Introduction to Marketing

CTE Intro

The Four P’s of Marketing

ProductPlacePricePromotion

Product

Can be Goods or Services Marketable Characteristics Target Market

Definition: Anything that can be offered to a market that might satisfy a want or a need.

Target Market

Target market can refer to: Gender Age Range Level of Income Lifestyle Race Social Class Religion

Definition: A group of customers that the business has decided to aim its marketing efforts towards.

Profession Education Level Marital Status Geographic Location Interests

Target MarketWhat are the characteristics of the target markets of these TV shows?

Who is the Target Market?

Price Definition: The quantity of payment given by one party

to another in return for goods and services What happens if you charge too much? Too little?

How do you determine value? Production Cost – cost of making the item

Also includes advertising, salaries of employees, cost of running business Selling Price – amount you are charging the customer Profit – amount you are making after subtracting the production

cost from the selling price.

Price Competition: Another concept to setting price is

considering your competitors prices. If your prices are much higher or much lower, that can affect your sales and also how your company is viewed. “This brand costs the most—It must be the best.” “This costs the least—it must be a piece of junk.” “This is way overpriced—I’m not buying it.” “This is expensive, but it’s the only place I can get it.” “This is a great price! I’m getting a good deal!” “I can get this cheaper at store X, I’ll get it there.”

If you have no competition, you can usually get away with charging more. But it’s only a matter of time until someone copies your idea.

Patent: The exclusive right granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years.

Promotion Definition: Attempting to persuade the

public to buy the product or service.How do you create demand for your product?How will you advertise your product and get it

into the minds of consumers?Commercials, ads, special promotions,

community service, market research, public relations

Slogans

“15 minutes could save you 15% or more on car insurance.”

“A rainbow of flavor.” “The nighttime, sniffling, sneezing,

coughing, aching, stuffy head, fever, sleep better to feel better medicine.”

“They’re magically delicious.” “I’m lovin’ it…” “Challenge Everything” “The quilted quicker picker upper.” “Finger-Lickin’ Good” “Think outside the bun.” “You can do it. We can help.”

Definition: A memorable phrase used as a repetitive expression of an idea or purpose.

LogosDefinition: A graphic mark or emblem used to aid and promote instant public recognition.

Jingles

Toys R Us McDonalds Filet-o-

Fish Pillow Pet Les Olsen Company Meow Mix Twinkle Toes Red Robin State Farm

Definition: A short tune used in advertising that contains lyrics that promote a product.

Place Definition: Where and how the product is

distributed and sold to the public.Where

Countries States Cities Stores Location within store

How Online Word of mouth In a store Door to Door Infomercial

Manufacturer Distributer Store Consumer

The End