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Marketing is the process of developing, promoting, and distributing products to satisfy customers needs and wants. Products • Goods – can touch or hold in your hand, are tangible – Pen - car - desk • Services – are intangible, you cannot physically touch – Dry cleaners, movie theaters Utility • Utility is adding value to a product (Marketers add utility in the following ways) • Form utility - changing raw materials or putting parts together to make them more useful – Cotton (spun into clothing, houseware items ect. – Trees (used to make desks, houses, pencils,ect. Place Utility • Having the product where customers can buy it – Clothing can be bought at stores, on-line, through catalogs – food can be bought at grocery stores, convenience stores, restaurants, etc. Possession Utility • Exchange of a product for monetary value – Stores accepting cash, credit cards, debit cards, layaway plans Information Utility • Communication with the customer about the product – Displays – Product labels – Advertisements – Owner’s manuals Time Utility • Having the product available at a certain time of year or convenient time of day – Christmas decorations out in November – Back-to-school supplies in July – Beachwear out in the spring and summer – Having business open 24 hours for people who work odd hours Benefits of marketing • Customers get New and improved products because businesses want to outdo their competition. Benefits of marketing • Adds value to products by lower prices: – Higher demand = larger quantities produced which leads to a lower price – Popular products lead to more competition which keeps prices lower for customers Why study marketing? • To evaluate marketing as a potential career • Gain skills and knowledge learn in any job about how a business operates • Develop your interpersonal skills • Many job opportunities Employment Trends/benefits • Marketing jobs are growing (in demand) • 1/3 jobs in U.S. related to marketing • Benefits – Lots of job opportunities (diversity) – High level of pay possibility – Company car – Expense account – Bonuses – Opportunities for advancement are good Marketing Jobs • Marketing Salaries | SimplyHired • Marketing Salary Information - Updated Weekly at MyCareer Business must satisfy customers’ needs and wants in order to make a profit. Four basic marketing strategies, also known as the FOUR P’s 1. Product (Shirt) 2. Place (Abercrombie store, outlet, and website 3. Price ($29.99) 4. Promotion (newspaper ad 10% off and coupon) All potential customers who share common needs and wants, and who have the ability and willingness to buy the product. The person who buys the product or products . The person who uses the product. Focusing all marketing decisions on a very specific group of people who you want to reach. Is a way of analyzing a market by specific characteristics in order to create a target market. Statistics that describe a population in terms of personal characteristics. Ex: population, ages, gender, income, ethnic, education, occupation. Demographics: Gender • Based on differences in men and women • Examples: Marketers put ads in Bassmaster for fishing targeted to men –Marketers put ads in Vogue for makeup and jewelry for women The money left after taking out taxes,. (Marketers who produce and distribute products that are necessities are interested in changes in consumers’ disposable income.) The money left after paying for basic living necessities such as food, shelter, and clothing. (Marketers are looking for changes in customers discretionary income.) When 76 million babies were born in the United States between 1946 and 1964. Demographics (Baby Boomers) • Baby Boomers: Born between 1946 to 1964 (currently ages 4866) • Largest group • Control approximately 51% of wealth • Prime targets for luxury items • Buy recreational items • Currently ages 36-47 (Born between 1965 and 1976) • Dual-income families • Are savvy and skeptical consumers • Better educated and financially cautious • Prime consumers of cosmetics, fashionable clothing, movies, and electronic items When more than 40 million American were born between 1965 and 1976. Ages 15-35 (Born between 1977-1997) *Growing up during computer revolution *Use to interactivity and doing more than one thing at a time *Influence buying in home such as automobiles and computers *Buy many of their personal items Gen I Also called Gen Z, the internet generation or Generation Z - 14 years and under: * They're the children of the youngest boomers. * * This generation is the only one to be born entirely in the internet era, and to parents who are generally more accepting and knowledgeable of such technology. •Generation Z kids spend an average of 1.5 hours per day on the computer and 1 ¼ hours playing video games. A recent UK study found that children found social networking (Facebook / Twitter / MSN) more important than other aspects of their life including their family. •About 4 in 10 – 7th to 12th grade kids say they use another medium most of the time while they are listening to music (43%), using a computer (40%) or watching TV(39%). •According to market research firm JupiterResearch, 80 percent of teens with cell phones regularly use text messaging. Demographics (Ethnic Background) • African Americans –Approximately 12%+ of population –Target with Essence and Black Enterprise magazines –Use community support activities to reach Demographics (Ethnic) • Hispanics – largest growing ethnic group (11%+ of our population) – Large families (larger package sizes) – Use Spanish speaking television for ads • Asian Americans – Approx. 4% of population – More college graduates – Higher level of professional jobs – Consumers of financial services, telecommunications, new cars Studies of consumers based on social and psychological characteristics. Ex: How people live and act. How they spend their money and what they spend it on. Psychographics • Based on social and psychological characteristics – Sports and other activities they like – Trend toward health, eating properly, and exercise – Trend toward taking vacations –relaxing – Trendsetting issues – upscaling which is buying name brand items (defines person) Segmentation of the market based on where people live. Ex: rural, city, suburbs Product Benefits • Segmenting the market based on different characteristics of the customer • Example: Shampoo (everyone has different hair types/needs so there are different shampoos for each need) – Oily hair – Dry hair – Curly hair – Straight hair – Suave: beauty products that give you salon- Product Benefits (another example) • Cereal: – Healthy – Children – Cereal bars – Sweetened – Sugar free – General Mills: Cereals - Cheerios, Chex, Fiber One, Kix, Lucky Charms, Total, Trix, Wheaties... A profile that a company has about their target market with regard to the age, income level, ethnic background, occupation, attitudes, lifestyles, or geographic residence. What are your demographics and geographics and psychographics? 1. What is your age? 2. What age category do you fall under? (baby boomers, generation X or generation Y? 3. What is your gender? 4. What is your ethnicity (caucasian, african american, japanese, etc.? 5. What do you like to spend your money on? Your interests? 6. What part of Pulaski County do you live in? (city of Somerset, Ferguson, etc.