Transcript Marketing In Today’s World

Marketing In
Today’s World
Freshman Seminar - Introduction to
Business
Dr. Hays
Marketing Essentials
 The Basics
 Different products require different
strategies
 Why?
 Items appeal to different ages,
genders, and income ranges.
 You must know your market!
 What is a market?
 A group of customers who share
common wants and needs
Marketing
 Definition
 The process of creating,
promoting, and presenting a
product or service to meet the
wants and needs of consumers
 Functions
 Several
 Define all aspects that are part of
marketing a product
Distribution
 Definition
 Process of getting goods and
services to customers
 Includes purchasing, stock handling,
inventory control, physical distribution
 Transported by trucks, trains,
airplanes, ships
 Also involves systems that track
products so they can be located at any
time
 http://www.pressroom.ups.com/gl
obal/frontpage
Financing
 Definition
 Getting money necessary for
setting up and running
business
 Also includes protecting
investments through risk
management
Information Management
 Definition
 Gathering and analyzing
information about consumers
 What type of information?
 Making informed decisions
requires good research and
development
Selling
 Provides customers with goods
and services they choose to buy
 Relationship marketing
 Building and maintaining
relationships with their customers
 How might businesses build
relationships with the teen
consumer market?
Marketing Mix and the Four
P’s
 Marketing mix consists of
four basic marketing
strategies
 Product
 Place
 Price
 Promotion
Product
 Marketing used to determine
demand of a product
 Predicts how to make the
product appealing
 Packaging is a major part of
product
 Design, color, size, brand
name
Place
 Marketer decide how and where
customers will buy goods and
services
 What kind of location
 Department store, boutique, mail
order?
 Channel of distribution
 A pathway to direct products to
consumers
 Direct or Indirect??
 Direct sold directly to customer from producer
 Indirect involves one or more intermediaries
Price
 Marketers consider 3 questions
1. How much are customers willing
to pay?
2. Is the price competitive with other
products?
3. Can the company make a profit?
Break Even Point: the point at
which total revenues, or sales,
equal total costs and expenses of
developing and offering a product
or service
Promotion
 Involves making customers
aware of products
 Most familiar form is
advertising
 http://www.adforum.com/