Transcript Bell Ringer - jaymetracy

What is the total price of a
$133.38 item if the sales
tax rate is 6%?
$133.38 * 6% = $8.0028
$133.38 + $8.00 = $141.38
Bell Ringer – (5 minutes)
Discuss Learning Objectives / Vocabulary – (5
minutes)
Marketing Strategies Lecture – (40 minutes)
Introduce activity for next week.
Describe the 4 components of the marketing
mix.
Identify the four types of promotion.
Identify the seven functions of marketing.
 Marketing is the creation and maintenance of
satisfying exchange relationships.
 Creation suggests product development
 Maintenance indicates that marketing must continue
as long as a business operates
 Satisfaction implies meeting the needs of both
businesses and customers when exchanging products
or services.
 Exchange relationships occurs when the parties
involved both give and receive something of value.
Customer needs should be the primary focus
of marketing.
 To satisfy customers’ needs, you need to perform
3 activities.
 Identify
your customer and the needs of that customer
 Develop products the customers consider better than
other choices
 Operate your business profitably
To perform the tasks associated with
marketing, marketers rely on a marketing mix.
The marketing mix describes how a business
blends the six functions of marketing.
 Distribution: Determining the best way to get a company’s products or
services to customers is part of the distribution function.
 Marketing-Information Management: Gathering and using information
about customers to improve business decision making involves marketinginformation management.
 Pricing: The process of establishing and communicating to customers the
value or cost of goods and services.
 Product/Service Management: Designing, developing, maintaining,
improving, and acquiring products or services for the purpose of meeting
customer needs and wants.
 Promotion: Using advertising and other forms of communication to
distribute information about products, services, images, and ideas to
achieve a desired outcome.
 Selling: Any direct and personal communication with customers to assess
and satisfy their needs and want.
Determining the best way to get a company’s
products or services to customers is part of
the distribution function.
 Example: Distribution of products may involve
transportation services, warehouse/distribution
centers, and retailers.
 Distribution technology allows businesses to track
and monitor merchandise all the way from the
manufacturer to the retail outlet to the customer.
Getting the product to the consumer.
 Getting the raw material for fabric, manufacturing
textiles to making a garment available to a
customer.
 How and where a product will be distributed,
where the customer will purchase the item, and
when the product is distributed.
The path a product takes from the producer
to the consumer.
A product moves from the manufacturer, to
the wholesaler, to the retailer, and then to the
consumer.
Soft-Goods Chain
1. Textile Segment -> includes fiber, yarn, and
fabric production
2. Apparel Segment -> responsible for producing
the finished garments and accessories. The
apparel is designed, produced by
manufacturers, and sold to retailers.
3. Retail Segment -> includes stores or outlets that
sell the products to customers.
 Gathering and using information about
customers to improve business decision
making involves marketing-information
management.
The process of establishing and
communicating to customers the value or cost
of goods and services.
Businesses must offer products and services
are prices that consumers are willing to pay.
The price of a fashion product depends on the
cost of producing the item, the markup, and
customer demand.
Designing, developing, maintaining,
improving, and acquiring products or services
for the purpose of meeting customer needs
and wants.
 Spandex is a current textile used in apparel
because it is lightweight, yet extremely strong,
and a synthetic fiber.
Product offerings must be constantly
evaluated and updated, because what is
popular this year may not be popular next
year.
Marketers must consider how the product is
perceived by consumers.
Involves producing, packaging, and naming a
product.
Using advertising and other forms of
communication to distribute information
about products, services, images, and ideas to
achieve a desired outcome.
Any form of communication that a business or
organization uses to inform, persuade, or
remind people to buy its product.
Four types of promotion: sales promotion,
public relations and publicity, and advertising
Sales Promotion
Fashion retailers use special contests, displayed
merchandise in windows, or special coupons.
The purpose is to increase customer traffic in a
store so people will buy products.
Public Relations and Publicity
Public Relations Activities that promote the
image and communications a company has
with employees, customers, and the public.
Publicity  Unpaid mention of a business, its
employees, or its merchandise in the media.
Advertising
A paid message that a business sends to the
public about the product.
Appear in magazines, newspapers, brochures,
television commercials, and outdoor signage.
Type of Promotion
Example
Advertising
Announcement signs that are placed at
the entrances to the mall.
Sales Promotion
The staff working on the fashion show
wears t-shirts imprinted with the name of
the performer and the new line of
clothing.
Publicity
The organizers of the event book the
music star on a local television morning
show.
Public Relations
In the evening a prominent TV newscaster
mentions the fashion show and
comments on the performer’s
involvement in charitable organizations.
Any direct and personal communication with
customers to assess and satisfy their needs
and want.
Increase the number of customers
Increase the average transaction
Increase the frequency of repurchase
It is not one of the six core standards, but it is
closely related.
Requires a company to budget for its own
marketing activities and to provide customers
with assistance in paying for the company’s
products or services.
1. Describe the 4 P’s of Marketing?
2. What three marketing strategies are used to
increase retail businesses?
3. Describe the 3 activities must a business
perform in order to satisfy customer’s
needs?
4. List the 4 types of promotion and give an
example of each.
Situation: You are to assume the role of assistant manager of a
children’s clothing store. The store’s owner has decided to open a
new store. The owner wants the new store to build on the success
of the existing store but plans to carry a different merchandise line.
The new store will carry clothing for young women. The store’s
owner wants the new store to have its own identity.
Activity: The store’s owner has asked you to create a few marketing
ideas for the new store. Your ideas should consider the four P’s of
marketing.
Evaluation: You will be evaluated on how well you meet the following
performance indicators:
Develop a marketing plan (next page)
I. EXECUTIVE SUMMARY
½ page description of the plan
II. OBJECTIVES—What the promotional campaign is to accomplish
III. SCHEDULE OF EVENTS—Promotional activity(ies) must include the
following:
A. Special events (example: fashion shows, demonstrations)
B. Advertising (example: paid/co-op advertisement in various types
of media)
C. Publicity (example: press releases sent to various types of media)
D. Other in-store activity(ies) (example: involvement of sales
employees, etc.)
IV. STATEMENT OF BENEFITS TO THE RETAIL ESTABLISHMENT
V. BIBLIOGRAPHY
 ½ description of your store and your promotion plan.
 Statement describing your promotional objectives.
(Think 3 things that all businesses must do to make a
profit)
 Description of your special event, advertising method,
publicity event, and any other event you may use.
 Statement of benefits. How will each promotion
benefit your company.
 Bibliography page
 Copy of your magazine advertisement.