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Introduction to Business© Thomson South-Western
ChapterChapterChapterChapter
Marketing
10-110-1Marketing Basics
10-210-2Develop Effective Products and Services
10-310-3Price and Distribute Products
10-410-4Plan Promotion
1010
Chapter 10
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© Thomson South-Western
LESSON 10-1LESSON 10-1
Marketing Basics
Goals Define important marketing concepts. Identify the steps in a marketing
strategy. Describe the consumer decision-
making process.
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Key Terms
marketing marketing strategy target market marketing mix marketing
orientation
final consumers business consumers consumer decision-
making process buying motives
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UNDERSTAND MARKETING
Marketing activities Marketing businesses Marketing functions
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MARKETING FUNCTIONS
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>> C H E C K P O I N T
Define marketing and the seven marketing functions.
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MARKETING STRATEGY
Marketing planning Develop a successful marketing
strategy Identify a target market Create a marketing mix
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>> C H E C K P O I N T
What are the two steps in developing a marketing strategy?
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UNDERSTAND CUSTOMERS Consumer decision-making Buying motives
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STEPS IN THE CONSUMER DECISION-MAKING PROCESS
1.1. Recognize a need.
2.2. Gather information.
3.3. Select and evaluate alternatives.
4.4. Make a purchase decision.
5.5. Determine the effectiveness of the decision.
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>> C H E C K P O I N T
What are the steps in the consumer decision-making process?
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LESSON 10-2LESSON 10-2
Develop Effective Products and Services
Goals Justify the importance of marketing
research. Identify the components of a product. Describe how services differ from
products.
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Key Terms
marketing research product services intangible inseparable perishable heterogeneous
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CREATE AND IMPROVE PRODUCTS Totally new products Major improvements in existing
products Minor improvements in existing
products
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PLAN MARKETING RESEARCH
Steps in marketing research1.1. Define the marketing problem.
2.2. Study the situation.
3.3. Develop a data collection procedure.
4.4. Gather and analyze information.
5.5. Propose a solution.
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TYPES OF RESEARCH STUDIES Surveys Focus groups Observations Experiments
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>> C H E C K P O I N T
List the steps in a marketing research study.
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PRODUCT PLANNING
Parts of a product Basic product Product features Options Brand name Packaging Guarantee or warranty
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PRODUCT PLANNING
Product planning procedures Idea development Idea screening Strategy development Production and financial planning Limited production and test marketing Full-scale production
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>> C H E C K P O I N T
What are the components of a product?
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SERVICES
Intangible Inseparable Perishable Heterogeneous
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>> C H E C K P O I N T
In what ways are services different from products?
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LESSON 10-3LESSON 10-3
Price and Distribute Products
Goals Discuss how the selling price of a
product is calculated. Differentiate between a direct and an
indirect channel of distribution.
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Key Terms
price distribution channel of distribution channel members
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VALUE AND PRICE
Buyers usually want to pay the lowest price possible.
Sellers want to charge the highest price possible.
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PRICING FACTORS
Supply and demand Uniqueness Age Season Complexity Convenience
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PRICE A PRODUCT
Selling price Product costs Operating expenses Profit
Gross margin
Sellingprice
=Product
costs+
Operating expenses
+ Profit
GrossMargin
=Sellingprice
-Product
costs
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PRICE A PRODUCT
Markup Markdown
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>> C H E C K P O I N T
What is the formula for calculating the selling price of a product?
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CHANNELS OF DISTRIBUTION Need for distribution channels
Differences in quantity Differences in assortment Differences in location Differences in timing
Channels and channel members Direct channel of distribution Indirect channel of distribution Retailers
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>> C H E C K P O I N T
What is the difference between a direct and an indirect channel of distribution?
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LESSON 10-4LESSON 10-4
Plan Promotion
Goals Justify the importance of
communication in marketing. Identify and describe the common types
of promotion.
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Key Terms
promotion effective communication personal selling advertising
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COMMUNICATION
The communication process Sender and receiver Communication channel Encoding and decoding Feedback
Communicating through promotion
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COMPONENTS OF EFFECTIVE COMMUNICATION
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>> C H E C K P O I N T
How does identifying a target market improve promotion communications?
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PROMOTION
Personalized promotion Mass promotion
Advertising Publicity Public relations Sales promotion
Mass personalization
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>> C H E C K P O I N T
Describe the advantages and disadvantages of the major types of promotion.
