INTRODUCTION TO MARKETING. BMI3C Unit 1 Slide 2 Introduction to Marketing BRAINSTORM Make a list of...

INTRODUCTION TO INTRODUCTION TO MARKETINGMARKETING

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Introduction to Introduction to MarketingMarketing

BRAINSTORMMake a list of all the

terms you think of when you hear the word

MARKETING?

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What is Marketing?What is Marketing?Marketing is the sum of all the activities involved in planning, pricing, promoting, distributing, and selling of goods and services to satisfy consumers’ needs and wants.

What is the point of What is the point of marketingmarketing

It’s not about what you want to sell, its about what the customers want to buy

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What is Marketing?What is Marketing?Marketing seeks to

•discover the needs and wants of prospective customers;

and•satisfy them.

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What is Marketing?What is Marketing?The key to achieving these two objectives is the idea of exchange: the trade of things of value between buyer and seller so that each is better off after the trade.

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AN EXAMPLEAN EXAMPLEME: HungryMcD’s: Needs to sell food

ME: Buy foodMcD’s: Makes money

Requirements for Requirements for Marketing to OccurMarketing to Occur

In Your Opinion…In Your Opinion…•What is necessary in order

for marketing to occur (i.e. who needs to bring what

to the table?)

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Requirements for Requirements for MarketingMarketing

1. Two or more parties with unsatisfied needs

•I need food, McD was in need of selling food in order to make money

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Requirements for Requirements for MarketingMarketing

2. Desire and ability to satisfy those needs

•I want to curb my hunger and have money, McD has food and a way for me to purchase it from them

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Requirements for Requirements for MarketingMarketing

3. A way for the parties to communicate

•I watch TV, McD advertises its products on TV

•I receive mail, McD sends out coupons

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Requirements for Requirements for MarketingMarketing

4. Something to exchange•I have money, McD has food

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DILBERTDILBERT

What’s wrong with the Pointy-Haired Boss’s suggestion?

Needs & WantsNeeds & Wants

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NEEDS vs. WANTSNEEDS vs. WANTSA need occurs when a person feels deprived of basic necessities (food, drink, shelter)A want is a need that is shaped by a person’s knowledge, culture, and personality

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NEEDS vs. WANTSNEEDS vs. WANTSIf you are hungry, you have a basic desire or need to eat.Based on your past experience with hunger, you may want a chocolate bar or an apple.

NEEDfood

WANTapple

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NEED or WANT?NEED or WANT?watergatoradesaladCologneairAmerican Eagle Hoody

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What is a Market?What is a Market?A market is

•a group of people•with a desire to purchase a product

•and the ability or means to do so.

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What is a Target What is a Target Market?Market?A target market is

•a group of potential customers to whom an organization directs its marketing program•EXAMPLES: teens, parents, seniors, extremely wealthy, etc.

Who Markets?Who Markets?•In your notes, brainstorm 5

groups who you feel market

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Who Markets?Who Markets?All organizations, and manyindividuals, including:Manufacturers

•market their products to potential customers

Ex.

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Who Markets?Who Markets?Service Businesses

•market their expertise to potential customers

Ex.

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Who Markets?Who Markets?Not-for-profit Organizations

•market their cause to potential donors

Ex.

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Who Markets?Who Markets?Politicians

•market their ideas to potential voters

Ex.

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Who Markets?Who Markets?Job applicants

•market their skills to potential employers

Ex.