Marketing 101 Pros and Cons of Mass Media Quiz on Friday “Marketing You” assignment is due Wed. Mass Media Defined. you may start writing notes now... • Refers collectively to all media technologies, • including the Internet, television, newspapers, film and radio, which are used for mass communications, AND to the organizations which control these technologies In your groups, based on the definition provided to you, generate a list of pros vs. cons of mass media. Pros of Mass Media.... • The wide reach is phenomenal – it can target • • a global audience For example, a TV commercial during figure skating competition during olympic can reach billions of people on earth. Newspapers and magazines can target a specific group. For example, “Globe and Mail” is read by business professionals such as lawyers, accountants and marketing managers etc… Easily accessible Pros of Mass Media.... • Huge amount of information on the internet • Television, movies, Internet and the radio are amazing forms of entertainment • Can be used for educational/inspirational purposes Cons of Mass Media • The information may not be authentic – • • misinterpretation can occur. “New Guiness commercial”…. News can and is manipulated to influence the minds of the audiences (ie: political control) Media bias (ie: Journalist provides personal preference) “CIA Admits Using News To Manipulate the USA” (Youtube clip) Cons of Mass Media • • A particular event or celebrity may have undue importance and set wrong ideals before youth Miley Cyrus anyone? Unnecessary sensationalism of an issue leads to wrong information What is the difference between Marketing and Advertising? Marketing: "refers to all or part of the process of conceiving, promoting, distributing, and selling a product or service." Advertising: "is one subset of marketing. It's the act of bringing that product or service to the public's attention, often through paid announcements or commercials.“ Marketing is like North America and advertising is like Canada. Canada is part of North America. The Marketing Concept • The idea that a business or organization must consider both its potential customers and its competitors in every important business decision. • The focus is always on satisfying the customer and overcoming the competition at the same time. Three steps to effective Marketing • Identify an opportunity in a specific • • • consumer or industrial market. There is not too much competitiors in this market. Use appropriate marketing strategies to organize marketing plans and to sell its products or services successfully For example, Blackberry was the first smartphone in its industry in 1999. What company's do this well? Written Reflection #1 In groups of two or three, discuss the difference between marketing and advertisement. Come up with an example (product or service) and discuss how the company is marketing it vs how the company is advertising it. Goods, Services and Events • • The overall goal of marketing is to distribute and promote goods, services and/or events to those who want them o Good: items of merchandise, finished products, supplies or raw materials o Service: work done for others as an occupation or a business o Event: a significant occurrence, or happening Two categories of goods and services: o Consumer example is Iphone o Industrial example is Blackberry • Consumer Goods: o Intended for personal use by the general public (ipods, cell phones, PS3s, etc) o Industrial Goods: Products used in business to make other products or assist in business operation • Raw Materials: unfinished goods used in the manufacturing of a product à paper + ink = a newspaper • Processed Goods: semi-finished or a finished good, most raw materials need processing before they can be used (ie: milk, trees to lumber, apples to juice) Marketing Activities • Product Development : is a marketing strategy of selling new products to existing markets. For example, Coke sells new line of chai tea in Canadian market. • Pricing: There are many pricing strategies that marketers use to sell their products. For example, Penetration pricing is used by laptops and TVs. Marketing Activities • Sales – For example, you can use sales employees to do door to door or tele marketing etc. • Inventory Management: Too little inventory can result in poor service or loss of sales or brand-swithing. Too much inventory can result in higher costs and lower profit. Marketing Activities • Storage : This is where you keep your inventory. There are two types of storage: • Storage warehouse: the goods are intended to come to rest for some period of time • Distribution centre: are designed to facilitate the timely movement of goods. They are used to facilitate sorting and consolidating products from different plants. Marketing Activities ... It’s not just about advertising! Check out the handout! Activity - Not For Profits • Working in groups complete the first part • of the activity The second part is to be completed for homework! - due tomorrow!