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Fundamentals of Marketing

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by

John Blechacz

on 9 August 2016

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Transcript of Fundamentals of Marketing

Fundamentals of Marketing
Marketing Concept
Satisfying a customer's needs and wants in order to make a profit.
Must understand what and how to communicate with customers
The right goods/services
The right time
The right place
The right price
The right people serving
What are customers and Consumers?
Surprisingly, they are different, but they are often the same person
Customers:
The person who buys a product or service
Consumers:
The person who actually uses the product or service
B ---> B ---> C


--->
--->
B ---> B ---> C
--->
--->
Market
All potential customers who share common needs and wants, and have the ability and willingness to buy the product or service
Marketplace
Where customers can obtain products and services
At a brick and mortar store
Online
Everyone in the U.S who drinks Soda is part of a ~$74 Billion soft drink market

Cell Phone Market
Clothing Market
Automobile Market
Brick and Mortar
Shopping at a physical store
Online or Cyber Stores
Shopping online
Market Segmentation
The process of defining and dividing a large market into clearly identifiable customer groups having similar needs, wants, or demand characteristics.

Demographics

Psychographics

Geographics

Product Benefits
Demographics
Describe a population in terms of personal characteristics
Age
Babies
Toddlers
Children
Teenagers
Adults
0-5 yrs old
5-10 yrs old
10-20 yrs old
40-55 yrs old
65+ yrs old
Baby Boomer
Gen X
Gen Y
Millennials
Age Range
Categories
Generations
Gender
Males
Females
Income
How much money the a person or family makes and how much is available for spending on products and services
Disposable Income
money left over after taking out taxes and is available for purchasing necessities
Discretionary Income
money left over after buying basic living necessities that is available for luxury goods and services
Ethnic Background
White alone: 77.9%
Black or African American: 13.1%
American Indian and Alaska Native: 1.2%
Asian American: 5.1%
Native Hawaiian and Pacific Islander: 0.2%
Hispanic or Latino: 16.9%
United States
Psychographics
The social and psychological charactistics of consumers.
Values
Attitudes
Interests
Lifestyles
Beliefs
Geographics
The segment of a market based on where they live.
Local
Regional
National
Global
Product Benefits
Product features and benefits must satisfy a customers' needs and wants within a segment
Athletic Shoes
Target Market
A group or market of consumers who a company wants to reach with their products or services.
Customer Profile:
Detailed information about about the target market that includes the following:
Age
Income
Interests
Ethnicity
Location
Economic Benefits of Marketing
Marketing is all about adding value to a product or service
The added value to a product or service is call a utility

Utilities are attributes of a product or service that satisfy consumers' wants and needs

5 Types of Utilities
Form Utility
Place Utility
Time Utility
Possession Utility
Information Utility
Taking raw materials or parts and putting them together to create a good
=
Having a product or service available where a customer can conveniently purchase it
Having a product available at a certain time of year or time of day
Fall
Winter
Spring
Summer
Black Friday
Christmas
Labor Day
Halloween
Morning
Afternoon
Night
Weekends
The exchange of money for a product
(the actual purchase)
The communication between the company and their customers
Features and Benefits
Price
Ingredients
Assembly
Safety
How to use it
The Marketing Mix

AKA the 5 Ps of Marketing should be developed and implemented with the target market and segments in mind
Product
Price
Place
Promotion
People
The design of the product and packaging along with the features and benefits it offers should satisfy the wants and needs of the target market
The pricing strategies should reflect what the target market is willing and able to spend
Bentley
Civic
Products should be made available and distributed where the target market can easily access them
Communications containing product information and details should be directed at the target market
Employees, especially those who work at the front line, should be knowledgable about as well as properly trained to serve/support the target market
Who is the target market?
Who is the target market?
Who is the target market?
Who is the segment?
Who is the segment?
Who is the segment?
In-Class Assignment
Your Turn!
Describe yourself using the three types of segmentation listed:
Geographics
Demographics
Psychographics

Example
Situation: Sporting Goods Store

Profile of One Market Segment:
High school students, 15-18 years olds, male and female. Reside within city and nearby suburbs. Part-time annual income of $1,200-$2,500. Rarely buy expensive sports items. Dependent on parents for large purchases. Active in sports and aware of current trends.
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