Marketing
Describe Marketing
What is...all the activities (Designing, Operation, etc.) involved in getting goods and services from the businesses that produce them to the consumer
What are the 4P's
Product, Price, Place, Promotion
What are the 3 C's
Company, Competition, Customer
"A marketing strategy is a ____ to convince customers to buy its products".
Businesses plan
a person or organization that brings goods or services into a country from abroad for sale.
Why do businesses need marketing?
What is...anytime you want others to buy, believe in, or take notice of something you communicate to them through marketing
3 things you should consider when setting a price
(Consumers response, Profit margin and Competitive Pricing)
What's a Brand Nomer
Some brand names become so popular they become generic and identify a product category
3 Examples of highly successful marketing strategies that have targeted a specific group
Giant tiger changes their prices to bring people in, Tylenol changes their product and promotion with their arthritis pain relief pills to apply to elders/seniors and Sephora sells promotion to women with exaggerated words, influences and results
Difference between Features vs. Benefits
What is...materials, specifications, scent, size, taste, etc. when constructing a new product vs. Consumers buy products and services for a particular purpose.
What are the 2 Fundamental Roles in Marketing
1. To sell what a business makes
2. To manage the brand
Direct vs. Indirect Distribution
The business that makes the product sells it directly to the consumer and allows for direct communication between producers and consumers. Indirect is the business that sells to an intermediary who then sells the product to the consumer.
4 Stages of Traditional Product Life Cycles?
Introduction, growth, decline, maturity
Give an example of a Business that sells the same product to two different target markets by using different marketing strategy
Gillette sells razors to both women and men by changing their promotion and product
What is a Wholesaler
buys in bulk from manufacturer and resells in smaller amounts to retailers
Producers, to sell to retailers
Retailers, to sell to consumers
Service businesses, to let people know what they offer
Non-profit organizations, to promote their services & ask for donations
Pricing Strategies?
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 markets
Penetration pricing is setting a low price or a new product or service to attract customers and gain market share. One this is achieved the price is increased
Competitive pricing is setting a price for a product that follows the price of their competitors very closely
Direct vs. Indirect Competition
Direct is between products that are very similar & could be replacements, Indirect is between products that are not directly related but are fighting to have you spend your money on them
Examples of companies that have used different forms of promotion successfully
Monster/any energy drinks love advertising contests that include intense competitiveness like racing, Costco uses good food samples to keep people coming into their store and buying things, etc
It’s a statement outlining your core values/purpose of your business/what you’re doing to reach for your vision
What are the 6 things that marketing include (Image)
Research, Development, Sales, Distribution, Advertising, Promotion
Name 5 Prices Policies?
Describe
Target Market
Demographics
Psychographics
Target Market (The group consumers that buy your product)
Demographics (The study of obvious characteristics that categorize human beings)
Psychographics (Study of the way people live, which includes their values/beliefs and lifestyle and hobbies)
"A good marketing strategy encompasses everything in ____ a business can control to develop and sell a successful product that people are willing to buy".
the 4ps and 3cs
Describe Positioning
Positioning (High Price= High Quality)