Transcript The Importance of Marketing

2.01 Recognize the
importance of
marketing.
Marketing is…
• The process of developing, promoting,
pricing, selling, and distributing
products to satisfy customer’s wants
and needs. Marketing involves all the
activities necessary to get a product
from the manufacturer to the
consumer
WANTS AND NEEDS
• Wants
– Not a necessity
– A desire
• Examples:
– Sports Car
– Designer Clothes
• Needs
– A necessity for
living
• Examples:
– Food
– Clothing
– Shelter
Activity 1 – part 1
• Divide a piece of paper into six
sections, labeling the sections wants,
needs, consumer, customer, goods,
and services
• Draw three examples of wants and
needs.
A target market is…
• The group of consumers a business
desires to have as customers.
• For example, the target market for
Disney DVDs is families with children
under the age of 12
Customer VS. Consumer
• Customer
– The person who
purchases the
product
• Consumer
– The person who
uses the product
In many cases, the customer is also
the consumer.
Activity 1 – part 2
• Return to the divided a piece of
paper
• Draw one good example of a
consumer and one of a customer.
Products are…
• Are both goods and services
Goods and Services
• Goods
– Tangible items that
satisfy customer’s
needs and wants
• Example:
– Television
– Car
– Clothing
• Services
– Intangible items
that satisfy
customer’s needs
and wants.
• Example:
– Admission to an
amusement park
– Getting a haircut
– Seeing a movie
Activity 1 – part 3
• Return to the divided a piece of
paper
• Draw three examples of goods and
one good example of a service.
The marketing concept
is…
• A business approach that directs all
marketing efforts towards satisfying
customer’s wants and needs.
…
Marketing Concept cont.
• By offering goods and services that
consumer want, businesses will make
a profit
• It recognizes the importance of
establishing and maintaining
relationships with consumers
The benefits to
marketing are…
•
New and improved products
–
•
Businesses create new products and improve
existing products to maintain their current
customers or attract new ones.
Lower prices
–
Lower prices benefit customers while
businesses benefit by selling more product at
the lower price
•
Tide
Activity 2
“Children (consumers) watching television
commercials during their favorite cartoons
view cereals being advertised. However, it is
their parents (customer) who go to the grocery
store and buy the cereal.”
• Select a cereal that appeals to both the
consumer and the customer of the cereal and
identify the features that motivate each.
– What improvements would you make
to this cereal to appeal more to each
group?
Match the retailer with their
target market.
Bass Pro Shop
Pregnant woman
Hollister
Fishing and water enthusiast
K and W cafeteria (J & S)
Families with small children
A Pea in the Pod (maternity)
Sporting enthusiast
Toys R Us
Females who enjoy crafts
Dick’s Sporting Goods
Senior citizens
Michael’s
Teenagers and college students
Activity 3
The SWOT analysis is…
•
•
•
•
Strengths
Weaknesses
Opportunities
Threats
A SWOT analysis reviews the potential
for success or failure of a business or
product
…
SWOT Analysis cont.
• Businesses must continually review
INTERNAL strengths and
weaknesses
• Opportunities and threats are
EXTERNAL factors that will also
affect operating the business
• SWOT video by Mindtools.com
Activity 4
• Create a SWOT PowerPoint
• Label one slide each as strengths,
weaknesses, opportunities, and
threats.
• Define the four components of a
SWOT analysis with illustrations
using photos and clipart.