Marketing


Importance of Marketing | Segmentation | 7 Functions | 4Ps | | Review

Why is Marketing Important?

"The reality, is that marketing sits at the intersection of the business and the customer – the great arbiter of the self interests of the business and the needs of the buyer. As the global economy settles into a new normal of consistent doubt, Marketing has an identity problem, a brand perception gap, maybe even a crisis of confidence." Michael Brenner, What is Marketing?

marketing

Everywhere you go, everywhere you look, you are likely to see marketing in action. Every time someone sells or buys something an exchange occurs in the marketplace. The marketplace is the commercial environment where exchanges occur. It is the world of shops, Internet stores, financial institutions, catalogs, and more. A billboard, a television or radio commercial, advertisements in the middle of your Facebook feeds are all marketing. Marketing is the process of creating, promoting, and presenting a product to meet the wants and needs of customer. The most effective way to market a small business is to create a well-rounded program that combines sales activities with marketing tactics. Marketing helps connect businesses to their customers and provides the means for the exchange process to occur.

Defining marketing video
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It’s hard to overstate the importance of marketing for businesses. From hot new startups to local stores, every type of business can benefit from the increased sales and heightened brand awareness that a great marketing campaign can offer. If you are not marketing your business, you are not making progress. No matter how great your product or service is, without any marketing efforts, you’re more likely to stand still and be ignored than to move forward and find customers or clients (Kasia Mikoluk).

The Importance of Marketing: 10 Reasons You Can’t Afford Not to Market Your Business

“Give them quality. That’s the best type of advertising.” – Milton Hershey


“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” – Jeff Bezo

Read Kasia Mikoluk's full blog at: https://www.udemy.com/blog/importance-of-marketing/

Market Segmentation

Target marketing is the process of performing detailed research on markets to find and analyze potential customers for your market.

To successfully market a product, a company has to understand what people want to buy and why they want to buy it. You need to know your target market, a group of customers who share common wants and needs, and who have the ability to purchase the product. When companies want to define who their customer is, they try to find out what it is that their customers have in common. This is called market segmentation. Only a proportion of the population is likely to purchase any particular product or service so it is important to determine who that market is. Once the target market is defined, marketing activities and dollars can be focused in the right area to get the best return on investment.

Most marketers use three types of segmentation to identify their customers:

Demographics include identifiers such as age, gender, ethnicity, income level, life cycle (single, married, empty nest), education, and occupation. Geographics is defined by where people live such as in the southeast or in Cumming. Psychographics describes a population in term of behavior (activities), attitudes and values (lifestyles). Psychographics, sometimes referred to as behavioristics, include leisure-time activities like sports, hiking, or computer gaming.

Demographics explain “who” your buyer is, while psychographics explain “why” they buy. Knowing what the day in the life of your buyer persona looks like is undoubtedly valuable when creating an integrated marketing strategy.

McDonald's segmentation video
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Marketing is ongoing, and it changes. As a marketer, you need to keep up with trends and consumer attitudes.

Assignment: Question for Thought

Directions: Read the Top Marketing Trends for 2014. Select one of the trends that you believe is the most influential for marketing products to consumers in your own demographic. Explain why you chose that trend. Now select a different trend that you believe is the most influential to consumers in your parent's or grandparent's demographics. Explain why you chose that trend. Place your paragraph in the Question for Thought assignment in itsLearning. Be sure to proofread your paragraph before submitting.


7 Functions of Marketing

The marketing functions involve the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to CREATE exchanges that satisfy customers. These functions define all the aspects that are part of the practice of marketing.

Store window

Selling is providing customers with goods and services they want to buy. Sales may be in the retail market (to you), or in the industrial market where products are purchased for use in business operations. Marketers must determine client needs and wants. The selling process influences purchase decisions.

Pricing involves deciding how much to charge for goods and services to make a profit. When determining pricing, you must consider the competition as well as cost of the product or service. Pricing is also determined by what the customer is willing to pay.

Product Service Management is obtaining, developing, and improving a product or product mix in response to market opportunities. Market Research guides product service management toward what the consumer needs and wants. New technology and trends are an influence.

Marketing Information Management is the process of getting the marketing information needed to make sound business decisions. Marketing research is a MUST and includes questionnaires and surveys. This process provides the company with information about their customers, products, trends, competitors and promotions.

Promotion is any form of communication used to inform, persuade, or remind people about a business’s products. Promotion includes commercials, magazine ads, radio spots, billboards, and even junk mail.

Market Planning is understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience. Market planning includes information needs, how are you going to collect info, collect the info, analyzing the info, and present data to create a marketing plan. The ultimate goal is to reach your customers.

Channel Management (Distribution) involves making decisions about where to sell your product and includes the process of deciding how to get goods into customer’s hands. Channel management includes physically moving, storing goods (both how and where), tracking products, method of transportation (truck, rail, ship, air).

Four P's of the Marketing Mix

The Marketing Mix is the blending of the four marketing elements of product, placement, price, and promotion. A successful marketing mix will satisfy the needs of the target market and provide profit for the company.

4 P's presentation
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Types of Promotions

Advertising

Advertising (mass selling) is any paid form of communication through mass media to identified customers or potential customers. Examples of advertising include:

Advertisements must be aimed at gaining a consumer's attention quickly by focusing on a small amount of information. One of the best forms of advertisements is publicity in a newspaper, on TV, or on a radio by someone who likes the product, generally free. Another method of advertising is the sales promotion. A sales promotion creates a direct incentive for purchasing the product at a given time.

Assignment: Media and Advertising worksheet

Directions: Read the article Anywhere the Eye Can See, It's Likely to See an Ad by Louise Story. Then answer the questions on the Media and Advertising worksheet in itsLearning.

Assignment: Ad Techniques Worksheet

Directions: Open just about any magazine or online ads and you can easily find an assortment of print advertisements. Read the different ad techniques in itsLearning and complete the worksheet in itsLearning.

Assignment: International Advertising Project

Directions: Search the Internet for 3 advertisements in another country or language. Pick at least one of the advertisement (school appropriate) you feel could be better adapted for the United States and adapt it for American interests or marketing preferences. You can create your own advertisement for the same product or make changes to the current ad. Include in your presentation a list of the changes you made and why you feel an American audience would be more enticed by your advertisement. Create a PowerPoint or Prezi detailing your answers; be sure to include the advertisement so we can see what you are talking about. Each of your three advertisements must be included in the presentation. More details are included in the assignment located itsLearning.


Review


Resources

If you are having problems viewing this page, opening videos, or accessing the URLs, the direct links are posted below. All assignments are submitted in itsLearning. If you have having problems, contact Mrs. Rush through the itsLearning email client.

Defining Marketing video: http://www.youtube.com/watch?v=DSYUf4Xc3DY

Media and Advertising web article: http://www.nytimes.com/2007/01/15/business/media/15everywhere.html?_r=1&

Top Marketing Trends for 2014 web article: http://www.nfib.com/article/top-marketing-trends-64848/

Marketing "The 4P's" presentation: http://mrsrush.net/marketing/pppp.pdf

Segmentation, Targeting, and Positions - McDonald's video: http://www.youtube.com/watch?v=RcRFBVIvJHw

Review Quiz: http://www.quizrevolution.com/ch/cu612322/go/

Transcript: http://mrsrush.net/marketing/index.pdf


Transcript of this lesson