Intro to Marketing
What is Marketing?
Marketing is all the activities involved in getting goods and services from the businesses that produce them to the consumer
What are the three C's of Marketing
•Company
•Competition
•Customer
A product, service, or idea that is extremely popular for a very brief period of time
A fad
What are the two main ways Consumers are identified and explain the both?
- Demographics: The study of obvious characteristics that categorize human beings
- Lifestyle / Psychographics: The study of lifestyle is …called psychographics (think psychology). Studies the way people live, which includes their values/beliefs and lifestyle and hobbies
What are some product decisions?
- Quality
- Design
- Features
- Benefits
- The Product/Service mix
What are the two fundamental roles of Marketing?
1. To sell what a business makes
2. To manage the brand
What is a brand?
A brand is a name, term, design, symbol or any other feature that distinguishes one seller's goods or service from those of other sellers.
is a selection of the market in which a single business dominates and into which few competitors enter.
A niche
The individuals that are likely to need or want & have the ability to purchase your product or service
Target Market
Refers to decisions about how the product is distributed to the consumer direct method, indirect method or specialty method
–In store, curbside pickup, delivery
Place
What does Marketing include?
•Research (Product Research & Consumer Research)
•Development
•Sales
•Distribution
•Advertising
•Promotion
What are the three types of logos?
- Monogrammatic Logo
- Visual Symbols
- Abstract Symbols
•Consumer demand changes based on the season
•Inventory management becomes very important
Seasonal
It is a detailed description of your ideal customer, encompassing demographic, psychographic, and behavioral data to help businesses tailor their marketing strategies effectively.
Consumer Profile
What are some Common Pricing Strategies and explain them all
- Market Skimming: Market skimming is setting a high price for a product or service during the introductory stage of the product life cycle before the competition enter the market
- Penetration Pricing: Penetration pricing is setting a low price for a new product or service to attract customers and gain market share. Once this is achieved the price is increased.
- Competitive Pricing: Competitive pricing is setting a price for a product that follows the price of their competitors very closely.
a company or individual that purchases goods in bulk from producers and sells them in smaller quantities to retailers
Wholesaler
What is a Slogan?
•Short, catchy phrase that is usually attached to the company’s name and logo
•Sometimes added to music – called a jingle
What is direct competition?
Direct competition occurs when businesses offer the same products or services to the same target audience, competing for the same customers in the same market.
What are the 4 P's of Marketing
- Product
- Price
- Place
- Promotion
What are some pricing decisions?
–Profit margins
–Consumer’s response
–Competitors prices
–Positioning (high price = high quality?)
a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale
Retailer
What is the Product Life Cycle? and What are the four stages?
The product life cycle refers to the length of time a product is available to customers, starting from its introduction to the market until its removal. It typically consists of four stages: - Introduction Stage, Growth Stage, Maturity Stage, Decline Stage.
refers to competition between businesses that offer different products or services but target the same customer needs or market segment.
Indirect Competition
Refers to the physical product or the service offered to the customer, the brand and stage of product life cycle
Product
Refers to how the company encourages consumers to buy a product
–Advertising
–Coupons
–Contests
–Premiums (Giveaway – free t-shirt)
–Samples (Costco)
–Publicity (Special Events)
Promotion