The Market
This is an example of a Market.
What is (Amazon, Kijjiji, Stock Market, Grocery Store, Etc.)
Since the 1960s, the marketing mix has consisted of these four main tools, known as the “4 P’s” of the Marketing Mix. (In Order)
1.Product
2.Price
3.Place
4.Promotion
Is it wise to target everyone when marketing your products?
No.
Demographic segmentation divides a market using these variables. (Name 2)
1. age
2. gender
3. education level
4. income
In 2011, which coffee company claimed it was the first business to launch a mobile payment platform?
a) Tim Hortons
b) Starbucks
c) Dunkin Donuts
Starbucks
the process of creating, communicating, and delivering value to customers through products
What is a Market?
This involve the features and design, but also its package, brand name, company image, and many other factors
What is Product?
This is what STP stands for.
segmentation, targeting, and positioning
What is the benefit of market Segmentation?
•Increase marketing efficiency
•Reduce risk of failure
•Evaluate the behaviours of each segment of the market
When did Mcdonald's introduce the big Mac?
a) 1999
b)1967
c) 1955
1967
the idea that companies should analyze the _______ and _______ of their customers, and then make decisions to satisfy those needs better than the competition
Needs and Wants
It is often the most flexible of the 4 P’s, as it is the quickest element to change.
What is Price?
dividing the market into subgroups of individuals who share similar needs, wants, and characteristics
Segmentation
This generation has a "heavy use of mobile devices"?
What is Gen Z
What is the most sold flavor of Lay's potato chips?
Classic
the idea that companies should analyze the needs and wants of their customers, and then make decisions to satisfy those needs better than the competition
What is the Marketing Concept?
This involves choosing distribution channels, such as retail stores or online platforms.
What is Place?
deciding which customer segment or segments you should be aiming at
What is Targeting
Ford’s advertising used to focus primarily on adults (since they were the ones buying cars). However, in an effort to build brand loyalty at a young age, Ford began considering the interests of
Gen Z (Teens to young adults)
Newer ads for Mustang sports cars show how the car could bring friends together, complete with visuals of teens surfing, painting, and playing guitar, with the Mustang parked at the scene of each adventure
What was the first commercially available soft drink in the U.S.?
Coca-Cola
Dr Pepper
Pepsi
Mountain Dew
Dr Pepper
Marketing was not always about understanding and meeting customer needs.
Marketing has progressed through different philosophies.
Can you name two philosophies? ( ____________ Orientation)
1.Product Orientation
2.Sales Orientation
3.Market Orientation
4.Customer Orientation
a unique blend of product, price, place, and promotion strategies designed to produce mutually satisfying exchanges with consumers
What is the Marketing Mix?
determining and influencing where you brand or product stands against others in the market
What is Positioning
There are many ways to segment the market, but the most common methods include:
(Name 3)
1. Demographic
2. Geographic
3. Psychographic
4. Behavioural
What fast food restaurant is credited with introducing the first modern-day drive-thru window?
Wendy's