MARKETING – BUSINESS MANAGEMENT
TODAY’S OBJECTIVES:
 Explain the role of marketing in the economy.
 Determine various applications of marketing research.
 Explain marketing concepts and the elements of the marketing mix.
 Explain the four stages of the product life cycle.
What is Marketing?
The purpose of marketing is to help ___________________ businesses with their customers.
Successful businesses follow the marketing concept, which is the idea that a business should
strive to ________________ customers’ needs & wants while generating a _________________.
MARKETING SEGMENTATION & TARGET MARKETS
Market segmentation is the ___________________ of customers by _____________ &
__________________.
Market segmentation helps businesses narrow down to a target market, which is the group of
people identified as the ________________ _____________________ to become
__________________.
 These are the people you want to reach with your goods or services?
Markets can be segmented in four different ways:
MARKETING – BUSINESS MANAGEMENT
MARKET SEGMENTATION FACTORS
Behavorial
Psychographic
Geographic
Demographic
Definition
Examples
MARKETING – BUSINESS MANAGEMENT
By segmenting a market, businesses can develop a __________________ __________________,
which is a list of information or common characteristics about a target market.
 You need to know WHO you are trying to reach so that you can determine the best way
to advertise, package, sell, etc.
MARKET DEFFERENTIATION
Your product or service must stand out as something ________________ from what your
competitors offer.
Based on your target market & customer profile, your business may choose one of the following
market differentiation strategies:
THE MARKETING MIX
Your target market & customer profile will also shape the marketing mix, which is also known
as the ______________ _________’s. Without a solid mix of marketing strategies, a product is
not likely to succeed in the marketplace.
The marketing mix includes:
Because customers are so important, some marketers add a 5th “P” to the mix: _____________.
MARKETING – BUSINESS MANAGEMENT
The Marketing Mix
Promotion
Price
Place
Product
Definition/Description
Examples
MARKETING – BUSINESS MANAGEMENT
The Product Life Cycle
Decline
Maturity
Growth
Introduction
Stage Characteristics
Effective Marketing Strategies
MARKETING – BUSINESS MANAGEMENT
Teen Entrepreneur Project
Using what you have learned will help you with the following sections of your business plan.
Market Analysis
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Target Market Demographic Profile
Target Market Projections
Market Trend & Growth
Customer Needs Analysis
Competitive Analysis
In this section, include a discussion of your market differentiation strategy as well as the
strategies used by your competitors.
In the “Competitive Advantage” paragraph(s), clarify how your marketing strategies (4 P’s) will
attract customers and how your business strategies (differentiation) will keep them.
Marketing Plan
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Marketing Mix Strategies
Product Strategy
Place Strategy
Price Strategy
Promotion Strategy
People Strategy
Growth Plan
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Growth Strategies (Product Life Cycle)
Business Location Issues
Effects of Growth
Growth Financing