INTRODUCTION TO BUSINESS & MARKETING

Marketing Concept & Mix

Review

Marketing Functions: Pricing Selling Distributing Promoting Marketing information management Product/service management

Target Market

Marketing Concept

The marketing concept:“states that to make a profit a business must focus all efforts on satisfying the needs & wants of the customer”

Marketing Mix

The marketing mix: “The 4 P’s”

ProductPlacePricePromotion

Product

Product: “what to make, how to package it, what brand name to use, and what image to project”

EXAMPLE: Pink Gildan t-shirt, Made in China, tie-dye swirl print

Student writes 2 more examples in notes

Place

Place: “how/where a product will be distributed”

EXAMPLE: Florida Oranges arrive via delivery truck and are displayed at Harris Teeter for sale.

Student writes 2 more examples in notes

Price

Price: “reflects what customers are willing & able to pay”

EXAMPLE: UnderArmor hoods are $50 – customers are willing to pay more for this high quality product

Student writes 2 more examples in notes

Promotion

Promotion: “deals with how potential customers will be told about the new product”

EXAMPLE: Keebler cookies are on sale with coupon “buy TWO packages & save $1.00”

Student writes 2 more examples in notes

Marketing Mix Project

Students will work as a pair and create a colorful, eye-catching, 4-sided/part project to display The Marketing Mix parts: i.e. car, flower, clover, sun, bug, ipod these will be completed & presented next class

Examples

Marketing Mix Project

Students will work as a pair and create a colorful, eye-catching, 4-sided/part project to display The Marketing Mix parts:

i.e. car, flower, clover, sun, bug, ipod

Will complete & present next class

HAVE FUN & BE CREATIVE!