1. Marketing Unit 1 World of Marketing Catalogs Social Media Television Word of Mouth Advertising Mailers Coupons Spam Internet
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19. The Marketing Concept Business should strive to satisfy customers’ needs and wants while generating a profit for the firm. Focused on the customer! Customer Relationship Management (CRM) Freebies E-mails Using the name in print ads or catalogs Frequent Customer
20. Name two ideas that can be marketed. Where do exchanges take place? What is the main difference between consumers and industrial users A customer purchases two tables at $149.99 each and would like them to be delivered. Your company charges customers $50 for delivery and the state imposes a 5 percent sales tax on furniture, but not on the delivery charge. What is the total amount due to the customer? List at least three ways the Internet has changed marketing functions. Review: TBDmarketingessentials.glencoe.com/1/read
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23. An attribute of a product or service that makes it capable of satisfying consumers’ wants and needs. Added Value Form Utility Place Utility Time Utility Possession Utility Information Utility Utility
24. How does marketing help to lower prices? In what way is marketing related to form utility? Which utility is added by drive-through windows at fast-food restaurants? In business-to-business transaction, the seller offers the buyer a 2 percent discount for paying a bill early. Assuming the buyer took advantage of this offer, how much would be discounted on a $10,000 invoice? Write a brief story (two to three paragraphs) about a young person shopping at the local mall that incorporates all the benefits of marketing. Review: TBD
25. Marketing Essentials Unit 1, Section 3 I can describe the concept of market I can differentiate consumer and industrial markets I can describe market share I can define the target market I can list the components of the marketing mix
26. Market A group of people who might buy a product or service
27. Consumer Market Buy for personal use Objectives Low/Reasonable Price Make Life Easier Improve Appearce Create Status Personal Satisfaction Industrial Market Buy for a company Objectives Improve Profits Improve Productivity Increase Sales Decrease Expenses What does the Consumer Want What does the reseller Want?
29. Target Market & Market Segmentation Target Market: The group of customers identified within a specific market. Market Segmentation: Breaking a market into smaller groups based on common characteristics, then marketing to one group.
30. Customer Profile Used to develop a clear picture of the target market. Age Income Ethnicity Occupation Attitudes lifestyle residence.
31. Catherine (Traditional) Julie (Neo-Traditional) Conservative Working or stay at home mother All Ages Family Oriented Drives Lexus Owns clothes for multiple years Middle of the road Working mother or single All ages Career Focused Drives Audi Wears clothes for multiple seasons, adds new items for fashion twist Middle of the road Working mother or single All ages Career Driven Drives Volkswagon or Toyota Wears clothes for one season, some basics Liberal Single All ages Status Driven Drives BMW or Mecedes Wears clothes once Alex (Fashion) Erin (Contemporary)
51. What is the difference between consumer and industrial markets? What is the relationship among market segmentation, target markets and customer profiles? Name the four P’s of the marketing mix, and explain the importance of target market for each of them. If total sales in the ice cream category were $4.4 billion and Breyers’ sales were $650,417,792 what would be its market share? Round your answer to the nearest tenth decimal place. Write a customer profile for a magazine of your choice. Support your description by describing sample articles and advertisements from the magazine. Review: TBD
