WORDS YOU ASSOCIATE WITH MARKETING
3.1 Identify the principles of marketing and explain their importance to an organization [i.e., target market, marketing strategies (4Ps), market segmentation, marketing channels, etc.
Marketing is the process of creating and promoting a product or service. It involves research, advertising, pricing, and distribution of goods and services. Marketing helps businesses understand customer needs and reach their goals. 4 P's of Marketing: Product, Promotion, Price, Place
Marketing: What You Need to Know
Research: The systematic gathering and analysis of data for a specific purpose. Advertising: A form of communication used to persuade an audience to take some action with respect to products, ideas, or services. Distribution: The way in which goods are made available to customers through shops, online stores, etc.
Product: This is all the factors relating to your design, specifications and features of your product. Products have different aspects that help them sell. A business may alter its products to increase it appeal for different customers.
What are the different ways of promoting a business/product?
Price: When setting its prices, a business will have to think about its costs. A business wants to cover its costs to make a profit, but needs to think about the effect that the price will have on demand. Generally, if you raise your prices sales will fall but you make more profit on each item and vice versa.
How do you think a new business should price it's products?
Place:This refers to the way in which products are distributed. Is the internet used or a shop? A website can be very cheaply and be used to advertise to customers. The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer?)
Why is the internet so important to small businesses?
What do you think is the most effective way to market a product?
- Social media campaigns
- Word-of-mouth referrals
- Ads on television or radio
- Printed ads in newspapers and magazines
The average person sees 5,000 ads per day. McDonald’s paid $1.5 million for its “I’m Lovin’ It” jingle. SMS Text Messaging was invented by Neil Papworth in 1992.
Draw / write: What are some of the most effective marketing strategies for 18 year olds?
Draw / write: How does digital media influence marketing to 18 year olds?
What have you learned about marketing from this discussion?
How can you use the information from this discussion to better understand marketing?
VALENTINE’S MARKETING PROMOTIONAL AD DUE: 2/11
Which of the 4 P’s of Marketing is the communication process that takes place between a business and its various consumers?
1.Define terms related to the functions of marketing. 2.Demonstrate how the Super Bowl uses the 7 functions of marketing to compete for market share.
Distribution – Deciding where and to whom products need to be sold in order to reach final users. The logistics of physically moving and storing goods are also distribution.
For example: A new company that produces handmade items, to create a reputation, will choose a well-known store, in order to earn the trust of customers. As soon as clothes were distributed to a popular boutique, the brand is gaining popularity. After the company has recommended itself, it is possible to switch to the Internet and expand in this direction. Thus, the company will no longer depend on another brand and will open new opportunities for itself.
Getting the money that is necessary to pay for operation of a business. Including bank loans and customer payment options (whether to offer credit etc.).
For example: Business owners often obtain bank loans to start a new business. Some also form corporations and may sell shares (or stock) of the business. Financing also involves decisions such as whether to offer credit to customers. Most retailers offer customers payment options such as MasterCard or Visa, while other stores offer their own credit services.
Research to make important business decisions. This involves listening to customers, responding to their wants and needs, and keeping your products and services fresh and up to date.
Marketing Information Management
Carrying out customer surveys is one of the most effective ways to understand what your customers think of your company.
How can stores determine what you like?
Decisions about how much to charge for goods and services to maximize profits.
For example: Pricing decisions can be based on costs, competitors‘ prices, and value delivered to customers. To determine a price, marketers nowadays for most products need to determine how much customers are willing to pay.
Obtaining, developing, maintaining and improving a product to make it more competitive in the market.
What are some products that keep improving?
Inform, persuade, or remind customers about your product
For example: Online ads, television and radio commercials are forms of promotion. This type of promotion is called advertising. Promotion is also used to improve a company’s public image.
provides customers with goods and services they want.
For example: You can sell your products directly or indirectly. If you have a store where you sell your own products, you can personally make sure that you have staff that will help customers. If this is an online sale, then you need to have explanatory brochures for each of the products.
Pretend you have opened a new business, CupCupCupCakes. Your basic business premise is that you will make custom cupcakes for people in your area. Using the diagram, map out how you will utilize each of the marketing functions to grow and maintain your business.
SUPER BOWL MARKETING PROJECT