Itb Chap 10


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  • CHAPTER 10 06/08/09 ITB
  • Itb Chap 10

    1. 1. Marketing 10-1 Marketing Basics 10-2 Develop Effective Products and Services 10-3 Price and Distribute Products 10-4 Plan Promotion 10
    2. 2. LESSON 10-1 Marketing Basics <ul><li>Goals </li></ul><ul><li>Define important marketing concepts. </li></ul><ul><li>Identify the steps in a marketing strategy. </li></ul><ul><li>Describe the consumer decision-making process. </li></ul>Chapter 10 Slide
    3. 3. Key Terms <ul><li>Marketing-the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives </li></ul><ul><li>marketing strategy-company’s plan that identifies how it will use marketing to achieve its goals </li></ul><ul><li>target market-specific group of consumers that have similar wants and needs </li></ul><ul><li>marketing mix- blending of the four marketing elements: product, price, distribution, and promotion </li></ul><ul><li>marketing orientation-considers the needs of customers when developing a marketing mix (not assuming they know what customers want) </li></ul><ul><li>final consumers-people who buy products and services mostly for their own use </li></ul><ul><li>business consumers-people, companies, and organizations that buy products for the operation of a business, for resale, or for incorporation in to other products or services </li></ul><ul><li>consumer decision-making-Process-specific sequence of steps consumers follow to make a purchase </li></ul><ul><li>buying motives-the reasons consumers decide what products and services to purchase </li></ul>Chapter 10 Slide
    4. 4. UNDERSTAND MARKETING <ul><li>Marketing activities </li></ul><ul><li>Marketing businesses </li></ul><ul><li>Marketing functions </li></ul>Chapter 10 Slide
    5. 5. MARKETING FUNCTIONS Chapter 10 Slide
    6. 6. >> C H E C K P O I N T <ul><li>Define marketing and the seven marketing functions. </li></ul>Chapter 10 Slide
    7. 7. MARKETING STRATEGY <ul><li>Marketing planning </li></ul><ul><li>Develop a successful marketing strategy </li></ul><ul><ul><li>Identify a target market </li></ul></ul><ul><ul><li>Create a marketing mix </li></ul></ul>Chapter 10 Slide
    8. 8. >> C H E C K P O I N T <ul><li>What are the two steps in developing a marketing strategy? </li></ul>Chapter 10 Slide
    9. 9. UNDERSTAND CUSTOMERS <ul><li>Consumer decision-making </li></ul><ul><li>Buying motives </li></ul>Chapter 10 Slide
    10. 10. STEPS IN THE CONSUMER DECISION-MAKING PROCESS <ul><li>1. Recognize a need. </li></ul><ul><li>2. Gather information. </li></ul><ul><li>3. Select and evaluate alternatives. </li></ul><ul><li>4. Make a purchase decision. </li></ul><ul><li>5. Determine the effectiveness of the decision. </li></ul>Chapter 10 Slide
    11. 11. >> C H E C K P O I N T <ul><li>What are the steps in the consumer decision-making process? </li></ul>Chapter 10 Slide
    12. 12. LESSON 10-2 Develop Effective Products and Services <ul><li>Goals </li></ul><ul><li>Justify the importance of marketing research. </li></ul><ul><li>Identify the components of a product. </li></ul><ul><li>Describe how services differ from products. </li></ul>Chapter 10 Slide
    13. 13. Key Terms <ul><li>marketing research-finding solutions to problems through carefully designed studies involving consumers </li></ul><ul><li>Product-everything a business offers to satisfy a customer’s needs </li></ul><ul><li>Services-activities that are consumed at the same time they are produced </li></ul><ul><li>Intangible- a service with no physical form </li></ul><ul><li>Inseparable- service that is consumed at the same time it is produced </li></ul><ul><li>Perishable- the availability of a service must match the demand for that service at a specific time </li></ul><ul><li>Heterogeneous- there will be a difference in the type of quality of service provided </li></ul>Chapter 10 Slide
    14. 14. CREATE AND IMPROVE PRODUCTS <ul><li>Totally new products </li></ul><ul><li>Major improvements in existing products </li></ul><ul><li>Minor improvements in existing products </li></ul>Chapter 10 Slide
    15. 15. PLAN MARKETING RESEARCH <ul><li>Steps in marketing research </li></ul><ul><ul><li>1. Define the marketing problem. </li></ul></ul><ul><ul><li>2. Study the situation. </li></ul></ul><ul><ul><li>3. Develop a data collection procedure. </li></ul></ul><ul><ul><li>4. Gather and analyze information. </li></ul></ul><ul><ul><li>5. Propose a solution. </li></ul></ul>Chapter 10 Slide
