Introduction to Marketing

Where do we see Marketing?

Commercials

Newspapers

Magazines

Billboards

Buses

Park benches

Pop-ups

Internet Ads

Sides of Buildings

Home mailers

E-mail

Social Media

Infomercials

Radio

In movies and TV shows

In-Store ads

Celebrity branding

The 4 P’s of Marketing

Product

Price

Promotion

Placement

Product –

Goods, Services, & Ideas – Products are divided into physical goods, intangible services, and information.

Goods – You can see and touch

Services – Provided for you by other people

Ideas – provide information involving thoughts about actions or causes such as donating to a Charity.

An item that satisfies a need or want

Product – Target Market

Target Market - A group of customers that the business is aiming for.

• Gender • Age Range • Level of Income • Lifestyle • Ethnicity • Social Class • Religion • Culture

• Occupation • Education Level • Marital Status • Household size • Stage in family life cycle • Geographical Location • Interests • Corporations

Who is the Target for these TV Shows?

Price - The amount a customer pays for the product

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.

$357 Production cost $1449 Selling cost Profit: $1092

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.

Promotion - All methods of communication from the

marketer to the customer

Goal: Get your product in the customer’s head as much as possible.

Slogans

Logos

Jingles

Slogan - A short memorable phrase to remind the consumer of a product 15 minutes could save

you 15% or more on car insurance

Finger-lickin’ Good

The quilted quicker picker upper

Drivers wanted

Think outside the bun

You can do it, we can help.

Slogan - A short memorable phrase to remind the consumer of a product "Think Different"

"Melts in Your Mouth, Not in Your Hands"

"Betcha Can't Eat Just One"

"Can You Hear Me Now? Good."

“Gather Round the Good Stuff”

“Eat Fresh”

Logo - A graphic mark or emblem used to aid and promote instant public recognition.

Logo - A graphic mark or emblem used to aid and promote instant public recognition.

Jingles - A catchy tune that contains lyrics that promote a product.

Toys R Us

Pillow Pet

Les Olsen Company

Meow Mix

Twinkle Toes

Red Robin

McDonalds

Place - Where and how the product is

distributed

Also known as Distribution Differences in Quantity

Large production, small quantity needed

Differences in Assortment

Many similar products in one location

Differences in Location

From manufacturer to customer

Differences in Timing of Production and Consumption

Higher demand different times of the year

Make products available in the RIGHT place at the RIGHT time in the RIGHT quantities.

Manufacturer

Distributer

Store

Customer

Quiz

1. List three places you see marketing: 2. What are the 4 P’s of Marketing? 3. What is a Product (definition): 4. What is a Good? Give one example of a good: 5. What is a Service? Give one example of a service: 6. What is an Idea? Give one example of an idea: 7. What is a target market? 8. Price (definition): 9. What is Production Cost? 10. What is Selling Price? 11. What is Profit? 12. How is Profit calculated? 13. Why is competition important? 14. Why do companies use promotions (what is the goal)? 15. What is a Slogan? 16. What is a Logo? 17. What is a Jingle? 18. What is Place (definition): 19. What is another word for place? 20. What are four steps in the distribution process?

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