EQ: What is your definition of marketing? Tuesday, September 17, 2013 Please follow with your Teacher Guided Notes. Note Taking BMA-IBT-5 Demonstrate understanding of the concept of marketing and its importance to business ownership. 5.1 Explain the fundamental marketing concepts used by a small business. Standards Give Em What They Want! Fundamental Marketing Concepts Independently owned and operated Organized for profit Not dominant in its field U.S. Small Business Administration Small Business American Marketing Association definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. What is Marketing? Give em what they want! Process Create value Price so it will sell Place where people can get it They need to know about it Huh? What is Marketed? Durable Goods - desks, computers, houses Nondurable Goods - food, cosmetics, gasoline Services - banking, health care, job placement People - athletes, musicians, political candidates Places - honeymoon locations, vacations Organizations - NCAA, labor unions, art museums Ideas - "Pitch in", "Buckle up for Safety" Businesses must: Base decisions on needs and desires of consumers Give consumers what they want Satisfy customers' needs and wants to make a profit Have right goods/services at the right time, the right price and the right place Communicate this to their customers Customers The Marketing Mix Target Market Video on 4Ps relatedrelated Put Spanish caption on! Target Market A specific group of consumers at which a company aims its products and services Would average teen buy life insurance? Product What consumer wants Product features, like Size Color How used How named How different vs. Price Value Location Does customer care? Competition Place Where will they look? What kind of store? Distribution? Salespeople? Competition Promotion Where? How? Radio TV Billboards Social media When? Competition Small Business Marketing Smaller budget Smaller target market (for now!) Needs and wants of your community Go to website:lemonade-millionairelemonade-millionaire You may also go to freeonlinegames.com and type lemonade in the search box. Read the instructions first to insure your success Play the game for five days! Your Turn! Record information at the end of each day Cups sold Income Total cost Profit Any changes you made to price, advertising, recipe Brief paragraph describing experience and what you would do differently Report