Transcript The Marketing Mix

TUE.
ST
MAY 1
Today’s
Agenda
BRO Time
 You
need your class
binder and
something to write
with.
 We are starting with
a new set of notes
today on “Marketing
Activities”.
 Marketing
Activities

PowerPoint & Notes

Customer Profile
Assignment

More notes (sorry)

Marketing Mix
Assignment
MARKETING
ACTIVITIES
May 1, 2012
OBJECTIVES
Define marketing and describe its
purpose.
 Explain the marketing concept and
market differentiation.
 Examine market segmentation
characteristics.
 Identify the elements of the
marketing mix.
 Describe the stages of the product
life cycle.

WHAT
IS
MARKETING?
Marketing activities include:

Buying

Selling

Transporting

Storing

Financing

Research & Information
Gathering

Risk Taking

Grading & Valuing
PURPOSE
OF
MARKETING
To help
connect
businesses
to their
customers!
THE
MARKETING
CONCEPT
MARKETING CONCEPT
The Marketing Concept
is the idea that a
business should strive to
satisfy customers’
needs and wants while
generating a profit for
the business.
MARKET
DIFFERENTIATION
Why should consumers choose your product over
another?
MARKET DIFFERENTIATION
 Your
product or brand must stand out as
something different from your competitors’
offerings.
 Market
differentiation strategies include:

Experience

Customer Service

Product

Price

Quality
MARKET
SEGMENTATION
Who is most likely to purchase your product?
STAND UP!
Push
in your chair.
Line
up in the middle of the
classroom, from the front to the
back. Order does not matter.
Listen
for instructions 
Move to the
FRONT of the
room if…
Move to the
BACK of the
room if…
You consider
yourself to have
more traditional
tastes.
You consider
yourself to have
trendier tastes.
You know what
you like, and you
stick with it.
You like change,
and you look for a
fun or modern
appeal.
Move to the LEFT
side of the room
if…
You are a
healthconscious
eater.
Move to the RIGHT
side of the room
if…
You prefer to
eat what tastes
good.
Trendy
Traditional
MARKETING CEREAL BRANDS
Healthy
Tasty
Cheerios
Special K
Raisin Bran
Total
Frosted Flakes
Rice Krispies
Froot Loops
Mini-Wheats
Kashi
Honey Bunches
Life
Organic Cereals
Lucky Charms
Cookie Crisp
Cap’n Crunch
Cinnamon Toast
Crunch
BACK TO CENTER!
Line
up in the middle of the
classroom, from the front to the
back. Order does not matter.
Listen
for instructions 
Move to the
FRONT of the
room if…
You prefer the
busy, fast pace
life of the city.
Move to the
BACK of the
room if…
You prefer the
calm, laid back
pace of the
country.
Move to the LEFT
side of the room
if…
You prefer
warm weather.
Move to the RIGHT
side of the room
if…
You prefer cold
weather.
Warm
Cold
City
Florida
Nevada
California
Washington
New York
Illinois
Country
MARKETING VACATION TRIPS
Texas
California
Colorado
Maine
MARKET SEGMENTATION
 Classification
of
customers by
wants and needs
 Creates
smaller,
more precise
target markets
WHAT
IS A
 Group
TARGET MARKET?
of people
identified as the
most likely to
become
customers
 These are the
people a
business wants
to reach with
their goods or
services!
SEGMENTATION FACTORS
Demographic
Geographic
Ways to
Segment a
Market
Psychographic
Behavioral
DEMOGRAPHIC
Definition
Refers to
statistics that
describe a
population in
terms of
personal
characteristics
Examples
 Age
 Gender
 Income
 Marital
Status
 Ethnic Background
 Education
 Occupation
GEOGRAPHIC
Definition
Based on where
people live
Examples
 Local
 Regional
 National
 Global
PSYCHOGRAPHIC
Definition
 Grouping
people
with similar
lifestyles
 Grouping people
with shared
attitudes, values,
opinions
Examples
 Activities
 Attitudes
 Personality
 Values
BEHAVIORAL
Definition

Involves looking at the
benefits desired by
consumers, at
shopping patterns, and
at usage rates

Sometimes referred to
as Product Benefit
segmentation
Examples
Teenagers spend
about $50 a month on
entertainment.
 Teenage girls spend
15% more on music
than teenage boys.
 Today’s young adults
desire affordable
luxuries.

