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Marketing Activities
Buying – Obtaining a product to be resold; involves finding suppliers that can provide the right products in the right quantity at a fair price
Selling – Providing personalized and persuasive information to customers
Marketing Activities
Transporting – Moving products from where they were made to where consumers can buy them
Storing – Holding products until customers need them, such as on shelves, storage rooms, or warehouses
Marketing Activities
Financing – Providing money to pay for the various marketing activities, such as obtaining credit when buying and extending credit when selling
Researching – Studying buyer interests and needs, testing products, and gathering facts needed to make good marketing decisions
Marketing Activities
Risk Taking – Assuming the risk of losses that may occur from fire, theft, damage, etc.
Grading and Valuing – Grouping goods according to size, quality, or other characteristics, and determining an appropriate price for products and services
Role of Marketing
Production Oriented – decisions about what and how to produce receive most attention
Sales Oriented – emphasize widespread distribution and promotion to sell products
Customer Oriented – direct activities of the company toward satisfying customers
Marketing Concept Keeping the needs of the consumer
uppermost in mind during the design, production, and distribution of a product
Marketing manager is part of top management and involved in all major decisions
Market Determination
Market – types of buyers a business wishes to attract and where those buyers are located
Whom to serve???? Where to serve???? Identify target markets – groups of
customers with very similar needs
Product
All attributes, both tangible and intangible, that customers receive in exchange for the purchase price
Number of items to produce Physical features Quality Number of different models Packaging Brand Name Product guarantees & services Image to be communicated to customers
____Price Amount of money given to acquire a
product.
High enough to cover costs of producing and marketing
Consider the number of competing products and their prices
Demand for the product Sold for cash or credit Coupons, discounts, bargain for lower price,
trade in, etc….
Place (Distribution)
Product must be in a place where customers need or want it
Set of activities required to transport and store products and make them available to customers
May sell products to retailers or wholesalers
Promotion Providing information to consumers that
will assist them in making a decision and persuade them to purchase a product or service
Major methods - Advertising and Personal Selling
Marketing Plan
Detailed written description of all marketing activities that a business must accomplish in order to sell its products
Describes the goals the business wants to accomplish, the target markets, the marketing mixes, and the tactics that make up the marketing strategy
Identifies ways to evaluate to determine if successful
Written for a specific time period
The Product Life Cycle
Consists of four stages of sales and profit performance through which all brands of a product progress Introduction Growth Maturity Decline
Introduction Stage A brand new product enters the
market
The product is different from, and expected to be better than, products customers are currently using
If successfully introduced, increasing number of consumers will accept it, sales will increase, and profits will grow
Growth
Competitors will enter the market
More customers become regular purchasers
Companies attempt to improve their brand
Companies will add to their distribution
Profits are likely to increase
Maturity Product purchased by large numbers of
customers and become quite profitable
Competing with many other brands with similar features
Customers have developed loyalty to a brand
Companies focus on promotion and may look for new markets
Decline
Occurs when a new product is introduced that is much better or easier to use
Companies begin to see declines in sales and profits
Either find new uses for product or attempt to sell off any remaining inventory
Product Categories
Industrial goods – products designed for use by another business
Consumer goods – products designed for personal or home use
Some products may be both a consumer and industrial good
Consumer Products
Convenience Goods – inexpensive items that consumers purchase regularly without a great deal of thought Ex: milk, candy, soft drinks, soap
Shopping Goods – consumers purchase less frequently and usually have a higher price and requite some buying thought Ex: cars, furniture, large appliances, houses
Consumer Products
Specialty Goods – products that customers insist on having and are willing to search for until they find them. Ex: designer clothing, expensive jewelry, special
automobiles
Unsought Goods – Customers do not shop for these type of goods because they do not have a strong need for them Ex: life insurance, cemetery plots, funeral
services