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Unit 3 Basic Marketing Concepts

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Unit 3 Basic Marketing Concepts Market Segmentation Demographics Statistics that describe a population in terms of personal characteristics. These include age, gender ... – PowerPoint PPT presentation

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Title: Unit 3 Basic Marketing Concepts


1
Unit 3Basic Marketing Concepts
2
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3
Commercial Questionnaire
  • What is the product?
  • Who is the target audience?
  • Do you think this commercial creates a
    relationship with its market? If so, what is it?
  • What aspects of this commercial are memorable?

4
Unit 3 Vocabulary
  • Consumers
  • Consumer Market
  • Customers
  • Customer Profile
  • Customer Relationship Management (CRM)
  • Demographics
  • Discretionary Income
  • Disposable Income
  • Environmental Scan
  • Executive Summary
  • Geographics
  • Goods
  • Industrial Market
  • Market
  • Market Share
  • Marketing
  • Marketing Concept
  • Marketing Mix
  • Market Segmentation
  • Marketing Strategy
  • Mass-Marketing
  • Positioning
  • Products
  • Psychographics
  • Sales Forecast
  • Services
  • Situation Analysis
  • SWOT Analysis
  • Target Market

5
Unit 3 Essential Question
  • How do the fundamental marketing concepts relate
    to the scope and impact of marketing on the
    economy?

6
Essential Question 1Basic Marketing Concepts
  • What is marketing?

7
Marketing is. . .
  • The process of planning, pricing, promoting,
    selling and distributing products to create
    exchanges that satisfy customers needs and wants.
  • Products
  • Goods
  • Services
  • Information / Ideas

8
Essential Question 2Basic Marketing Concepts
  • How do marketing strategies relate to the
    marketing mix?

9
Target Marketing - Focuses all marketing
decisions on the specific group of people you
want to reach.
  • The Marketing Mix
  • Product
  • Place
  • Price

4 Ps of Marketing
  • Promotion

10
Product Positioning
  • Positioning Getting the consumer to think about
    a product in a certain way.
  • Methods of positioning
  • Playing to the competition's weaknesses.
  • Looking for underserved markets.
  • Leading with your strengths.
  • Targeting different market segments.

11
Marketing Strategies
  • Marketing strategy Identification of target
    markets and determination of marketing mix
    choices that focus on those markets.
  • An effective marketing strategy will focus on a
    companys or products competitive advantage the
    key point of difference.

12
Essential Question 3Basic Marketing Concepts
  • What are the marketing functions and their
    related activities?

13
Functions of Marketing
  • Distribution
  • The physical movement of a good or service.
  • Deciding where and to what extent to sell a good
    or service.

14
Functions of Marketing
  • Financing
  • Determining the need for and availability of
    financial resources to aid in marketing
    activities.

15
Functions of Marketing
  • Marketing Information Management
  • Gathering, recording, analyzing, and
    disseminating information to aid in making
    marketing decisions.

16
Functions of Marketing
  • Pricing
  • The determination of an exchange price at which
    the buyer and seller perceive optimum value for a
    good or service.

17
Functions of Marketing
  • Product/Service Management
  • Obtaining, developing, maintaining, and improving
    a product or a product mix in response to market
    opportunities.

18
Functions of Marketing
  • Promotion
  • Communicates information about products,
    services, images, or ideas to customers or
    clients to influence their purchase behavior.

19
Functions of Marketing
  • Selling
  • Responding to consumers needs and wants through
    planned, personalized communications intended to
    influence purchase decisions.

20
Essential Question 4Basic Marketing Concepts
  • How do the effects of various marketing
    activities compare and contrast?

21
Marketing Activities
  • The marketing activities associated with
    Distribution
  • Determining mode of transportation (Motor, Plane,
    Rail, Air, Pipeline)
  • Location of business (Country, Geography, Street,
    etc.)
  • Location of product (Front of store, back of
    store, top shelf, bottom shelf, etc.)