SEE WHAT YOU KNOW!
On
handout, decide if each item
is:
o Demographic
o Geographic
o Psychographic
o Behavioral
Label
each with a D, G, P, or B.
LET’S TALK ABOUT IT!
Where
have you seen or
completed a survey like this
before?
How
can marketers use this
information?
How
else can businesses collect
this kind of information from
customers?
CUSTOMER PROFILES
Market
segmentation
characteristics help to create
customer profiles.
A
customer profile is a list of
information or common
characteristics about a target
market.
PROFILE PROJECT!
You will use a customer profile to identify
products targeted to your customer.
On the Front:
 Customer Profile &
Picture
 5 pictures of products
 Label each product
On the Back:
Your Name
5 explanations
why is this customer likely to buy
the product?
RD
THU. MAY 3
Today’s
Agenda
BRO Time
 You
need your class
binder and your
notes from last
class.
 We will finish notes,
do 2 short
assignments, then
finish your business
plan!
 Marketing
Activities




PowerPoint & Notes
Marketing Mix
Assignment
Finish notes
Product Life Cycle
Assignment
 Spartan

Plaza
Marketing sections!
REVIEW
WHAT IS THE MARKETING CONCEPT?

Businesses should strive to satisfy
customers while making a profit.
WHAT IS A TARGET MARKET?

A group of people identified as the
most likely to become customers –
specifically classified by
wants/needs and other
segmentation factors.
THE
MARKETING
MIX
THINK ABOUT IT



Have you ever
made a batch
of brownies?
What
ingredients do
you need?
What happens
if one of the
ingredients is
missing?
THE MARKETING MIX
 The
marketing mix includes the tools that
markets use / control in order to influence
potential customers in a target market.
 It
is also known as the 4 P’s.
 Decisions
made about the 4 P’s are based on
the people marketers want to win over and make
into customers.
 Marketers
must first clearly define each target
market before they can develop their marketing
strategies (the 4 P’s).
 Without
a solid mix of marketing strategies, a
product is not likely to succeed in the
marketplace.
THE MARKETING MIX
Product
2. Place
3. Price
4. Promotion
1.

Because of the
importance of
customers, some
marketers add a 5th “P”
to the mix.
WHAT’S THE DIFFERENCE?
MARKETING
FUNCTIONS
 Financing,
MARKETING MIX
Product
 Product,
Place,
Price, Promotion,
People
 Mix applies to a
specific target
market.
Planning,
Marketing
Research, Pricing,
Channel
Management,
Promotion, Selling
 Functions pertain
to the business
as a whole.
Marketing
Functions  Market Segmentation 
Target Market  Marketing Mix
PRODUCT
 Refers
to tangible,
physical
characteristic or
features of a
product / service
 Examples include:




Brand name
Quality
Packaging
Accessories /
services
PLACE
 Is
about getting the
products to the
customer
 Also referred to as
distribution
 Examples include:




Specific stores
Distribution
channels
Transportation
Order Processing
PRICE

What is exchanged for
the product

Should reflect what
customers are willing &
able to pay (demand)

Examples include:

Pricing strategy

Suggested retail price

Seasonal pricing

Bundling
PROMOTION
 Communication
of information
 Refers to
activities related
to advertising,
personal selling,
sales promotion,
and publicity
PEOPLE
 Usually
refers to a
defined target
market
 Examples include:
Health-conscious
women
 Active teenagers
 Young
professionals

MARKETING
MIX
ASSIGNMENT
Product
Cookies & Cream Poptarts
Place
Grocery stores everywhere!
 easy to take on the go
Other flavors available
Eat cold or toast it
PEOPLE
Price
school-age
children
Promotion
$2.99 per box
Compare with:
Toaster Strudels
Granola Bars
TV Commercials on Nick &
Cartoon Network
Product
Place
Brand / Name
Specific Places to be Sold
 Picture / Image
Features
Features
Your Logo
PEOPLE
Price
Teenagers
Ages 14 - 18
Promotion
Price per Unit
List of Competitors & their
approximate prices
How will you advertise to reach
this specific market?
Magazine, newspaper, flyers,
promotional event, website, TV
or radio commercials, etc.
PRODUCT
LIFE CYCLE
PRODUCT LIFE CYCLE

http://courses.unt.edu/kt3650_9/sld004.htm

Create a chart to illustrate the four stages of the
Product Life Cycle. Your diagram should include:






Characteristics
Sales patterns
Costs involved / Profits
Competition
Marketing strategies to use (see notes from last class)
Example of a product currently in this stage