Transcript Chapter 8 marketing

Chapter 8
The Marketing Environment
The Marketing Process
 Marketing = the process of developing,
promoting, and distributing products,
services
 The Marketing Process
Developing new products and services
involves studying consumer behavior
Market Research = using tools to find out
buyers’ needs and wants
 Promoting Products= making people
aware of the product – advertising, radio,
TV
 Distributing Products = the process of
getting the product to the consumers
Examples = “web sites”
The Marketing Concept
 Marketing Concept= the idea that an
organization needs to satisfy its customers
while also trying to reach its
organizational goals
 Target Market= a specific group of
consumers that you focus on
The Marketing Mix
 PRODUCT
Name of product, how to package, or design it
 PRICE
What are people willing and able to pay
Cover costs as well
 PLACE
Distribution – how to get products to consumers
 PROMOTION
Media outlet
Concept of Utility
 Utility = Adding value to the product through placement,
information and exchange
 PLACE UTILITY= impulse buying is one example
 TIME UTILITY= holiday sales, Spring Break, etc.
 POSSESSION UTILITY= cash, credit, gift certificates
 INFORMATION UTILITY= product display, packaging
The Marketing Plan
 Marketing Plan= a written document that
provides activities of a company for a
specific period of time
 Mission – a business’ purpose or goal
Environmental Analysis
SWOT Analysis
Internal Factors=
operations, departments, etc
Strengths
Weaknesses
Qualities that give
A business
a competitive advantage
Qualities that give
a business a competitive
disadvantage
External Factors=
competition, demographics
Opportunities
Threats
Features or events
that could benefit
the business
Features or events
that could damage the
business
Other External Marketing Factors
 Demographics = describe a population
such as age, gender, income, education,
etc.
 Economics= taxes, real estate, income
 Politics – 9-11
 Technology= internet
Setting Goals and Objectives
 Goal = desired outcome
 Objectives= steps that lead to the goal
Clear
Specific
Reasonable
Measurable