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Transcript
What Is Marketing? S Marketing S Marketing is defined as the process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants. S Goods are tangible products, such as sports equipment S Services are intangible products, such as theater tickets (provides entrance to the play) The Marketing Process S Developing products involves studying consumers to determine what they want, and then designing the product that will satisfy their needs and wants. S Promotional activities help to educate consumers, create interest and desire, make a sale, and create an image for a company and its product. S “Just Do It” S “The Breakfast of Champions” S Distribution is the means of getting the product into the hands of the consumer. The Marketing Concept S Is the idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals. S To be profitable, businesses must focus their efforts on customers’ needs and wants. The Market S A marketing concept involves identifying customers. A market consists of potential customers with shared needs who have the desire and ability to buy a product. S Needs and Wants - organizations spend lots of money to learn about their customers’ needs and wants. - needs occur when people experience a lack of basic necessities such as food, clothing, or shelter. - wants are things that people desire based on personality, experiences, or information about a product. S Target Market - is a specific group of consumers that an organization selects as the focus of its marketing plan. - having a clear picture about the target market makes developing a marketing plan easier to accomplish. Mass Marketing vs. Market Identification S Mass marketing involves promoting products with one key message that is directed to everyone. S Today marketing efforts are much more sophisticated due to availability of information and computer technology. S Market-research companies provide clients with data to determine consumers’ lifestyle characteristics. S Demographics are statistics that describe a population in terms of personal characteristics (age, income, occupation, gender, ethnic background, education level). The Marketing Mix S The marketing mix is a combination of four basic marketing strategies, known as the 4 P’s – product, price, place, and promotion. S They must all focus on the target market. S Product Decisions S involves the goods, services, or ideas used to satisfy consumer needs. S designing, naming, and packaging a product are major considerations. S Price Decisions S influences customers’ buying decision. S involves the exchange process between the customer and the seller. S businesses must ask how much should be charged for the good or service. S the cost of making or buying a product for resale S expenses related to marketing the product, competition, and what the consumer is willing to pay. S Place Decisions S involves making the product available to the customer. S marketers must determine how and where their target market shops. S also known as channel of distribution – the path a product takes from the producer to the consumer. S Promotion Decisions S involves how the goods or services are communicated to the consumer. S it may use any combination of advertising, sales promotion, publicity, and personal selling. S involves selection of media