MARKETING. Standards… BCS-BE-36: The student demonstrates understanding of the concept of marketing and its importance to business ownership. BCS-BE-36:

MARKETINGMARKETING

Standards…Standards…

BCS-BE-36: BCS-BE-36: The student The student demonstrates understanding of the demonstrates understanding of the concept of marketing and its concept of marketing and its importance to business ownership.importance to business ownership.

BCS-BE-37: BCS-BE-37: The student identifies The student identifies and analyzes the relationships and analyzes the relationships between marketing and the between marketing and the individual, business, and society.individual, business, and society.

Essential Questions…Essential Questions… What is marketing?What is marketing? How are the marketing How are the marketing

functions used to design functions used to design a successful marketing a successful marketing strategy?strategy?

How does one identify a How does one identify a “target market”?“target market”?

What is a marketing mix What is a marketing mix and what role does it and what role does it play in the success of play in the success of business?business?

What is marketing What is marketing research andresearch and why is it so why is it so important?important?

What effect does pricing What effect does pricing factors have on the successful factors have on the successful marketing of a product?marketing of a product?

How has technology impacted How has technology impacted the marketing of services both the marketing of services both domestically and domestically and internationally?internationally?

What is the difference in What is the difference in emotional buying motives and emotional buying motives and rational buying motives?rational buying motives?

What are some reasons for What are some reasons for customer loyalty?customer loyalty?

What is the importance of What is the importance of giving back to the community?giving back to the community?

What is marketing???What is marketing???

Marketing is an organizational function and Marketing is an organizational function and a set of processes for creating, a set of processes for creating, communicating, and delivering value to communicating, and delivering value to customers and for managing customer customers and for managing customer relationships in ways that benefit the relationships in ways that benefit the organization and its stakeholders.organization and its stakeholders.

What are the functions of What are the functions of marketing?marketing?

The seven marketing The seven marketing functions include functions include product and service product and service management, management, distribution, selling, distribution, selling, marketing marketing information information management, management, financial analysis, financial analysis, pricing, and pricing, and promotion.promotion.

Product and Service Product and Service ManagementManagement

Obtaining, developing, maintaining and Obtaining, developing, maintaining and improving a product or a product mix in improving a product or a product mix in response to market opportunities.response to market opportunities.

DistributionDistribution

Making goods and Making goods and services available in services available in the right quantities the right quantities and locations – when and locations – when customers want customers want them.them.

The process of The process of deciding how to get deciding how to get goods in customers’ goods in customers’ hands.hands.

SellingSelling

Provides customers with the goods and Provides customers with the goods and services they want.services they want.

Marketing Information Marketing Information ManagementManagement

A set of procedures and methods that A set of procedures and methods that regularly generates, stores, analyzes, and regularly generates, stores, analyzes, and distributes information for use in making distributes information for use in making marketing and other business decisions.marketing and other business decisions.

Financial AnalysisFinancial Analysis

A business A business function that function that involves money involves money management.management.

PricingPricing

The value (in money or its equivalent) The value (in money or its equivalent) placed on a product.placed on a product.

PromotionPromotion

Decisions about Decisions about advertising, advertising, personal selling, personal selling, sales promotion, sales promotion, and publicity used and publicity used to attract potential to attract potential customers.customers.

Marketing StrategyMarketing Strategy

Identify a target Identify a target marketmarket

Target Market: Target Market: the the individuals or individuals or companies interested companies interested in a particular in a particular product or service product or service and willing and able and willing and able to pay for it.to pay for it.

Marketing Strategy Marketing Strategy (CONT.)(CONT.)

Create a marketing Create a marketing mixmix

Marketing Mix: Marketing Mix: blending of the blending of the four marketing four marketing elements to satisfy elements to satisfy a target marketa target market

PRODUCTPRODUCT

Definition: Definition: the need-satisfying the need-satisfying offering of a firm.offering of a firm.

Is there a need?Is there a need? What does the product look like?What does the product look like? What are the key benefits?What are the key benefits?

PRICEPRICE

Definition: Definition: the amount of money the amount of money that is charged for “something” of that is charged for “something” of

value.value. Set price objectivesSet price objectives Determine a priceDetermine a price Pricing a servicePricing a service

Pricing FactorsPricing Factors

Supply and Supply and demanddemand

UniquenessUniqueness AgeAge

SeasonSeason ComplexityComplexity

ConvenienceConvenience

Pricing A ProductPricing A Product

Sellingprice

=Product

costs+

Operating

expenses+ Profit

PROMOTIONPROMOTION

Definition: Definition: communicating communicating information information between seller and between seller and potential buyer or potential buyer or others in the others in the channel to channel to influence attitudes influence attitudes and behaviors.and behaviors.

PLACE PLACE (Distribution)(Distribution)

Definition: Definition: Making goods and Making goods and services available in the right services available in the right quantities and locations – when quantities and locations – when customers want them.customers want them.

Where will it be sold?Where will it be sold? Channels of distributionChannels of distribution

Marketing supports salesMarketing supports sales

Generating DemandGenerating Demand

Lowering pricesLowering prices

Running sales or promotionsRunning sales or promotions

Extending product lineExtending product line

Create and improve productsCreate and improve products

Marketing ResearchMarketing Research

Definition: Definition: a system for collecting, a system for collecting, recording and analyzing information recording and analyzing information about customers, competitors, goods about customers, competitors, goods and services.and services.

Steps in marketing researchSteps in marketing research1.1. Define the marketing problem. Define the marketing problem.2.2. Study the situation. Study the situation.3.3. Develop a data collection procedure. Develop a data collection procedure.4. 4. Gather and analyze information.Gather and analyze information.5.5. Propose a solution Propose a solution

Types of Marketing Types of Marketing ResearchResearch

SurveysSurveys

Focus groupsFocus groups ObservationsObservations

ExperimentsExperiments

Buying MotivesBuying Motives

Rational Motive: Rational Motive: a conscious, a conscious, logical reason for a purchase.logical reason for a purchase.

Emotional Motive: Emotional Motive: a feeling a feeling experienced by a customer experienced by a customer through association with a through association with a product.product.

Technological FactorsTechnological Factors

Technology gives a business more Technology gives a business more exposure than in times past.exposure than in times past.

Technology changes the way that Technology changes the way that businesses can get involved in businesses can get involved in international trade.international trade.