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 profitNot 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!ProcessCreate valuePrice so it will sellPlace where people can get itThey 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 4P’s

http://www.youtube.com/watch?v=ss53mGgqgp4&feature=related

Put Spanish caption on!

Target MarketA specific group of consumers at which a company aims its products and servicesWould average teen buy life insurance?

Product

What consumer wants

Product features, like Size Color

How usedHow namedHow different

vs.

Price

Value LocationDoes customer

care?Competition

Place

Where will they look?

What kind of store?Distribution?Salespeople?Competition

PromotionWhere?How?

Radio TV Billboards Social media

When?Competition

Small Business Marketing

Smaller budgetSmaller target

market (for now!)Needs and wants

of your community

Go to website: http://www.freeonlinegames.com/game/sim-lemonade-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