Marketing Basics
True or False: the most successful marketing strategies focus on how the customer's purchase will benefit the business.
False! The most successful marketing strategies focus on the benefits the product or service can offer the customer.
The people you want to reach with your marketing message -- the people most likely to buy your products of services.
What is target market?
True or False: Marketers make decisions by following their hunches and placing ads where they think it would look prettiest.
False!
From the slides: "Marketing Information Management refers to the multiple strategies businesses use to determine who their customers are, their product needs, and how marketing activities affect their buying habits."
True or False: you can use your notebooks on quizzes.
True!
Ms. Endencia's Favorite Singer
Who is Taylor Swift?
One of the 4P's that covers how much something costs to make and/or how much a product should be sold for.
What is Price?
The process of dividing your target market into smaller, more specific groups
What is market segmentation?
The two types of sources that marketing data is collected from.
What is public sources and private sources?
True or False: Jeff Bezos made enough money in a single day to cover the annual cost of chemotherapy for all cancer patients.
True!
Annual cost of chemotherapy for all cancer patients: $9 billion.
Amount that Jeff Bezos made on July 20th, 2020: $13 billion.
The state Ms. Endencia is from before moving to Oregon
Illinois
The 4P's of Marketing
What is product, placement, price, and promotion?
The type of segmentation that divides the market based on geographic location
What is geographic segmentation?
The different products and/or services that a business offers to meet the needs of markets and achieve its goals.
What is product mix?
The rule that states that you treat other people the way THEY want to be treated.
What is the platinum rule?
Ms. Endencia's job before she became a teacher (one of them).
What is...
Movie Theater Attendant (age 17), Bus Person (18), Hostess (18), Barista (18), Customer Service Representative (19 - 20), Administrative Assistant (20 - 21), Finance Coordinator (21 - 22), Senior Finance Coordinator (22 - 23), Finance Manager (23 - 26), Published Writer (25), Marketing Manager (26), and/or Digital Marketing Strategist (26 - 28)?
The type of marketing that tries to reach as many people as possible and sell the same product to all customers.
What is mass marketing?
The type of segmentation that includes age, gender, size of household, occupation, education, and marital status.
What is demographic segmentation?
The stages that goods go through from the time they are introduced to the time that they are taken off the market.
What is product life cycle?
In economics, this is the value of the next-best alternative when a decision is made; it's what is given up when you make a decision.
What is opportunity cost?
Where Ms. Endencia went to university
Washington State University (Bachelors)
Lewis and Clark College (Masters)
The summary of experiences and identity that shape how employees, customers, and investors see the company. It's what makes a product or service distinguishable from others in the industry.
What is brand?
The type of marketing that focuses on an extremely select group of consumers, such as vintage book collectors.
What is niche marketing?
A law that protects information privacy (multiple answers for multiple regions/sectors, only need one).
GDPR (European Union), California Consumer Privacy Act, Oregon Consumer Privacy Act, HIPAA (healthcare), FCRA (fair credit reporting), FERPA (educational records), GLBA (financial sector), ECPA (restrictions on wire tapping), COPPA (children's protection), and VPPA (video privacy protection).
The five step sales process.
Hint: it's listed in a laminated handout in the student store.
Hint 2: we did a comic strip about it.
The Greeting
Windows of Contact
Your Question
Features and Benefits
Close with an add-on
The name of Ms. Endencia's baby
Who is Alphonso?