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Marketing in Today’s World Chapter 13 Marketing • Behind every product is a company’s intense research, development, and marketing. To successfully market a product, a company has to understand what people want to buy and why they want to buy it. The Market • Market is a group of customers who share common wants and needs, and who have the ability to purchase the product. • Marketing is the process of creating, promoting, and presenting a product to meet the wants and needs of consumers. Marketing concept • Knowing the customer’s wants and needs in order to make a profit is known as the Marketing Concept. • Potential customers are the “Target Market” Functions of Marketing • • • • • • • Distribution Financing Marketing Information Management Pricing Product/Service Management Promotion Selling Distribution • Involves moving goods and services from one place to the end user. Trucks, trains, airplanes, and ships are possible transporters Financing • Money is necessary to keep any business afloat. Businesses decide if customers can pay with credit or other options. Marketing Information Management • Making an informed decision requires good research and development. Companies conduct market research to learn more about their market. Pricing • Marketers have to figure out what price to charge for a product so the company makes a profit. • Marketers consider the impact of distribution Product/Service Management • Obtaining information, developing and maintaining products helps marketers decide how to respond to market opportunities Promotion • Communication through any type of media gets a business’s product out and into the hands of the public. Selling • Retailers or the business-to-business market provides customers or industrial users with goods and services. • Relationship marketing (trend of today) Companies use this strategy to build customer relations. This keeps companies aware of customer needs and wants The 4 P’s • Marketing Mix – The four elements of marketing are called the Marketing Mix • • • • Product Place Price Promotion Product • Marketers have to find out if there is a demand for the product • How are they going to present the product – Packaging color, name, design, etc Place • Where are they going to sell the product • The placement of the product in the store Price • How much are customers willing to pay • Is the price competitive with other products • Can the company make a profit • The amount of money a company has to make on a product to cover its costs is the break even point. Promotion • Making customers aware of a product – Advertising – Publicity – deals Market Research • Market research is done to gather and study information about consumers to determine what kinds of goods and services to produce. • This is done through survey, sales figures, databases, and the census Market Research Con’t • Demographics are facts about the population in terms of age, gender, location, income, and education. Once marketers know the demographics of a market, companies can start developing products to fit that particular group. Product Development • Seven Steps in Developing a new product – Generating Ideas – Screening Ideas – Developing a Business Proposal – Developing the product – Test Marketing the Product – Introducing the Product – Evaluating Customer Acceptance Channels of Distribution • Channel of distribution is a particular way to direct products to consumers. Producers use a specific channel to move goods to their final user. • Direct Distribution occurs when the goods or services are sold from the producer directly to the customer; an intermediary isn’t involved. Channels con’t • Indirect distribution involves one or more intermediaries • The biggest impact distribution has on marketing is how it affects the price of products. • Each time the product goes through another channel, the cost of marketing increases Channel Members • Distributors – Represents a single manufacturer in a geographic area. Cosmetics, cars, candy, ice cream and furniture are sold through distributors. Channel members con’t • Wholesaler – Receives large shipments of products from many different producers. They break the shipments into smaller batches for resale. – Retailer sells goods directly to the customer. This is the final stop in the channel of distribution. A supermarket is a retailer.