Marketing Dynamics
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Transcript Marketing Dynamics
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Part 1 Marketing Dynamics
Chapter 1
Marketing Is Dynamic!
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Chapter Objectives
State the main goal of marketing.
Describe each of the Four Ps.
Distinguish among good, service, and
idea.
Explain how marketers determine the
marketing mix.
Summarize the key elements of a
marketing plan.
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Marketing Terms
marketing
customer
target market
Four Ps
product
good
service
idea
place
distribution
price
promotion
marketing mix
marketing plan
SWOT analysis
forecast
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Marketing Defined
Marketing consists of
dynamic activities that
focus on the customer
to generate a profitable
exchange
(Continued)
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Marketing Defined
Goal of marketing
meet customers’
needs and wants with
products that
customers can and
will buy
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Marketing Is Dynamic
Dynamic = constantly changing
Marketing is dynamic because
customers’ needs and wants are
constantly changing
Describe a want or need of yours that has
changed over time.
(Continued)
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Marketing Is Dynamic
Customers’ needs
and wants change
because
customers change
the economy
changes
technology changes
social trends change
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Marketing Is
Customer-Focused
Marketing focuses
on the customer
A customer can be a
person
business
nonprofit
organization
government
(Continued)
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Marketing Is
Customer-Focused
Marketers focus
on customers by
learning what
customers need
and want
developing
products to meet
those needs and
wants
(Continued)
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Marketing Is
Customer-Focused
A target market is a specific group of
customers whose needs a company
will focus on satisfying by creating
products that the target market wants
and will buy
Teens are a popular target market
Describe a product that was designed to
meet the wants and needs of teens.
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Marketing Is
Relationships
The basis for marketing is the
relationship between the buyer and the
seller
Many businesses develop long-term
relationships with their customers
Describe a long-term relationship
that you have with a business.
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Marketing Is International
People can buy
products from
anywhere in the
world
Japan National Tourist Organization
What enables people to buy
products from anywhere?
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Marketing Is the Four Ps
The Four Ps are the basic
elements of marketing
Product
Place
Price
Promotion
(Continued)
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Marketing Is the Four Ps
Product is the what
What are you selling?
Place is the where
Where are you selling it?
Price is the how much
How much will the customer pay for it?
Promotion is communication
What do you want the customers and the
public to know?
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Product
There are three types of
products
good
– physical item
service
– action done for you
idea
– concept, cause, image,
issue, or philosophy
(Continued)
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©2007 JupiterImages Corporation
Categorize the pictured products as
good, service, or idea.
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Place
Place
getting products to
customers
at convenient times
and locations
includes distribution
Describe distribution you have seen.
(Continued)
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Place
Distribution is
physically getting
goods to customers
Includes
shipping
storing
inventory
stocking of goods
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Price
Price is the amount of money
requested for a product
determined by the marketers
based on
– how much they think the customer
will pay
– the costs to produce the product
What might happen if you set a price
too low or too high?
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Promotion
Promotion is
communication
with customers
telling people
about
– your product
– your business
Describe promotion that you have seen.
(Continued)
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Promotion
Promotion includes
selling, advertising, and sales promotion
public relations
– creating a positive image of your
company
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Marketing Is the
Marketing Mix
The marketing mix is
a plan of action for
marketing a product
consists of the
decisions made
about each of the
Four Ps
made with the target
market in mind
(Continued)
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Marketing Is the
Marketing Mix
Marketing mix decisions include
answers to these questions
What products do customers need or
want?
Which stores will be convenient for them?
What price will they pay?
Where will they see ads?
Choose a product, then answer these
questions for the teen target market.
(Continued)
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Marketing Is the
Marketing Mix
Why is the target
market in the
center?
Is the customer
part of the
marketing mix?
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The Marketing Mix
in Action
Imagine that you want to eat dinner.
You hear a commercial on the radio
promoting a new value meal at a local
fast-food restaurant.
The announcer says that the value meal
costs $3.95. You have $5.00 in your
pocket. You buy the value meal.
Identify the Four Ps in this marketing mix.
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Marketing Is the
Marketing Plan
The marketing plan is a plan that
guides a company so that it avoids
such pitfalls as
lost
sales
lost opportunities
poor product planning
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Key Elements of a
Marketing Plan
Key elements of a marketing plan include
market opportunities and analysis
– a SWOT analysis helps a company
determine its strengths, weaknesses,
opportunities, and threats
a market strategy
an action plan
monitoring and evaluating the plan
– review revenue from sales to help forecast,
or predict future sales and revenue
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Is Marketing in
Your Future?
Marketing
is an exciting field
has potential for
high earnings
is useful in careers
not directly related
to marketing
(Continued)
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Is Marketing in
Your Future?
Marketing skills can help you
prepare for a job in marketing
prepare for college studies in marketing
use marketing in other fields
make wise consumer decisions
How will marketing skills
help you in the future?
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Review
Explain how marketing is more than
advertising and selling.
List the Four Ps.
Why isn’t the customer part of the
marketing mix?
Name a product and describe the
marketing mix for that product.
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Glossary
Back
customer. Individual or group who buys
products.
distribution. Process of physically
delivering goods to customers.
forecast. To predict future sales and
revenue.
Four Ps. Product, price, place, and
promotion.
(Continued)
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Glossary
Back
good. A physical item; something that
you can touch.
idea. A concept, cause, issue, image,
or philosophy that can be marketed.
marketing. Dynamic activities that focus
on the customer to generate a profitable
exchange.
(Continued)
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Glossary
Back
marketing mix. Plan of action for
marketing a product; it consists of the
decisions made about each of the Four
Ps for that product—product, place,
price, and promotion.
marketing plan. A plan that guides a
company so that it avoids such pitfalls
as lost sales, lost opportunities, and
poor product planning.
(Continued)
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Glossary
Back
place. Marketing activities involved in
making products available to
customers; includes distribution.
price. Amount of money requested or
exchanged for a product.
product. Anything that can be bought or
sold; includes goods, services, and
ideas.
(Continued)
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Glossary
Back
promotion. Process of telling people about
the product and the company that offers it.
service. Action that is done for you.
SWOT analysis. An analysis that includes
a company’s strengths, weaknesses,
opportunities, and threats.
target market. The specific group of
customers whose needs a company will
focus on satisfying.
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