Intro to Business Unit 5 Marketing

Unit 5: Marketing Marketing is the process of promoting one’s business and products in order to generate revenue and profit, and satisfy the customer’s needs and wants. This can include advertising, promoting, and delivering your products to consumers and/or other companies. Target marketing ● There is a quote by Todd Friedman where he talks about how the more that a business owner can identify the demographics and psychographics of their audience the more that they can directly speak to their audience. ● Target marketing is understanding the appropriate demographic (age, sex) of people who will be the most likely to buy your product. ● Get in touch with your audience with something that is relatable to them. ○ appeal to them with messages that are emotional Questions to ask when looking at who the ideal target is 1. Who are the people who repeatedly visit and buy products/services? 2. Which client has been the most profitable? a. Study these people, and understand what kind of people they are. This means demographics and psychographics. 3. Are they male or female? How old? Married or single? 4. How educated are they? What do they do for a living? 5. What's their standpoint on life? a. optimistic? pessimistic? 6. Where do they get their news? What do they do for fun? What do they care about? 7. Why do they do business with you? How would they describe your company? Marketing Mix: ● This is the blending of product, price, place, promotion, and people ● These five elements must all be planned together with the target market in mind The 5 P’s of Marketing 1. Product ○ Developing a new product, or changing an existing product for the better. ○ Here are some things to consider: i. brand name ii. packaging iii. slogans iv. logos v. products that will bring a solution to a problem that consumers may have ex: cell phones 2. Price ○ Set prices that are appropriate for the consumer. i. make sure that it is also profitable for the company also. ○ Consider the following points: i. the product should be worth the price charged. ii. make sure to have a good quality as well as an appropriate price. iii. think about how much the consumers would be willing to spend on a certain product or service. 3. Place ○ Decide where to sell your product. i. location, production ○ Consider the following points: i. would it be as convenient as possible? ii. what other stores (rivals) will be near yours? 5. Promotion ○ These are ways to inform the target market about the product. ○ Influences the target market to buy them. i. this is arguably the most dynamic and aggressive element. ii. it’s designed to gain attention, inform, teach, persuade, remind...etc about the product/service. 6. People ○ Figure out your target market. i. these will be the people who are the most likely to buy your products/services. Promotion Promotion is important to sell the products and services that your business provides. The following show ways to promote your business; Advertisement In-store 1. Radio 1. Sampling 2. Television 2. Displays 3. Newspaper 3. Demos 4. Magazine 4. Signs 5. Billboards/Outdoor signs 5. Guest appearances 6. Direct Mail 7. Social Media The following are more ways to promote your products: Sponsorships ● This is when a company sponsors an event. ● Names are posted everywhere. Spokesman ● When someone says they believe/use a certain product. Special Events ● Grand openings ● Regrand openings ● Family and friend viewing Non-Traditional ● Mobile promotion ● Restroom promotion ● Outdoor promotion ● Mall signage ○ print ○ digital ○ engaging ○ interactive ● Takeout promotion ● Tabletop promotion ● Video game advertisements ● Stadium advertisements ● Point of purchase displays Social Media ● sweepstakes ● coupons ● displays ● contests