1 Marketing Basics

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BASICS

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What exactly IS Marketing?

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Definition Marketing is the process of developing, promoting, and distributing products in order to satisfy customers' needs and wants. Develop Promote Distribute Products

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Marketing activities and strategies result in making products available that satisfy customers while making profits for the companies that offer those products. Marketing activities are numerous and varied because they basically include everything needed to get a product off the drawing board and into the hands of the customer. Marketing is an Activity

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Businesses become successful by directing all of their efforts to satisfying the needs and wants of the customers. Businesses make a profit by offering the goods and services that the consumer wants. Recognizes the importance of the consumer in the buying process. Marketing Concept

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The group of consumers that a company desires to have as customers. Age Hobbies Location Target Market

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The group of potential consumers who share common needs and wants. The target market has the ability and willingness to buy the product. Market

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The marketing mix, known as the four P’s, is a combination of decisions a business must make in order to best reach its target market Marketing Mix

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What do we learn in Marketing? The Four P's of Marketing P roduct Price Place Promotion For Sale!

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What Are Products?

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Products Are Goods Ideas Services Car Internet Hospital Food Training TV Repair Clothes Computers Auto Mechanics

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Product Any goods, services, or ideas that we wish to sell. Determining a TARGET market. Creating a PRODUCT design. Evaluating QUALITY/QUANTITY Establishing GUARANTEES or WARRANTIES.

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Price Determine a dollar amount at which we can sell the product. What must you charge in order to make a profit? Costs to keep in mind: Production Wholesale/Resale Compare to Competition Profit Margin Value

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Place Distribution is getting the right product to the proper place at the correct time , in the correct amount, and in the right condition. For Example: You don’t want snow shoes and heavy jackets delivered to a a service station in Peoria, Arizona.

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Promotion Making potential customers aware of a product in a positive way so they will want to buy it. Packaging Advertising Personal Selling Sales Promotions: Coupons, Discounts

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Reebok Extra Grip Climbing Shoes Nike Stadium Packaging Limited number of Nike shoeboxes were transformed to house a stadium within by inserting a printed sheet of the stadium interior with embedded sound chips. So you could hear the crowd go wild when the box was opened. Newton Running Packaging Molded paperboard packaging not only reduces waste by eliminating the need for interior tissue paper, it also provides a shell that is easy to stack and transport.

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The product the Super Bowl offers is a game between the best teams of the AFC and NFC. Consumer costs extend beyond ticket prices and include travel and lodging expenses. Distribution includes the location of the host city and ticket sales. Promotion involves media outlets and related-product contests. Marketing Mix Example

SPORTS MARKETING MADNESS QUESTION #1: 

SPORTS MARKETING MADNESS QUESTION #1 QUESTION : A cereal created from an accident? That's exactly the result of an accident in Minnesota, though the cereal was not sold until 1924. Which of these slogans was created in 1935 by Knox Reeves?

ANSWER: The Breakfast of Champions: 

ANSWER : The Breakfast of Champions The Wheaties brand name was found by a company wide contest, other entries included Nutties and Gold Medal Wheat Flakes. The sponsorship of baseball broadcasts in 1933 began their history with athletes. Lou Gehrig was the first athlete to grace the box. Athletes' pictures were originally positioned on the sides or back of the box, it wasn't until 1958 that the athlete's picture graced the front of the box.