MARKETING 101MARKETING 101

Semester One ReviewSemester One Review

WHAT IS MARKETING?WHAT IS MARKETING?

• The creation and maintenance of satisfying exchange relationships

• Everything that takes place from the creation of a product to the time it reaches a consumer

THE MARKETING CONCEPTTHE MARKETING CONCEPT

• Having the customer’s needs as your primary focus

THE FOUR “P’s” OF MARKETINGTHE FOUR “P’s” OF MARKETING

THE MARKETING MIXTHE MARKETING MIX

• BLENDING OF THE FOUR P’s– PRICE– PRODUCT– PLACE– PROMOTION

THE FUNCTIONS OF BUSINESSTHE FUNCTIONS OF BUSINESS

•Symbolizes that marketing is the center of all business

•Without marketing business can not succeed

FINDING YOUR CUSTOMERSFINDING YOUR CUSTOMERS

STEP ONE – SEGMENT THE POPULATION

STEP TWO – SELECT ONE OF THE SEGMENTATIONS AS YOUR TARGET MARKET

COMPETITIONCOMPETITION

• DIRECT COMPETION– A company that offers a product or service that is

basically the same as yoursex Blockbuster & Redbox

• INDIRECT COMPETITION– A company that offers a different product or

service but satisfies the same need as yourex Big Apple Fun Center &

Kearney Cinema 8

ECONOMIC UTILITY

• The amount of satisfaction a customer receives from the consumption of a product

• Ways to increase economic utility– Form utility– Time utility– Place utility– Possession utility

ADDING UTILITY

• FORM – change tangibles

• TIME – make it available when they want it

• PLACE – make it available where they want it

• POSSESSION – make it affordable

DISH NETWORK….DISH NETWORK….ADDING UTILITYADDING UTILITY

• FORM

• TIME

• PLACE

• POSSESSION

SATISFYING CUSTOMER NEEDSSATISFYING CUSTOMER NEEDS

• Figure out the market segments– Group similar consumers together

• Choose a market segment– Your target market

• Make decisions based on your target market– Develop a marketing mix

MASLOW’S HIERARCHY OF NEEDSMASLOW’S HIERARCHY OF NEEDS

Self-Actualization

EXPLAINATION OF NEEDSEXPLAINATION OF NEEDS• Physiological

– Basic things necessary to live

• Security– Physical safety and economic

security

• Social– Friends, love, belonging

• Esteem– Respect and recognition

• Self-Actualization– Realizing your potential

MOTIVATIONMOTIVATION

• Positive or negative factors that direct individual behavior

• Buying Motives – The reasons people buy things– Emotional– Rational– Patronage

EMOTIONAL MOTIVESEMOTIONAL MOTIVES

• Based on feelings, beliefs, and attitudes people have

RATIONAL MOTIVESRATIONAL MOTIVES

• Based on fact and logic

PATRONAGE MOTIVESPATRONAGE MOTIVES

• Based on customer loyalty

• When have you been influenced by your loyalty to a business or a product?

CREATIVE FORMATS FOR ADSCREATIVE FORMATS FOR ADS

• Musical• Dramatization• Testimonial• Comedy• Demonstration• Competitive