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Introduction to Marketing. 5 credit, unleveled business elective
Marketing: the 5 Ps The process of planning and executing the: (1) the product (2) the pricing (3) the promotion (4) the placement of ideas, goods or services to meet and satisfy (5) (People's) needs or wants
The Marketing Mix The 5 P’s 1. Product /Service/ Idea ¥ description / purpose ¥ what are you selling? 2. Placement ¥ where are you going to sell it ¥ Location, Location ¥ Geographic location ¥ in what forum: store/online)
3. Price ¥ ¥ how much is it worth how valuable is it to TM how can you make a profit: Mark-up % What is your pricing strategy compared to competition 4. Promotion ¥ What forms of promotions will you use ¥ how will you reach you TM ¥ how will you convince your TM to buy this service or good
People – Who is the Target Market? • Know the Demographics: ' population characteristics' – – – Age Range Gender Education Level Income Range Where are these people located? Psychographics : personality traits / likes and dislikes – Accurate Information can be attained through the US Census Bureau: http: //www. census. gov/
Target Market Segmentation Variables 1. Demographics 1. Age 2. Gender 3. income 2. Geography 1. Where do they live 2. Where do they shop 3. Psycho-graphics 1. What do they like to do? 2. Hobbies? Free time spent? Key questions 1. 2. 3. 4. 5. 6. What do they buy? How do they buy? Where do they buy? When do they buy? Why do they buy? Who buys?
One Product Marketed to Many Segments
Market Panera Bread to 5 different Segments 1. 2. 3. 4. 5.
Marketing as a College Major http: //www. sju. edu/academics/hsb/marketing/index. html • Department – Within the College of Business • Degree earned: – B. S in Marketing (Bachelors of Science) – 120 credits • 60 general ed • 60 marketing concentration • Each course = 3 credits • Salary Ranges: – starting: $36, 900 – mid-career: $81, 500 Just a few PA colleges with Marketing as a Major 1. St. Joe’s 2. Penn State 3. Villanova 4. Neumann 5. West Chester 6. Shippensburg 7. Delaware Valley 8. Elizabethtown 9. Ursinus 10. IUP 11. Kutztown 12. La. Salle 13. Temple 14. Cabrini
Core Marketing Courses Required: choose 5 to write down – Business to Business Marketing – Consumer Behavior and Psychology – Global Marketing Logistics – Marketing Channels – E-commerce – Selling with Public Speaking – – Marketing Management Market Research Marketing Strategies Product and Price Management – Retail Management – Sales Management
Core Competences after Graduation choose 3 to write down 1. the art of persuading people that a particular product is desirable - great communication skills 2. effectively get the message across when there's so much competition. 3. convince people that a product fulfills one of their needs. 4. convince consumers that a product fulfills a need they didn't even know they had. 5. how to promote products in traditional and non-traditional ways – sales, print ads, television ads, social marketing, emarketing 6. understand the global economy and strategies to sell products worldwide 7. conduct marketing research through surveys, focus group interviews, and other techniques.
Marketing as a Career 1. 2. 3. 4. 5. 6. 7. Advertising / Promotions Public Relations Market Research Product Development and Design Retailing Sales Internet / E-Commerce
Advertising/Promotions • a “paid for” way of promoting products, services or information • It is a form of communication between the company (manufacturer, organization, etc) and consumer or the targeted market • Using all known media forms, and is constantly seeking new media, new channels of communication.
Types of Promotions Direct Promotions – – – Website Emails TV commercials Magazine ads Newspapers ads Internet ads on relevant websites – Billboards Indirect Promotions – Product Placement in movies, tv shows, video games, celebs • Every award show…”who are you wearing tonight? ” • Have celebrities wear your clothes/use your product…
Public Relations • Helps raise awareness about the company through a variety of different means • the management of relationships between an organization and the public • Image development and control
Market Research • understanding consumers and their needs/wants • Psychology of who is the TM • the core competence at the heart of any company with a vision for the future. • the process of collecting and analyzing information about the customers you want to reach, called your target market. – This information provides you with the business intelligence you need to make informed decisions. • Google Analytics as an excellent, leading market research tool
6 Most Popular Market Research Methods 1. Google Analytics – ONLINE…. where is your TM shopping, what are they reading, what are they “clicking” on! 2. Surveys 3. Focus Groups – putting together a TM and asking for feedback 4. Personal Interviews 5. Observation – ex: toy manufacturers 6. Field Trials – placing the p/s in the marketplace to see how it does
Product Management • The design and ongoing development of a product / service to meet the target market’s needs and wants • Responds and changes and demands / times change • Without product mgmt, the p/s could become extinct and therefore leads to bankruptcy • http: //www. myfoxchattanooga. com/dpps/money/wendys-offersnatural-french-fries-dpgoh-20101111 -fc_10568702
Retailing • Placing products in the appropriate stores / locations / website domains, that match the image and values of the co. and will maximize profit • Do not manufacture anything, just resells items – selecting the appropriate retailer to represent your product • Means physical and online • Biggest online retailer: www. amazon. com • Biggest physical retailer: Walmart
Sales • Selling your product or service to a client using many different promotional strategies – Commission based – you earn a % of what you sell • Pricing Experts – ex: the Phillies ticket price increase • Currently – Pharmaceutical Sales is a highdemand area right now • Usually Sales and Retailing go hand-in-hand
Internet / E-Commerce • Advertising your business through the internet and email and Social Networking • Reaching your TM through websites that your TM uses • Selling your product / service online instead of OR in addition to, a physical location • Expert in website design • Expert in knowing where your TM is “clicking”