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Economics Chapter 11 Marketing and Distribution Section 1: The Changing Role of Marketing The development of Marketing – Generate consumer demand – Consumer Sovereignty- consumer as ruler – Utility- ability to satisfy customer wants Form Utility Place Utility Time Utility Ownership Utility Market Research Gather, record, and analyze data on what people want. When Should it be done? – Initially with the idea – Later to test sample products or packaging Market Surveys – Who might use your product – Questionnaires made up Testing New Products Test marketing –Offering the product in a small area. –Try different prices –Ad campaigns –Most new products do not make it Section 2: The Marketing Mix Market Strategy- how to sell effectively The “Four Ps” of Marketing – 1. Product What accompany is there. Warranty Packaging- product identification – 2. Price Penetration Pricing- low initially Coupons Price leadership- One lowers, all lower The “Four Ps” of Marketing 3. Place – Where to sell, regionally and in a store – Online, specialty shops, by mail etc. 4. Promotion – Inform customers – Billions spent yearly – Who to target, teens = teen magazines – Direct-mail advertising Product Life Cycle Introduction- Explain and heavily promote. Growth- Higher prices Maturity Decline- Redesign packaging or find new uses. Section 3: Distribution Channels Channels of Distribution- How to move your goods 1. Wholesalers- Buy large amounts and sell to businesses. 2. Retailers- Direct sale to consumer – E-commerce, online sales. Growing 3. Storage and Transportation – On hand stock, method to move Other Distribution Channels Club Warehouse Store – Fee to join – Buy in bulk, bring down prices Direct Marketing – Catalogs – Internet