Unit 1: Introduction to Marketing - Part 1


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Unit 1: Introduction to Marketing - Part 1

  1. 1. Unit 1: Introduction to Marketing “What is Marketing?” PART 1 Mr. Elsesser Sports Marketing
  2. 2. WHY STUDY MARKETING? <ul><li>Marketing is an essential component to the success of all businesses in all industries. </li></ul><ul><ul><li>Serves as the backbone for many other forms of business </li></ul></ul><ul><li>Most people experience many types of marketing every day. </li></ul><ul><ul><li>Examples: </li></ul></ul><ul><ul><ul><li>At School: Posters/T-Shirts/Team Unity </li></ul></ul></ul><ul><ul><ul><li>At Home: Television/Internet Usage </li></ul></ul></ul>
  3. 3. WHAT IS MARKETING? <ul><li>Marketing is the creation and maintenance of satisfying exchange relationships between customers and businesses. </li></ul>
  4. 4. THE SEVEN BASIC MARKETING FUNCTIONS <ul><li>Product/service management </li></ul><ul><ul><li>What will your product/service offer? </li></ul></ul><ul><li>Distribution </li></ul><ul><ul><li>How will it get to your consumer base? </li></ul></ul><ul><li>Selling </li></ul><ul><ul><li>How can our consumers obtain this? </li></ul></ul><ul><li>Marketing Information Management </li></ul><ul><ul><li>How are your competitors doing it? Best Practices </li></ul></ul><ul><li>Financing </li></ul><ul><ul><li>What is our budget line for our project? </li></ul></ul><ul><li>Pricing </li></ul><ul><ul><li>How much will it cost? How do we know what to charge? </li></ul></ul><ul><li>Promotion </li></ul><ul><ul><li>How do we get the word out? </li></ul></ul>
  5. 5. WHAT ARE PRODUCTS? <ul><li>Anything that is offered to a market by a business to satisfy needs. </li></ul><ul><ul><li>Includes physical products (goods), services or ideas. </li></ul></ul><ul><li>What is a Good? </li></ul><ul><ul><li>a physical item that can be handled, such as a baseball or an article of clothing. </li></ul></ul><ul><li>What is a Service? </li></ul><ul><ul><li>activities that are intangible, and consumed at the time of production, such as mowing someone’s lawn or a ball game. </li></ul></ul>
  6. 6. IDENTIFYING CUSTOMERS VS. CONSUMERS <ul><li>Customers: </li></ul><ul><ul><li>someone who is actively looking for a product and may actually purchase it. </li></ul></ul><ul><li>Consumers: </li></ul><ul><ul><li>the person who actually uses the product. </li></ul></ul><ul><ul><ul><li>The Diaper Example: </li></ul></ul></ul><ul><ul><ul><ul><li>The parent is the customer. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>The baby is the consumer. </li></ul></ul></ul></ul>
  7. 7. THE MARKETING CONCEPT <ul><li>For Businesses: </li></ul><ul><ul><li>Uses the needs and wants of customers as their primary focus during the planning, production, distribution, and promotion phases of a product. </li></ul></ul><ul><li>For Customers: </li></ul><ul><ul><li>Searches for the right product, at the right price, at the right time. </li></ul></ul><ul><li>The Result: </li></ul><ul><ul><li>The business makes a profit, the customer gets their product or want. </li></ul></ul><ul><li>Win-Win Situation!!! </li></ul>
  8. 8. How It All Works… THE MARKETING MIX <ul><li>Definition: </li></ul><ul><ul><li>All the tools or activities available to organizations that can be used in meeting the needs of a target market. </li></ul></ul><ul><li>Consists of FOUR ELEMENTS (4 P’s): </li></ul><ul><ul><li>All of which need to be blended together for success. </li></ul></ul><ul><ul><ul><li>Product </li></ul></ul></ul><ul><ul><ul><li>Price </li></ul></ul></ul><ul><ul><ul><li>Place (or Distribution) </li></ul></ul></ul><ul><ul><ul><li>Promotion </li></ul></ul></ul><ul><ul><ul><li>Public Relations </li></ul></ul></ul><ul><ul><ul><ul><li>(sometimes, especially in sports) </li></ul></ul></ul></ul>
  9. 9. Sports Commercials Marketing Mix Example <ul><li>For each of the sports commercials shown in class what parts of the marketing mix can you Identify (hint—all may not be evident): </li></ul><ul><li>http:// www.youtube.com/watch?v =fucxG-he2qU (JUST FOR MEN) </li></ul><ul><ul><li>Product </li></ul></ul><ul><ul><ul><li>JUST FOR MEN Hair Color products </li></ul></ul></ul><ul><ul><li>Price </li></ul></ul><ul><ul><ul><li>Not very evident, may show value of product by making an old retired pro feel reenergized and young again by their appearance. </li></ul></ul></ul><ul><ul><li>Place/Distribution </li></ul></ul><ul><ul><ul><li>TV AD </li></ul></ul></ul><ul><ul><li>Promotion </li></ul></ul><ul><ul><ul><li>Using symbols of young energy, and of course old icons like Emmit Smith. </li></ul></ul></ul>
  10. 10. THE ACTION: MARKET SEGMENTATION <ul><li>Step 1: </li></ul><ul><ul><li>Establish the correct Marketing Mix and direct at a certain market segment. </li></ul></ul><ul><ul><ul><li>A specific group of people/business within the larger overall market. </li></ul></ul></ul><ul><li>Step 2: </li></ul><ul><ul><li>After market segmentation, we need to target our market ( target marketing ). </li></ul></ul>
  11. 11. The Action of Marketing, cont’d <ul><li>Step 3: </li></ul><ul><ul><li>Market needs to be segmented within four major categories: </li></ul></ul><ul><ul><ul><li>Demographics </li></ul></ul></ul><ul><ul><ul><li>Psychographics </li></ul></ul></ul><ul><ul><ul><li>Geographics </li></ul></ul></ul><ul><ul><ul><li>Product Usage </li></ul></ul></ul><ul><ul><ul><ul><li>Looking at the patterns and behaviors in which a product is used. </li></ul></ul></ul></ul>
  12. 12. WHERE DO WE GO? <ul><li>Now that we have the basic marketing concepts down, we will basically use the marketing mix to guide us through the world of Sports Marketing, beginning with Marketing Terminology. </li></ul>