22
Marketing Activities
  • The marketing activities associated with
    Financing
  • Budgeting
  • Sources of capital
  • Expenditures of capital
  • Accounting
  • Cash flow statement
  • Income statement
  • Balance sheet

23
Marketing Activities
  • The marketing activities associated with
    Marketing Information Management
  • Surveys
  • Customer comment cards
  • Social media questionnaires
  • Point of Sale questions by cashier
  • SWOT Analysis
  • Customer / consumer research
  • Trend analysis

24
Marketing Activities
  • The marketing activities associated with Pricing
  • Product cost analysis
  • Break-even analysis
  • Pricing goals, strategies, techniques
  • Consumer perceptions
  • Government regulations
  • Product life cycle

25
Marketing Activities
  • The marketing activities associated with
    Product/Service Management
  • Updating / modifying products
  • Changing / modifying product mix
  • Branding, packaging, labeling
  • Product positioning
  • Product bundeling

26
Marketing Activities
  • The marketing activities associated with
    Promotion
  • Sales / specials
  • Buy 1 get 1 free
  • 25 off
  • Coupons
  • Advertising
  • Publicity
  • Personal Selling

27
Marketing Activities
  • The marketing activities associated with Selling
  • Shopping
  • Personal selling
  • Buying products
  • Customer buying motives
  • Customer decision making

28
Essential Question 5Basic Marketing Concepts
  • How do marketing plans interact with marketing
    strategies?

29
Marketing Plan
  • Marketing Plan
  • A formal, written document that directs a
    companys activities for a specific period of
    time.
  • Elements of a Marketing Plan include
  • Marketing Strategies
  • Situation Analysis
  • Implementation
  • Evaluation and Control

30
Marketing Plan
  • Marketing Plan
  • The Marketing Strategies section of the Marketing
    Plan focuses on
  • Product Positioning
  • Marketing Mix
  • Product
  • Place
  • Price
  • Promotion

31
Essential Question 6Basic Marketing Concepts
  • How does the marketing planning process employ
    situational analysis?

32
Situational Analysis
  • Situational Analysis The study of the internal
    and external factors that affect marketing
    strategies and is an element of the Marketing
    Plan.

33
Situational Analysis
  • A Situational Analysis includes
  • SWOT Analysis An assessment of the companys
    internal Strengths and Weaknesses and external
    Opportunities and Threats.
  • Environmental Scan An analysis of outside
    influences that may have an impact on the
    organization. It includes
  • Political
  • Economic
  • Socio-Cultural
  • Technological

34
Essential Question 7Basic Marketing Concepts
  • How are the concepts of market, market
    segmentation, and market identification
    differentiated?

35
Demographics
Psychographics
Market
Market Segmentation
Product Benefits
Geographics
36
Identifying Your Customers
  • Market A group of all potential customers who
    share common needs and wants, and who have the
    ability and willingness to buy the product.
  • Market Segmentation Dividing the total market
    into smaller groups of people who share specific
    needs and characteristics.

37
Customers vs. Consumers
  • Customers
  • Buy a product
  • Consumers
  • Use the product

38
Consumer Marketvs.Industrial Market
  • Consumer
  • Personal Use
  • Industrial
  • Business Use

39
Market Segmentation
  • Geographics
  • Segmentation of the market based on where people
    live.

40
Market Segmentation
  • Demographics
  • Statistics that describe a population in terms of
    personal characteristics. These include age,
    gender, income, ethnic background, education, etc.

41
Market Segmentation
  • Psychographics
  • Involves the study of customers based on
    lifestyle, and the attitudes and values that
    shape it.

42
Market Segmentation
  • Product Benefits
  • Built in features of products in response to
    consumer needs and wants.

43
Market IdentificationIdentifying Your Customers
  • Developing a Customer Profile
  • Combining geographic, demographic, psychographic,
    and product benefit data to get a complete
    picture of your potential customers.

44
Essential Question 8Basic Marketing Concepts
  • How does the marketing concept relate to customer
    needs and wants?

45
Brainstorm
  • What are the differences between sales-oriented
    and marketing-oriented companies.

46
The Marketing Concept
  • In order for a business to make a profit, it must
    focus all of its efforts on satisfying the needs
    and wants of its customers.

47
Customer Satisfaction
  • Involves creating a relationship with the
    customer to achieve customer loyalty also known
    as Customer Relationship Management (CRM).
  • Customer satisfaction is directly related to the
    products perceived value.
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