MARKETING BRAINSTORM… There are 1000 t-shirts in your basement. Come up with 5 ideas on how you would get rid of them! What is Marketing? All activities from product and/or service conception to customer satisfaction at a profit 4 P’s of Marketing 1. Product 2. Price 3. Place 4. Promotion 4 P’s are also know as MARKETING MIX Market Segment Any part of an overall market that has common characteristics Group of consumers that are grouped together based on some characteristic Wii for seniors Target Market Specific characteristics of the market 1. Product Provide a product or service that satisfies a consumer want or need Innovation and continuous improvement are necessary for successful marketing What benefits or attributes does the product/service have over other similar products Packaging is also a major component of product (often referred to as the 5th P) Product & Packaging Packaging Why don’t companies make resealable packaging more often? They want you to throw away the product & buy more. Price Price must be reasonable to the consumer It represents the value of the product to the consumer The price must cover the cost of manufacturing the product or the cost of providing the service and allow for profit Place / Distribution/ Availability Making the product easily accessible, that is, where the product can be sold or the service can be provided most successfully Products should be available when they are needed (at convenient times) Promotion Informing potential customers about the availability and benefits of certain products or services Most common parts of promotion are advertising, sale promotion and publicity, word of mouth, outdoor- billboards, transits Anti-Smoking: Cigarettes Today Promotion Product/ Packaging Price Place of Distribution Old Spice – Case Study Old Spice Guy What made Old Spice a Success? Based on what you have seen, read, and what you already know, what do you think marketing is 'all about'? Provide 1-2 examples of companies you have engaged with on a social media site (such as Facebook). Explain why you chose to engage with the company in terms of the benefit it provided you as the consumer.