August 6thBell Work

• What 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?

Marketing

• Marketing is planning, promoting, selling, pricing and distributing ideas, goods, or services.

Goods

• Kinds of things you can touch or hold in your hand. Tangible items.

Services

• Thing you cannot physically touch, yet they have monetary value and meet the needs and wants of consumers.

Channel Marketing/Distribution

• Deciding on how goods get into customers’ hands.

Pricing

• How much to charge for goods and services.

Product/service management

• Obtaining, developing and improving a product.

Selling

• Providing customers with goods and services they want.

Industrial/Consumer Market

• Industrial Market - Businesses that buy product for use in their operation. Business to Business

• Consumer Market – Purchase goods and services for personal use.

Market Share

• Percentage of total sales generated by competing companies.

Marketing Mix

• 4 P’s: Product, Price, Place, Promotion.

Utility

• The added value of a product in economic terms.

• Form, Place, Time, Possession, Information.

Form Utility

• Not directly involved in marketing.• Putting parts together and making them more

useful. Changing raw material.

Time Utility

• Having a product at a certain time of the year or convenient time of the day.

Place Utility

• Determine the most convenient and efficient locations to sell products.

Possession Utility

• How are you going to pay for item.

Customer Profile

• List info about target market such as age, income, lifestyle, job.

Market Research

• Organized effort to gather information about consumers. Ex. Filling out questionnaires.

Market Segmentation

• Process of classifying customers by needs and wants.

Chapt 2S.W.O.T. Analysis

• Strength• Weakness• Opportunities• Threats

Analyze everything that can make the business succeed or fail.

Three C’s of internal analysis

• Company – 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 survey

• Competition – What is the market share; Are competitors taking business away.

Environmental Scan

• Political – Know the laws• Economic – Know the state of the Economy• Socio-cultural – Change in demographics.

(age, ethnicity, education level, income)• Technology – Technology can be a threat or an

opportunity for a company.

Three Phases of Marketing

• Planning

• Implementation

• Control

Marketing Strategy

• Identifies target markets, considering the needs of the customers.

Seven Elements of a Marketing Plan

• Executive Summary – each topic in the plan & gives an explanation of the costs involved in implementing the plan.

• Situation Analysis• Goals & Objective• Market Strategies• Implementation• Evaluation & Control• Appendix

Marketing Plan

• Formal written document that directs a company’s activities for a specific period of time.

Market Segmentation

The 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.