Applying the Terms The process of developing, promoting, and distributing goods and services to meet the needs of customers. The marketing concept is the notion of providing goods and services that customers want or need. Question How does a company or business know what the consumer wants or needs? The group of people identified as potential customers Marketing strategies are directed to that group Customer profile developed for that group (also called demographics) Four Basic Marketing Strategies called the Four P’s: Product, Place, Price Promotion What to make Product features (color, sizes, etc) Packaging Brand name Warranty What to do with current products Improvements to products Getting the product into the consumer’s hands Determine how and where a product will be distributed Global companies must decide in which countries the product will be sold What transportation methods Sell directly to the consumer or go through middleman? What is exchanged for the product- how much will be charged: Should reflect what customers are willing to pay What is competition’s price How much profit/ mark-up? Activities related to advertising, personal selling, sales promotion, and publicity How potential customers will learn about company’s products What will be the message? What media will be used? Are there special offers? What will be the timing of the promotion? Students divide into teams of 2-3 people Design a new themed T-shirt for the BWHS school store (may use customink.com to complete design) Target to launch product Homecoming week Apply the Marketing Mix to this new product Create a PPT presentation to present to class List the 4 P’s of the Marketing Mix What is the 5th P List one thing new that you learned today. Characteristics of a group: Income Gender Ethnicity Geograhpcis Psychographics http://www.youtube.com/watch?v=ro4yhp9L6Ok&safety_mode=true&persist_safety_mod e=1&safe=active Process of analyzing and classigying customers in a given market to create smaller, more precise target markets Marketing functions-categorized into 7 core activities All lead to the successful marketing They are: Channel Management (distribution) Marketing Planning Marketing Information Management Pricing Product/ Service Management Promotion Selling Also called “Distribution Process of deciding how product gets to consumer Includes physically moving and storing product Includes systems that track products Includes where products/services sold Concepts to target specific marketing strategies to target audiences Includes determining needs, collecting and analyzing data, presenting data and using data for marketing plan Gather market information about customers, trends and competing products Also storing and analyzing information Research is continual Examples: customer surveys How much to charge for goods and services Based on costs Competition Willingness to Pay Price Obtaining, developing, maintaining, and improving a product or a product mix Create new product Improve product Add new products to current mix Effort to inform, persuade, or remind potential customers about products or services Advertising (paid- commercials, Ads, etc) Sales Promotion Selling Publicity Direct Mail Internet and Social Media Direct contact with customer Providing customers with the goods and services they want Includes: determining need and responding through planned, personalized communication Students will work with a partner to complete the following activity: Choose a product or service and research each of the functions of marketing for that product or service: Channel Management, Financing, Marketing Information Management, Pricing, Product/Service Management, and Promotion. Groups will submit a brief written explanation, and then will present to the class ONE of the functions- in a 3-5 minute presentation