Transcript Introduction to Marketing .5 credit, unleveled business elective

Introduction to Marketing
.5 credit, unleveled business elective
Marketing: the 5Ps
The process of planning and executing the:
(1) the product
(2) the pricing
(3) the promotion
(4) the placement
of ideas, goods or services to meet and satisfy (5)
(People's) needs or wants
The Marketing Mix
The 5 P’s
1. Product /Service/ Idea
 description / purpose
 what are you selling?
2. Placement
 where are you going to sell it
 Location, Location, Location
 Geographic location
 in what forum: store/online)
3. Price
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how much is it worth
how valuable is it to TM
how can you make a profit: Mark-up %
What is your pricing strategy compared to
competition
4. Promotion
 What forms of promotions will you use
 how will you reach you TM
 how will you convince your TM to buy this
service or good
People
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Who is the Target Market?
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Know the Demographics:' population characteristics'
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Age Range
Gender
Education Level
Income Range
Where are these people located?
Psychographics : personality traits / likes and dislikes
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Accurate Information can be attained through the US Census
Bureau: http://www.census.gov/
Target Market Segmentation
Variables
1. Demographics
1. Age
2. Gender
3. income
2. Geography
1. Where do they live
2. Where do they shop
3. Psycho-graphics
1. What do they like to do?
2. Hobbies? Free time spent?
Key questions
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5.
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What do they buy?
How do they buy?
Where do they buy?
When do they buy?
Why do they buy?
Who buys?
One Product Marketed
to Many Segments
Market Panera Bread
to 5 different Segments
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5.
Marketing as a College Major
http://www.sju.edu/academics/hsb/marketing/index.html
• Department
– Within the College of Business
• Degree earned:
– B.S in Marketing (Bachelors of
Science)
– 120 credits
• 60 general ed
• 60 marketing concentration
• Each course = 3 credits
• Salary Ranges:
– starting:$36,900
– mid-career:$81,500
Just a few PA colleges with
Marketing as a Major
1. St. Joe’s
2. Penn State
3. Villanova
4. Neumann
5. West Chester
6. Shippensburg
7. Delaware Valley
8. Elizabethtown
9. Ursinus
10. IUP
11. Kutztown
12. LaSalle
13. Temple
14. Cabrini
Core Marketing Courses Required:
choose 5 to write down
– Business to Business
Marketing
– Consumer Behavior and
Psychology
– Global Marketing
Logistics
– Marketing Channels
– E-commerce
– Selling with Public
Speaking
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Marketing Management
Market Research
Marketing Strategies
Product and Price
Management
– Retail Management
– Sales Management
Core Competences after Graduation
choose 3 to write down
1. the art of persuading people that a particular product is
desirable - great communication skills
2. effectively get the message across when there's so much
competition.
3. convince people that a product fulfills one of their needs.
4. convince consumers that a product fulfills a need they didn't
even know they had.
5. how to promote products in traditional and non-traditional
ways
– sales, print ads, television ads, social marketing, emarketing
6. understand the global economy and strategies to sell
products worldwide
7. conduct marketing research through surveys, focus group
interviews, and other techniques.
Marketing as a Career
1.
2.
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7.
Advertising / Promotions
Public Relations
Market Research
Product Development and Design
Retailing
Sales
Internet / E-Commerce
Advertising/Promotions
• a “paid for” way of promoting products,
services or information
• It is a form of communication between the
company (manufacturer, organization, etc)
and consumer or the targeted market
• Using all known media forms, and is
constantly seeking new media, new
channels of communication.
Types of Promotions
Direct Promotions
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Website
Emails
TV commercials
Magazine ads
Newspapers ads
Internet ads on
relevant websites
– Billboards
Indirect Promotions
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Product Placement in
movies, tv shows, video
games, celebs
• Every award
show…”who are you
wearing tonight?”
• Have celebrities wear
your clothes/use your
product…
Public Relations
• Helps raise awareness about the company
through a variety of different means
• the management of relationships between an
organization and the public
• Image development and control
Market Research
• understanding consumers and their needs/wants
• Psychology of who is the TM
• the core competence at the heart of any company
with a vision for the future.
• the process of collecting and analyzing information
about the customers you want to reach, called your
target market.
– This information provides you with the business
intelligence you need to make informed decisions.
• Google Analytics as an excellent, leading market
research tool
6 Most Popular
Market Research Methods
1. Google Analytics – ONLINE….where is your TM
shopping, what are they reading, what are they
“clicking” on!
2. Surveys
3. Focus Groups – putting together a TM and asking
for feedback
4. Personal Interviews
5. Observation – ex: toy manufacturers
6. Field Trials – placing the p/s in the marketplace to
see how it does
Google Analytics
Product Management
• The design and ongoing development of a
product / service to meet the target
market’s needs and wants
• Responds and changes and demands / times
change
• Without product mgmt, the p/s could
become extinct and therefore leads to
bankruptcy
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http://www.myfoxchattanooga.com/dpps/money/wendys-offersnatural-french-fries-dpgoh-20101111-fc_10568702
Retailing
• Placing products in the appropriate stores /
locations / website domains, that match the image
and values of the co. and will maximize profit
• Do not manufacture anything, just resells items
– selecting the appropriate retailer to represent your
product
• Means physical and online
• Biggest online retailer: www.amazon.com
• Biggest physical retailer: Walmart
Sales
• Selling your product or service to a client
using many different promotional strategies
– Commission based – you earn a % of what you sell
• Pricing Experts – ex: the Phillies ticket
price increase
• Currently – Pharmaceutical Sales is a highdemand area right now
• Usually Sales and Retailing go hand-in-hand
Internet / E-Commerce
• Advertising your business through the
internet and email and Social Networking
• Reaching your TM through websites that
your TM uses
• Selling your product / service online instead
of OR in addition to, a physical location
• Expert in website design
• Expert in knowing where your TM is
“clicking”