    16. 16. TYPES OF RESEARCH STUDIES <ul><li>Surveys </li></ul><ul><li>Focus groups </li></ul><ul><li>Observations </li></ul><ul><li>Experiments </li></ul>Chapter 10 Slide
    17. 17. >> C H E C K P O I N T <ul><li>List the steps in a marketing research study. </li></ul>Chapter 10 Slide
    18. 18. PRODUCT PLANNING <ul><li>Parts of a product </li></ul><ul><li>Product planning procedures </li></ul><ul><ul><li>Idea development </li></ul></ul><ul><ul><li>Idea screening </li></ul></ul><ul><ul><li>Strategy development </li></ul></ul><ul><ul><li>Production and financial planning </li></ul></ul><ul><ul><li>Limited production and test marketing </li></ul></ul><ul><ul><li>Full-scale production </li></ul></ul>Chapter 10 Slide
    19. 19. >> C H E C K P O I N T <ul><li>What are the components of a product? </li></ul>Chapter 10 Slide
    20. 20. SERVICES <ul><li>Intangible </li></ul><ul><li>Inseparable </li></ul><ul><li>Perishable </li></ul><ul><li>Heterogeneous </li></ul>Chapter 10 Slide
    21. 21. >> C H E C K P O I N T <ul><li>In what ways are services different from products? </li></ul>Chapter 10 Slide
    22. 22. LESSON 10-3 Price and Distribute Products <ul><li>Goals </li></ul><ul><li>Discuss how the selling price of a product is calculated. </li></ul><ul><li>Differentiate between a direct and an indirect channel of distribution. </li></ul>Chapter 10 Slide
    23. 23. Key Terms <ul><li>Price- money a consumer must pay for product or service </li></ul><ul><li>Distribution-the locations and methods used to make a product or service available to the target market </li></ul><ul><li>channel of distribution-the route a product follows and the business involved in moving a product </li></ul><ul><li>channel members-businesses that take part in a channel of distribution </li></ul>Chapter 10 Slide
    24. 24. VALUE AND PRICE <ul><li>Buyers usually want to pay the lowest price possible. </li></ul><ul><li>Sellers want to charge the highest price possible. </li></ul>Chapter 10 Slide
    25. 25. PRICING FACTORS <ul><li>Supply and demand </li></ul><ul><li>Uniqueness </li></ul><ul><li>Age </li></ul><ul><li>Season </li></ul><ul><li>Complexity </li></ul><ul><li>Convenience </li></ul>Chapter 10 Slide
    26. 26. PRICE A PRODUCT <ul><li>Selling price </li></ul><ul><li>Product costs </li></ul><ul><li>Operating expenses </li></ul><ul><li>Profit </li></ul><ul><li>Gross margin </li></ul>Chapter 10 Slide Selling price = Product costs + Operating expenses + Profit Gross Margin = Selling price + Product costs
    27. 27. PRICE A PRODUCT <ul><li>Markup </li></ul><ul><li>Markdown </li></ul>Chapter 10 Slide
    28. 28. >> C H E C K P O I N T <ul><li>What is the formula for calculating the selling price of a product? </li></ul>Chapter 10 Slide
    29. 29. CHANNELS OF DISTRIBUTION <ul><li>Need for distribution channels </li></ul><ul><ul><li>Differences in quantity </li></ul></ul><ul><ul><li>Differences in assortment </li></ul></ul><ul><ul><li>Differences in location </li></ul></ul><ul><ul><li>Differences in timing </li></ul></ul><ul><li>Channels and channel members </li></ul>Chapter 10 Slide
    30. 30. >> C H E C K P O I N T <ul><li>What is the difference between a direct and an indirect channel of distribution? </li></ul>Chapter 10 Slide
    31. 31. LESSON 10-4 Plan Promotion <ul><li>Goals </li></ul><ul><li>Justify the importance of communication in marketing. </li></ul><ul><li>Identify and describe the common types of promotion. </li></ul>Chapter 10 Slide
    32. 32. Key Terms <ul><li>Promotion- any form of communication use to inform, persuade, or remind </li></ul><ul><li>effective communication-the exchange of information so there is common understanding by all participants </li></ul><ul><li>personal selling- direct, individualized communication with prospective customers to assess their needs and assist them with appropriate products and services </li></ul><ul><li>Advertising- any paid form of communication through mass media directed at identified consumers to provide information and influence their actions </li></ul>Chapter 10 Slide
    33. 33. COMMUNICATION <ul><li>The communication process </li></ul><ul><li>Communicating through promotion </li></ul>Chapter 10 Slide
    35. 35. >> C H E C K P O I N T <ul><li>How does identifying a target market improve promotion communications? </li></ul>Chapter 10 Slide
    36. 36. PROMOTION <ul><li>Personalized promotion </li></ul><ul><li>Mass promotion </li></ul><ul><li>Mass personalization </li></ul>Chapter 10 Slide
    37. 37. >> C H E C K P O I N T <ul><li>Describe the advantages and disadvantages of the major types of promotion. </li></ul>Chapter 10 Slide