The following ad is promoting a well-balanced cereal.
August 6thBell WorkWhat is good and bad about the Share a Coke campaign?
The following ad is promoting a well-balanced cereal.What is the main theme?How does the picture work with the words?
MarketingMarketing is planning, promoting, selling, pricing and distributing ideas, goods, or services.
GoodsKinds of things you can touch or hold in your hand. Tangible items.
ServicesThing you cannot physically touch, yet they have monetary value and meet the needs and wants of consumers.
Channel Marketing/DistributionDeciding on how goods get into customers hands.
PricingHow much to charge for goods and services.
Product/service managementObtaining, developing and improving a product.
SellingProviding customers with goods and services they want.
Industrial/Consumer MarketIndustrial Market - Businesses that buy product for use in their operation. Business to Business
Consumer Market Purchase goods and services for personal use.Market SharePercentage of total sales generated by competing companies.
Marketing Mix4 Ps: Product, Price, Place, Promotion.
UtilityThe added value of a product in economic terms.Form, Place, Time, Possession, Information.
Form UtilityNot directly involved in marketing.Putting parts together and making them more useful. Changing raw material.
Time UtilityHaving a product at a certain time of the year or convenient time of the day.
Place UtilityDetermine the most convenient and efficient locations to sell products.
Possession UtilityHow are you going to pay for item.
Customer ProfileList info about target market such as age, income, lifestyle, job.
Market ResearchOrganized effort to gather information about consumers. Ex. Filling out questionnaires.
Market SegmentationProcess of classifying customers by needs and wants.
Chapt 2S.W.O.T. AnalysisStrengthWeaknessOpportunitiesThreats
Analyze everything that can make the business succeed or fail.
Three Cs of internal analysisCompany What the company is strong at and what is the company weak at. What new products have been successful. What is mission statement.Customer Customer Satisfaction. Questionnaire or surveyCompetition What is the market share; Are competitors taking business away.Environmental ScanPolitical Know the lawsEconomic Know the state of the EconomySocio-cultural Change in demographics. (age, ethnicity, education level, income)Technology Technology can be a threat or an opportunity for a company.Three Phases of MarketingPlanning
ControlMarketing StrategyIdentifies target markets, considering the needs of the customers.
Seven Elements of a Marketing PlanExecutive Summary each topic in the plan & gives an explanation of the costs involved in implementing the plan.Situation AnalysisGoals & ObjectiveMarket StrategiesImplementationEvaluation & ControlAppendixMarketing PlanFormal written document that directs a companys activities for a specific period of time.Market SegmentationThe process of classifying people who form a group into smaller group.Demographics age, gender, income, marital status, education, ethnicity, occupation.Geographic's Where people live.Psychographics Grouping people with similar lifestyles. Shared attitudes, values and opinions.Behavioral factors- benefits desired by consumers, shopping patterns and usage rate.