tuesday, september 17, 2013
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Tuesday, September 17, 2013. EQ: What is your definition of marketing?. Note Taking. Please follow with your Teacher Guided Notes. Standards. BMA-IBT-5 Demonstrate understanding of the concept of marketing and its importance to business ownership. - PowerPoint PPT PresentationTRANSCRIPT
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EQ:What is your definition of
marketing?
Tuesday, September 17, 2013
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Please follow with your Teacher Guided Notes.
Note Taking
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BMA-IBT-5 Demonstrate understanding of the concept of marketing and its importance to business ownership.
5.1 Explain the fundamental marketing concepts used by a small business.
Standards
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Give ‘Em What They Want!Fundamental Marketing
Concepts
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Independently owned and operated
Organized for profitNot dominant in its field
U.S. Small Business Administration
Small Business
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American Marketing Association definition:
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
What is Marketing?
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Give ‘em what they want!ProcessCreate valuePrice so it will sellPlace where people can get itThey need to know about it
Huh?
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What is Marketed?
Durable Goods - desks, computers, houses Nondurable Goods - food, cosmetics,
gasoline Services - banking, health care, job
placement People - athletes, musicians, political
candidates Places - honeymoon locations, vacations Organizations - NCAA, labor unions, art
museums Ideas - "Pitch in", "Buckle up for Safety"
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Businesses must: Base decisions on needs and desires of
consumers Give consumers what they want Satisfy customers' needs and wants to
make a profit Have right goods/services at the right
time, the right price and the right place Communicate this to their customers
Customers
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The Marketing Mix
Target
Market
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Video on 4P’s
http://www.youtube.com/watch?v=ss53mGgqgp4&feature=related
Put Spanish caption on!
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Target MarketA specific group of consumers at which a company aims its products and servicesWould average teen buy life insurance?
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Product
What consumer wants
Product features, like Size Color
How usedHow namedHow different
vs.
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Price
Value LocationDoes customer
care?Competition
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Place
Where will they look?
What kind of store?Distribution?Salespeople?Competition
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PromotionWhere?How?
Radio TV Billboards Social media
When?Competition
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Small Business Marketing
Smaller budgetSmaller target
market (for now!)Needs and wants
of your community
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Go to website: http://www.freeonlinegames.com/game/sim-lemonade-millionaire
You may also go to freeonlinegames.com and type lemonade in the search box.
Read the instructions first to insure your success
Play the game for five days!
Your Turn!
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Record information at the end of each day Cups sold Income Total cost Profit Any changes you made to price,
advertising, recipe Brief paragraph describing experience
and what you would do differently
Report