Marketing

Market Planning

Product/Service Development

Pricing

Promotion

Distribution

Selling

Information Management

Finance

Risk Management

Market Planning Developing a strategy to:

achieve company goals

satisfy customer needs better than competitors

Create sales and earn a profit

Product/Service Management Designing, developing, maintaining, improving

and acquiring products and services that meet

customer needs

Distribution Determining the best way for customers to

locate, obtain, and use products and services

Pricing Setting and communicating the value of

products

Promotion Communicating information about products

and services to potential customers.

Selling Communicating directly with customers to

determine and satisfy their needs.

Information Management Obtaining and using information to improve

business decision-making and the

performance of marketing activities.

Finance Budgeting for marketing activities

Obtaining necessary funds for operations

Providing financial assistance to customers

Risk Management Reducing the possibility of financial loss

Ensuring product is safe and meet all guidlines

volunteers?!?

› Your Business

If you make a great product is marketing

necessary?

More important, marketing or a quality

product?

All Costs are per item

Office Supply Store - $100

Cheap Pencils - $15

#1 Supplier - $50

Using the needs of customers as the

primary focus throughout the functions of

marketing

3 Step process: 1. Identify needs of customers.

2. Develop and market product/service to meet

customer needs.

3. Operate the business at a profit

Satisfied or not what's the difference?

Marketing Research gathers and

analyzes information about customers.

› Methods of Information gathering

Surveys

Focus Groups

Observation

Test Markets

Random Sampling

/Experiment

Define these customer wants/needs

STEP 1 – Identify the Target Market Who are we selling our product or service to?

Gatorade

vs.

STEP 2 – Develop Marketing Mix Product, Price, Place (Distribution), Promotion

TARGET MARKET – specific group of

consumers that have similar wants and

needs

Companies can not meet everyone’s

needs with any one product

Focusing on a target market makes it

easier to develop products people want

Product pricing promotion place

What

are we

going

to sell

How

much

will we

charge

How will we

communicate

to our

customers

about our

product or

service

How will

we get

our

product

or service

to

customers

What does the customer want/need from

the product/service?

What features does it have to meet these

needs?

What is it to be called?

How is it branded?

How is it differentiated versus your

competitors?

What is the value of the product or service to the buyer?

How will your price compare with your competitors?

What profit will we earn?

Pricing Factors Supply and Demand

Uniqueness

Age

Season

Complexity

Convenience

Quality

What are the best methods and

procedures to use so customers can find

obtain and use your product?

Where do buyers look for your product or

service?

What do your competitors do?

Direct vs. Indirect Channels of Distribution

Direct – From Producers to Consumer

Indirect – One or more business in between the

producer & consumer .

Transportation Company

Retailers

Where and when can you get across your marketing messages to your target market?

How do your competitors do their promotions? And how does that influence your choice of promotional activity?

Types of Promotion Advertising

Personal Selling

Sales Promotions

Giveaways

Publicity

Word of Mouth