Unit 1: Marketing Basics Ch 1: Marketing is Dynamic
Dec 26, 2015
Unit 1: Marketing BasicsCh 1: Marketing is Dynamic
Ch 1 Learning Goals
Explain why companies market goods, services, and ideas
Describe each of the Four Ps of marketing Define good, service, and idea Explain how marketers determine the
marketing mix Summarize the key elements of a marketing
plan
Day 1 Response Journal
Read A Stroke of Genius? Found on page 3 in your text.
What price do you think Vivienne should charge for a glass of her lemonade? Why did
you select that price?
***Save As Feb 4 in your Response Journal Folder***
Marin girl’s ‘stand’ against child slavery
Marketing Defined
How would you define marketing?Marketing consists of dynamic activities that focus on the customer to generate a profitable exchange
What is the goal of marketing?To meet the needs and wants of customers with products and services that customers can and will buy
Marketing is Dynamic
What makes marketing dynamic?The word dynamic describes something that is constantly _______________Marketing is dynamic because customers’ needs and wants are constantly changing, and therefore marketing must constantly change
Changing
Marketing is Dynamic
Customers’ needs and wants change because; Customers change
Age• Think of the things you wanted and needed in
kindergarten. Do you want and need the same things now?
The world customers live in changes The economy changes Technology changes Social trends change
Marketing Is Customer-Focused
A _______________ is an individual or group who buys products
A customer can be … A Person A Business A Not-for-profit organization The Government
Read the example on page 6, paragraph 2
Customer
Marketing Is Customer-Focused
Marketers focus on customers by; Learning what customers need and want
and then Developing products to meet those needs and wantsA __________________ is a specific group of customers whose needs a company will focus on satisfying
• Teens are a popular target market• What products do you think teens are the target
market for?
Target Market
Marketing Is Relationships
The basis for marketing is the relationship between the _________ and the _________
Many businesses try to develop long-term relationships with their customers
Research has shown that it is less costly to keep a current customer that to get a new customer As a result, many businesses focus on
developing and maintaining those relationships
Buyer Seller
Marketing Is Relationships
Examples; Salespeople often contact the customer after the sale to make sure the product is functioning properly and meeting their needsSalespeople/companies might send birthday greetings or notices of sales to past customersBusinesses may reward repeat customers with discounts or free products
Scotiabank/Cineplex SCENE Card Pita Pit Pit Card
Marketing Is International
People can buy products from anywhere in the world E.g. Japanese
products, such as the Nintendo Wii, are available at Conestoga Mall and a Chinese student who lives in Beijing can buy a hamburger at a McDonald’s Restaurant near their house
Day 1 Assigned Work
Students please complete the following; K&U Questions # 1 – 4 on page 16 Application Question #1 on page 17
***Save As Ch 1 Day 1 in your U1 Folder***
Day 2 Response Journal
Does the price of a product affect whether you will buy it? Give a specific example to back up
your answer.
***Save As Feb 5 in your Response Journal Folder***
Marketing Is the Four Ps
The Four Ps are the basic elements of marketing and consist of; Product Place Price Promotion
Marketing Is the Four Ps
Product is the ________. What are you selling?
Place is the _________. Where are you selling it?
Price is the _______________. How much will the customer pay for it?
Promotion is __________________. What do you want the customers and the
public to know?
What
Where
How Much
Communication
Product
A ___________ is anything that can be bought or soldThere are three types of products;
1.A Good Any physical item, something you can touch E.g. jeans, cellphone, magazine, etc.
2.Service An action done for you E.g. a dry cleaner, a tanning session, etc.
3.Idea A concept, cause, image, issue, or philosophy that can be
marketed E.g. contribute to charity, buckle up, vote for this candidate,
etc.
Product
Categorize the pictured products above as either a good, service, or idea.
Place
__________ involves making products available to customers Must be convenient; times and locations
• Read the example on page 8, paragraph 5
Involves determining when, where, and how products get to customers
Includes decisions about where to locate stores and decisions about retailing• A ____________ is a business that buys other
company’s products and resells them to the final consumer
In marketing, the Internet is also considered a place
Place
Retailer
Place
Place also includes distribution
_____________ is physically getting goods to customers
Distribution includes; Shipping Storing Inventory Stocking of goods
Distribution
Price
__________ is the amount of money requested or exchanged for a product Determined by marketers
Price is based on• How much the customer will pay• The costs to produce the product
If the price is too high, customers may not buy your product but if the price is too low, you might not make enough money to cover your expenses
Price
Promotion
_____________ is the process of telling people about the product and the company that offers it Communication with
customers The most visible part of
marketing
Promotion
Promotion
Promotion includes; SellingAdvertisingSales promotionPublic relations
Creating a positive image of your company
Marketing Is theMarketing Mix
The ___________________ 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 Read the example on page 12 paragraphs
4 & 5
Marketing Mix
Marketing Is theMarketing Mix
Marketing mix decisions include answers to the following 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?
Marketing Is theMarketing Mix
This is a graphic representation of the marketing mix
The target market is in the middle to show that all decisions are made with the target market in mind
The Marketing Mix in Action
Read the example on page 13 paragraphs 3 & 4
Try and identify the Four Ps in this marketing mix, for the scenario outlined below. You are hungry You hear a commercial on the radio promoting a
new value meal at Harvey’s The announcer says that the value meal costs
$4.95, and you have $6.00 in your pocket You walk to Harvey’s and buy the value meal
Day 2 Assigned Work
Students please complete the following; K&U Questions # 5 - 7 on page 16 Thinking Questions # 1 & 2 on page 16Application Question # 3 on page 17
***Save As Ch 1 Day 2 in your U1 Folder***
Day 3 Response Journal
Name 3 locations where you have seen an ad in the last week.
What were the ads?
Did any of them influence you to make a purchase? Why?
***Save As Feb 6 in your Response Journal Folder***
Marketing Is the Marketing Plan
The marketing plan is like a road map, it is a plan that guides a company so that it avoids such pitfalls as; Lost salesLost opportunitiesPoor product planning
Key Elements of a Marketing Plan
Key elements of a marketing plan include; A market opportunities and analysis
Such as a SWOT analysis A market strategyAn action planMonitoring and evaluating the plan
SWOT Analysis
A SWOT analysis helps a company determine; Strengths Weaknesses Opportunities Threats
Read the example on page 14 paragraph 3
Is Marketing in Your Future?
Marketing; Is an exciting fieldHas potential for high earningsIs useful in careers not directly related to marketing
Is Marketing in Your Future?
This marketing course/having marketing skills can help you;
Prepare for studies and a job in marketing• Read paragraphs 3 & 4 on page 15
Use marketing in other fields• Read paragraphs 5 & 6 on page 15
Make wise consumer decisions• Read paragraph 7 on page 15
Day 3 Assigned Work
Students please complete the following; Complete the Key Elements of a Marketing Plan Worksheet (provided) Thinking Questions # 4 & 5 on page 16Complete a SWOT Analysis for a Canadian coffee shops that you enjoy visiting
Outline their strengths, weaknesses, opportunities and threats
***Save As Ch 1 Day 3 in your U1 Folder***