* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download 1.01 Marketing Concept
Online shopping wikipedia , lookup
Sales process engineering wikipedia , lookup
Price discrimination wikipedia , lookup
Planned obsolescence wikipedia , lookup
Visual merchandising wikipedia , lookup
Affiliate marketing wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Product placement wikipedia , lookup
Product lifecycle wikipedia , lookup
Social media marketing wikipedia , lookup
Service parts pricing wikipedia , lookup
Consumer behaviour wikipedia , lookup
Customer experience wikipedia , lookup
Customer relationship management wikipedia , lookup
Neuromarketing wikipedia , lookup
Marketing research wikipedia , lookup
Pricing strategies wikipedia , lookup
Ambush marketing wikipedia , lookup
Marketing communications wikipedia , lookup
Food marketing wikipedia , lookup
Sports marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Target audience wikipedia , lookup
Digital marketing wikipedia , lookup
Supermarket wikipedia , lookup
Youth marketing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Customer satisfaction wikipedia , lookup
Customer engagement wikipedia , lookup
Marketing plan wikipedia , lookup
Target market wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Multicultural marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Product planning wikipedia , lookup
Direct marketing wikipedia , lookup
Advertising campaign wikipedia , lookup
Services marketing wikipedia , lookup
Street marketing wikipedia , lookup
Global marketing wikipedia , lookup
Sensory branding wikipedia , lookup
Marketing strategy wikipedia , lookup
Marketing – Definitions • The process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs. • All activities necessary to get a product from the manufacturer to the consumer. • The creation and maintenance of satisfying exchange relationship. • Dynamic activities that focus on the customer to generate a profitable exchange. Marketing Activities •SWOT analysis: The acronym for strengths, weaknesses, opportunities, and threats. A SWOT analysis reviews the potential for success or failure of a business or product. Marketing Activities Cont. • SWOT • Internal - Businesses must continually review internal strengths and weaknesses. For example, McDonalds introduced the fruit cup as an alternative to fries. After one month of its introduction, McDonalds evaluated the strengths and weaknesses of the product. Businesses are also looking at their staff, financials, 4 P’s and production Marketing Activities Cont. • SWOT • External - Opportunities and threats are external factors that will also affect operating the business. For example, staying abreast of what current products are offered by competitors. For example, when Coke introduced its new product, Vault, Pepsi suffered a decrease in sales for its existing product Mountain Dew. Businesses are also looking at environmental issues, political climate, cultural issues, and technology Marketing Activities Cont. • Creating a Marketing Plan • Businesses use the functions of Marketing: Pricing, Selling, Promotion, Distribution, Financing, Product/Service Management (PSM), & Marketing Information Management (MIM) to create a marketing plan for their business. This can be done for the whole company, divisions, and individual products. Items that are Marketed • Products - include both goods and services – Goods - Tangible items that satisfy customer’s needs and wants. For example, television, car, cell phone, and clothing. – Services - Intangible items that satisfy customer’s needs and wants. For example, admission to an amusement park, getting a haircut, seeing a movie, going to the doctor, or buying insurance. • Ideas – Go Green, Cancer Awareness, Stop Smoking, Stay in School • Organizations – Profit & Non-profit. Ex: Nike, Microsoft, Red Cross, and Victory Junction. • People – politicians, movie stars, athletes Wants vs. Needs Wants: Not a necessity, a desire. For example, a sports car versus an economical car. Needs: A necessity for living. For example, clothing, food, and shelter. Where Does Marketing Take Place? EVERYWHERE!!!! Marketing Concept Definitions • The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm. The focus is on the customer. • An approach to business that says that the way to make a profit is to focus on customer satisfaction. • Using the needs of the customers as the primary focus during the planning, production, distribution, and promotion of a good or service. Customer vs. Consumer • Consumer: The person who uses the product. For example, Carrie buys denture cream toothpaste for her grandmother to use. Her grandmother is the consumer for this product, while Carrie is the customer. • Customer: The person who purchases the product. For example, Alyssa buys chicken and steak at the grocery store this week to cook for her family’s dinner. Alyssa will not eat the chicken or steak because she is a vegetarian. Alyssa’s family is the consumer, while Alyssa is the customer. In many cases, the customer is also the consumer. For example, Tracey purchases and uses Tide detergent. Benefits of Marketing • New and improved products. – Businesses create new products and improve existing products to maintain their current customers or attract new ones. For example, Verizon has introduced their new Xperia Play phone by Sony Ericson as the worlds first Playstation certified phone. Verizon Xperia • Lower prices. – Lower prices benefit customers while businesses benefit by selling more product at the lower price. For example, prices for e-readers, tablets, laptops, etc. they were expensive and few sold. As prices dropped, more customers purchased them. Benefits of Marketing Cont. • If Marketing did not exist – Without Marketing society would remain a self-subsistence style of living. You have less competition which results in higher prices, less choices, less improvements on existing products, and less information is available. • Marketing’s benefit to society – Societies benefits from Marketing through increased competition, lower prices, larger variety of goods/services, and mass communication with information about products/services. Fueled with more information, better choices are made utilizing our scarce resources within businesses, governments, and households. There are foreign and domestic societies and both benefit from marketing activities.