Unit 1: Marketing Basics Basics of Marketing • – a group of customers who share common wants and needs, and who have the ability to purchase the product • Marketing is the process of creating, , and presenting a product to meet the wants and needs of consumers. • Businesses need to know their customers’ wants and needs in order to make a profit – • – businesses do detailed research on markets to find and analyze potential customers in their market. Functions of Marketing • – moving goods and services from one place to another (transport of the goods) • – money part of the business • Marketing Information Management – and about the market • – decisions on what price to charge for a product in order to make a profit • Product/Service Management – obtaining information, , and maintaining products • – communication through any type of media to get a product out and into the hands of the public • – retailers or the business-to-business market that provides customers with goods and services The Four P’s of Marketing Promotion • Advertising • Discounts in the form of coupons, rebates, and sales. • • Publicity o Through public relations o News stories on TV, in newspapers, the Internet, or in magazines o Marketing Research • Gathering and about consumers to determine what kinds of goods and services to produce. • Marketing researchers use o Surveys o o Databases o The Census • Marketers analyze and categorize their markets by . • Demographics – facts about the population in terms of age, gender, , income, and. Advertising Media • Advertisers use wit, wisdom, and to get consumer’s attention. • Advertising – the paid, form of communication that businesses use to promote their products. • Using catchy is one way to promote a product. • -means of communication such as TV, radio, the Internet, or newspapers. Print Media • Uses writing and pictures to communicate its product. • Newspapers • Magazines • Advertising – ads sent by mail to people’s homes • Directory Advertising – mostly of phone books, useful for advertisers • Outdoor Advertising – • Advertising – posters placed on the sides of buses, in subway stations, inside trains, and at airports. Broadcast Media • The most effective means of advertising • – most effective because it combines sounds, images, and motion • – a TV program usually about 30 minutes long made to advertise a product • – not as effective because it doesn’t use images • Webcasting – like a TV or radio broadcast, but it is sent and received over the web Cyber Ads • Ads that appear on the Internet • Displayed like magazine ads rather than broadcast like TV ads (webcast) o – appear for a few seconds when you first log onto the Internet or when you click on a site o Ads – displayed across the top or bottom of the screen and remain there o Ads – appear at the left or right of the screen and can be printed for future reference • Advantages o Can be sent directly to people on mailing lists o Consumers can look up businesses easily on the Internet o Can be displayed in public like a billboard on large computer screens o Pull the Marketing Terms PP and write the definition for the following words: Target Market Market Segment Some common ways of grouping into market segments include: Demographics – Geographics – Psychographics – Buying patterns – Marketing Marketing Plan Marketing Mix