itb chap 10
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- 1. Marketing 10-1 Marketing Basics 10-2 Develop Effective Productsand Services 10-3 Price and Distribute Products 10-4 Plan Promotion 10
2. LESSON 10-1 Marketing Basics
- Goals
- Define important marketing concepts.
- Identify the steps in a marketing strategy.
- Describe the consumer decision-making process.
Chapter 10 Slide 3. Key Terms
- Marketing-the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
- marketing strategy-companys plan that identifies how it will use marketing to achieve its goals
- target market-specific group of consumers that have similar wants and needs
- marketing mix- blending of the four marketing elements: product, price, distribution, and promotion
- marketing orientation-considers the needs of customers when developing a marketing mix (not assuming they know what customers want)
- final consumers-people who buy products and services mostly for their own use
- business consumers-people, companies, and organizations that buy products for the operation of a business, for resale, or for incorporation in to other products or services
- consumer decision-making-Process-specific sequence of steps consumers follow to make a purchase
- buying motives-the reasons consumers decide what products and services to purchase
Chapter 10 Slide 4. UNDERSTAND MARKETING
- Marketing activities
- Marketing businesses
- Marketing functions
Chapter 10 Slide 5. MARKETING FUNCTIONS Chapter 10 Slide 6. >>C H E C K P O I N T
- Define marketing and the seven marketing functions.
Chapter 10 Slide 7. MARKETING STRATEGY
- Marketing planning
- Develop a successful marketing strategy
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- Identify a target market
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- Create a marketing mix
Chapter 10 Slide 8. >>C H E C K P O I N T
- What are the two steps in developing a marketing strategy?
Chapter 10 Slide 9. UNDERSTAND CUSTOMERS
- Consumer decision-making
- Buying motives
Chapter 10 Slide 10. STEPS IN THE CONSUMER DECISION-MAKING PROCESS
- 1. Recognize a need.
- 2. Gather information.
- 3. Select and evaluate alternatives.
- 4. Make a purchase decision.
- 5. Determine the effectiveness of the decision.
Chapter 10 Slide 11. >>C H E C K P O I N T
- What are the steps in the consumer decision-making process?
Chapter 10 Slide 12. LESSON 10-2 Develop Effective Products and Services
- Goals
- Justify the importance of marketing research.
- Identify the components of a product.
- Describe how services differ from products.
Chapter 10 Slide 13. Key Terms
- marketing research-finding solutions to problems through carefully designed studies involving consumers
- Product-everything a business offers to satisfy a customers needs
- Services-activities that are consumed at the same time they are produced
- Intangible- a service with no physical form
- Inseparable- service that is consumed at the same time it is produced
- Perishable- the availability of a service must match the demand for that service at a specific time
- Heterogeneous- there will be a difference in the type of quality of service provided
Chapter 10 Slide 14. CREATE ANDIMPROVE PRODUCTS
- Totally new products
- Major improvements in existing products
- Minor improvements in existing products
Chapter 10 Slide 15. PLAN MARKETING RESEARCH
- Steps in marketing research
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- 1.Define the marketing problem.
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- 2.Study the situation.
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- 3.Develop a data collection procedure.
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- 4.Gather and analyze information.
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- 5.Propose a solution.
Chapter 10 Slide 16. TYPES OF RESEARCH STUDIES
- Surveys
- Focus groups
- Observations
- Experiments
Chapter 10 Slide 17. >>C H E C K P O I N T
- List the steps in a marketing research study.
Chapter 10 Slide 18. PRODUCT PLANNING
- Parts of a product
- Product planning procedures
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- Idea development
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- Idea screening
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- Strategy development
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- Production and financial planning
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- Limited production and test marketing
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- Full-scale production
Chapter 10 Slide 19. >>C H E C K P O I N T
- What are the components of a product?
Chapter 10 Slide 20. SERVICES
- Intangible
- Inseparable
- Perishable
- Heterogeneous
Chapter 10 Slide 21. >>C H E C K P O I N T
- In what ways are services different from products?
Chapter 10 Slide 22. LESSON 10-3 Price andDistribute Products
- Goals
- Discuss how the selling price of a product is calculated.
- Differentiate between a direct and an indirect channel of distribution.
Chapter 10 Slide 23. Key Terms
- Price- money a consumer must pay for product or service
- Distribution-the locations and methods used to make a product or service available to the target market
- channel of distribution-the route a product follows and the business involved in moving a product
- channel members-businesses that take part in a channel of distribution
Chapter 10 Slide 24. VALUE AND PRICE
- Buyers usually want to pay the lowest price possible.
- Sellers want to charge the highest price possible.
Chapter 10 Slide 25. PRICING FACTORS
- Supply and demand
- Uniqueness
- Age
- Season
- Complexity
- Convenience
Chapter 10 Slide 26. PRICE A PRODUCT
- Selling price
- Product costs
- Operating expenses
- Profit
- Gross margin
Chapter 10 SlideSelling price = Product costs + Operating expenses + Profit Gross Margin = Selling price + Product costs 27. PRICE A PRODUCT
- Markup
- Markdown
Chapter 10 Slide 28. >>C H E C K P O I N T
- What is the formula for calculating the selling price of a product?
Chapter 10 Slide 29. CHANNELS OF DISTRIBUTION
- Need for distribution channels
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- Differences in quantity
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- Differences in assortment
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- Differences in location
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- Differences in timing
- Channels and channel members
Chapter 10 Slide 30. >>C H E C K P O I N T
- What is the difference between a direct and an indirect channel of distribution?
Chapter 10 Slide 31. LESSON 10-4 Plan Promotion
- Goals
- Justify the importance of communication in marketing.
- Identify and describe the common types of promotion.
Chapter 10 Slide 32. Key Terms
- Promotion- any form of communication use to inform, persuade, or remind
- effective communication-the exchange of information so there is common understanding by all participants
- personal selling- direct, individualized communication with prospective customers to assess their needs and assist them with appropriate products and services
- Advertising- any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
Chapter 10 Slide 33. COMMUNICATION
- The communication process
- Communicating through promotion
Chapter 10 Slide 34. COMPONENTS OFEFFECTIVE COMMUNICATION Chapter 10 Slide 35. >>C H E C K P O I N T
- How does identifying a target market improve promotion communications?
Chapter 10 Slide 36. PROMOTION
- Personalized promotion
- Mass promotion
- Mass personalization
Chapter 10 Slide 37. >>C H E C K P O I N T
- Describe the advantages and disadvantages of the major types of promotion.
Chapter 10 Slide