gum out the bottom
•Brail Censored buttons to guide all
users
•Walgreen's
•Wal-Mart
•CVS
W
•Commercial of athletes using my product
G
•Buy One, Get One Free
•Breast Cancer Awareness Month
promotion
•Hello Kitty, Bye Bye Worries!
Assignment
 Go around and take a picture(s) of
the following:
 Geographics
 Does anyone have similar
 Target market of Ardrey Kell
characteristics based on a
geographical location
 Demographics
 Age
 Gender
 Ethnic Background
 Income

 Psychographics
 Activities



Attitudes



Play sports
Clubs
Workout
Video games
Personality & Values



Class Clowns
Religious
Drama


Dallas Cowboys Fans
Students who have just moved
here
Certain Middle Schools
 Buying Behavior
 Brands
 Colors
 Fads
Target Market Assignment Part II
 Upload pictures on Tuesday
 Label each picture based on what component of a
target market you chose
 Determine the following for each group
 Characteristics that appeal to this group
 An item that they would purchase
 Promotional methods you would use to attract them
Demographics: Age & Gender
 High School Students
 Female
 Some characteristics of a
product that would appeal to
this audience are…..
 An item that this demographic
would purchase
 Promotional methods that we
would use for this demographic
are….
Psychographics
Backpackers
 Buying Styles

 Customer looking for comfort
 Casual
 Products that might appeal
 Cinch Sack Bag
 Accessories like a rubber
bracelet
 To promote we would go to
lunches and give 5 free
bracelets away to increase
awareness
Demographics
 Gender: Female
 What appeals to them
 Product that interests
them
 How would you
promote the
Buying
Behavior
 Characteristics that appeal
to this group
 Converse Shoes
 An item that they would
purchase
 GRHS Socks
 Flat billed hat
 Promotional methods you
would use to attract them
 Buy One, Get One ½ Off
Geographics
 Characteristics that
appeal to this group
 An item that they
would purchase
 Promotional methods
you would use to
attract them
Psychographics: Sports
Product: T-shirts geared towards each
major sport. (football, softball,
baseball, basketball)
Competitive slogans against other
schools.
---------------------------------------------Promotion: We will give people who
are on the teams half price off their
shirts so they can promote them, so it
can get the word out.