Marketing

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Marketing

• Chapter 1
• Marketing Is All Around Us

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Analyze the Ad What is the theme? How does the
picture work with words?
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Terms for Section 1.1

• Marketing process of planning, pricing,
  promoting, selling, and distributing ideas.
• Goods tangible items that have monetary value.
• Services intangible items with monetary value.
• Marketing Concept - Idea that all business should
  strive to satisfy customers needs and wants
  while generating a profit for the firm.

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Foundations of Marketing

• Business, management, entrepreneurship-understandi
  ng the basics that affect decision making
• Communication and interpersonal skills
  understanding concepts, strategies, and systems
  needed to interact effectively with others
• Economics understanding basic principle needed
  for marketing
• Professional development understanding
  strategies needed for career exploration,
  development, and growth

Bring in Ads
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7 Functions of Marketing

• Pricing how much to charge
• Promotion how to inform, persuade people to buy
• Selling getting it to the customer store,
  online
• Distribution deciding how to get it to the
  customer
• Financing getting the money to do it
• Marketing Information Management gathering info
  on customers
• Product/Service Management guides the co.
  toward what the consumer wants

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Review Questions

• Name two ideas that can be marketed.
• Where do exchanges take place?
• What is the main difference between consumers and
  industrial users?
• List at least three ways the Internet has changed
  marketing functions.

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Review Questions

• 5. A customer purchases two tables at 149.99
  and would like them to be delivered. Your
  company charges customers 50 for delivery and
  the state imposes a 5 percent sales tax on
  furniture, but not on the delivery charge. What
  is the total amount due from the customer?

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Extended Activity

• Give specific examples of how companies have
  tried to develop and keep them as customers.
  Name at least 2.

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Section 1.2 The Importance of Marketing

• How can consumer demand influence what changes
  are made to existing products?

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Terms for Section 1.2

• Utility attributes of a product or service that
  make it capable of satisfying consumers needs
  and wants.

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To Do

• Generate a list of products that your classroom
  might use.

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Benefits of Marketing

• New and improved products
• Lower prices
• Added value and utility

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Types of Utility

• Form changing raw materials or putting parts
  together to make them more useful. Ex. thread,
  zipper, cloth
• Place having a product where customers can buy
  it. Ex. Internet, catalog
• Time having a product available a certain time
  of the year or a convenient time of day. Ex.
  convenience store

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Utility Types (2)

• Possession the exchange of a product for money.
  Ex. layaway, cash, credit
• Information communicating with the consumer.
  Ex. salespeople, owners manual

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1.2 Review Questions

• How does marketing help to lower prices?
• In what ways is marketing related to form
  utility? (r and d)
• Which utility is added by drive-thru windows at
  fast-food restaurants?

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1.2 Review Questions

• In a business-to-business transaction, the seller
  offers the buyer a 2 discount for paying a bill
  early. Assuming the buyer took advantage of this
  offer, how much would be discounted on a 10,000
  invoice?

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1.2 Open-Ended

• What a brief story (2 or 3 paragraphs) about a
  young person shopping at the local mall that
  incorporates the benefits of marketing.

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1.3 Fundamentals of Marketing

• Consider a scenario where two companies carry the
  bulk of the market share for a product.
• What are major advantages and disadvantages of
  having only one major competitor?

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1.3 Terms

• Market all people who share similar needs and
  wants who have the ability to purchase your
  products.
• Consumer market purchase for personal use.
• Industrial market business-to-business
  marketing.

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1.3 Terms

• Market share a company's percentage of the
  total sales volume generated by all that compete
  in a given market.
• Target market group identified for a specific
  marketing program.
• Customer profile info about person/people such
  as background, occupation, education, attitudes.

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Marketing Mix

• 4 Ps
• Product
• Place
• Price
• Promotion
• Pick a brand and lets talk about the 4 Ps

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1.3 Review Questions

• What is the difference between consumer and
  industrial markets?
• What is the relationship among market
  segmentation, target markets, and customer
  profiles?
• Name the four Ps of the marketing mix and
  explain the importance of a target market for
  each of them.

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1.3 Review Questions

• If total sales in the ice cream category were
  4.4 billion and Breyers sales were
  650,417,792, what would be its market share?
  Round your answer to the tenth decimal place.
• /write a customer profile for a magazine of your
  choice. Support your description by describing
  sample articles and ads from the magazine.

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Chapter 1 Review - terms

• Marketing
• Goods
• Services
• Marketing concept
• Utility
• Consumer markets
• Industrial markets
• Market share

• Target market
• Customer profile
• Marketing mix

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Chapter 1 Review facts and ideas

• Define marketing
• Identify and explain the four foundations of
  marketing.
• List the seven functions of marketing.
• Explain the marketing concept.
• What is meant by utility and what are the five
  economic utilities?

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1 - review

• What is a market and in what ways can a market be
  identified?
• What is market share?
• Define target market.
• What are the four components of the marketing mix?

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1 - Review

• Assume you are a salesperson in a computer store.
  A customer is hesitant about buying a mid-prices
  laptop computer you are showing. The customers
  objection is that it will sell for much less in a
  year. Do you think the customer is correct?
  What would you say?

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1 - Review

• With two or three classmates, use a word
  processing program to write a short report about
  a new fruit beverage that you believe will be
  popular with teenagers. Assume your team develops
  this new product and wants to start selling it.
  Consider all seven marketing functions
  (distribution, financing, information management,
  pricing, product/service management, promotion,
  and selling) in your report and explain for each
  function how it applies to the marketing of your
  new product.

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1- Math Practice

• Figure the Market Share Calculate Nikons market
  share if total sales in the digital camera market
  are 211,464,600 and Nikons sales are
  120,305,671? Round your answer to the tenth
  decimal place.

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Understand Target Markets and the Marketing Mix

• Select an existing product that interests you.
  Look at how it is advertised in print or on
  television and the Internet. Research your
  products price and where it is sold. Identify
  its target market and the four Ps of its
  marketing mix. Then change the target market for
  the product.
• Activity Show how the four Ps of the marketing
  mix must be revised to focus on your newly
  defined target market. Prepare a written report
  and an oral presentation using presentation
  software.

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Research Customer Relationship Management

• Use magazine articles, Internet sources, and your
  own observations to research efforts made by
  companies to develop close relationships with
  customers. Analyze the effectiveness of customer
  relationship management (CRM). What pitfalls have
  been experienced by companies and what successes
  have been reported? Activity Prepare a three-page
  written report, complete with citations from
  appropriate sources, to document the research you
  have done on the topic of CRM.