Marketing in Today’s World
Learning Objectives:
• Identify the four elements that make up the marketing
mix
• Define the life cycle of a product
•Discuss the needs and motivations of consumers
• Describe the role of pricing, packaging, and promotion
in marketing goods and services
• List the traits that marketing employees need to have
Marketing Mix
Definition: All of the activities that go into the selling of a
product to a consumer

Four Elements
 Product: what goods and services are produced to
meet the needs and desires of consumers
 Price: Cost that products are sold at
 Promotion: All of the activities that go into telling
consumers about a product or service
 Place: Refers to where the product or service is sold
Types of Products

Consumer Goods: goods sold to individuals and families

Convenience goods and services: products that consumers
use regularly without spending much effort

Shopping goods and services: those that customers
purchase after spending some time looking around and
comparing to similar product

Specialty goods and services: those that consumers often
select by brand or by company
Life Cycle of a Product

Introduction phase: The product is placed on the market for
the first time

Growth Phase: If product becomes popular it will experience
a growth phase. Sales and profits will increase sharply

Mature Phase: Sales level off, and profits begin to fall in
products mature phase

Declining Phase: Last stage, where product is no longer
profitable so the producer stops making it
Consumer Needs

To sell products successfully, marketing experts must
understand the needs of consumers
Consumers spend money to meet three basic needs:
Physical Needs: Necessities of life (food, clothing, housing,
and transportation)
2.
Social Needs: Need to be loved and accepted by others
(cologne, skin care products, and deodorant)
3.
Psychological needs: Need for approval and
prestige(expensive shoes, eat at nice restaurants)

1.

Consumer Motivations

No two people buy exactly the same goods and services

There are three types of motives

Rational Motives: Consumers are motivated to think logically
about a purchase (comparing prices and quality)

Emotional Motives: Feelings or attitudes cause you to buy
on impulse

Patronage Motives: Causes you to be loyal to a certain shop
or company
Using Market Research

Definition: the gathering of information that businesses can
use to determine what kind of goods or services to produce.

Allows forecasters to predict how many goods or services a
business can expect to sell

Demographics: the study of a population
 Where people live, how much income they have, and what newspapers
they like to read are examples of market research
Promotion, Packaging And Pricing

Promotion
 Includes all the activities involved in selling a product
 Telling consumers about a product
 Advertising is paid promotion

Packaging
 Consumers are strongly influenced
 Labels on package are advertisements for the product
 Labels include the logo which is the symbol of the manufacturer

Price: is the value that producers and sellers place on goods
or services
 Price must cover the total costs of producing, shipping, and promoting
the product
 Break-Even point: point at which the total cost is equal to the total
money the product earns
Distributing Goods and Services

Marketers have to decide how and where consumers will buy
their goods and services

This is the place decision of the marketing mix

Channel of Distribution: includes all of the people who direct
products to consumers

Channels: Manufacturer, Wholesaler, Distributor, Retailers,
Consumers
Concerns for International
Marketers

When dealing with international markets, marketers may
face special challenges

Communication: Understanding the language used by the
people you are dealing with is important

Traditions and Customs: Often it is cultural differences that
are the most troublesome for international marketers

Different Buying Habits:





Is there a need for our product?
Who are its potential customers?
What is their level of earnings?
What are their buying habits?
What are their motives for buying?
Working In Marketing

People who often like to meet the needs of others often pick
a job in marketing

Communication: In marketing people spend a lot of time
talking to people and writing messages to them

Human Relations: Liking people is not enough to work in
marketing. They have to get along with all of their coworkers.

Math Skills: Important in any job, especially marketing
 Careless mistakes can result in lost sales, overlooked payments, and
customer complaints.
Working in Marketing Cont.

Motivation: Marketing workers are very goal-oriented and
have a lot of enthusiasm
 Want to accomplish something worthwhile by providing goods and
services to customers

Creativity/problem solving: People who work in marketing
use their imaginations to make products attractive to
customers.
Homework:
•On the wiki website go to the “youtube assignment” link and
watch the commercial. In short answer write the different
marketing tools used in the commercial.
The End