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Key Terms: What is Marketing?
1.1
Term
Text Definition
marketing
Consumer
market
Raw materials
Processed
goods
Target market
Who markets? 5
Manufacturers
Politicians
Service business
Non-profit
Individuals
Types of Products-2
Goods
Services
Industrial
Consumer
1.2
3 major steps of the Marketing Concept:
o Identify an opportunity in a specific consumer or industrial market.
o Ensure the opportunity has not been met
o Use marketing to sell it
The importance of marketing activities changes with supply and demand. When the demand
is greater then the supply of goods, excessive marketing is redundant because the product
sells itself.
When there is more supply than demand, marketing becomes a major factor in success.
The industrial revolution (mass production)changed the balance of supply and demand
because before mass production, demand was usually greater than supply!!!
The internet has connected buyers and sellers globally.
1.3
Regional
organization
Brand management
region
country
brand
distribution
Combination
Research
Product Development
Packaging
Pricing
Branding
Includes a products:
name
logo
slogan
Package design
Trademark
Sale
Physical distribution
Inventory management A company tries to have:
advertising
publicity
Storage
Promotion
An aggregate
market is
A differentiated
market is
Provide a specific example of the organization on the left and their target market
Org.
Example
Target
Clothing
Le Chateau
Shoe retailer
Payless
Fast food
Arbys
Recording artist
Luke Bryan
Non-profit
organization
United Way
Industry of your
choice 1
Auto manufacturers Companies looking for cars to sell on their car lot
Industry of your
choice 2
Paper Mills
1. Product
1. develop
2. package
3. Brand
2.Promotion
1. advertise
2. Sales promotion
3. publicity
3.Price
4.Place
1. distribution
2. storage
3. channel
Use the following table to compare the marketing mix of the following companies. Explain your
answer in as much detail as possible. Use a Google search if possible to obtain more information.
Product
Quality
Place or places
Location
Price
(higher/lower)
Higher
Promotion
What kind?
Pizza Pizza
vs.
Satisfactory
Many locations in a
region.
Local pizza
place
Good/Excellent
McCains
Frozen
Pizza
Poor
Ads on T.V
(commercials)
YMCA vs.
Good
local gym
Good
No ads
Local
Sports
store vs.
Good
Low
Medium
Ads on T.V/Radio
Little-to-no ads
Sportchek
Excellent
High
Commercially advertised
(radio, newspaper, T.V)
Satisfactory
Low to Medium
Advertised in flyers
Excellent
High
Magic Cuts
vs
Medium
Medium-High
Commercials on T.V
Local
Hairstylist
Excellent
One in a city
Medium-High
Advertise in local
newspaper
GNC vs.
Excellent
One-two in a region
High
Local
health store
Medium-High
Local newspaper
Best Buy
vs.
Excellent
Medium-High
Flyers, Commercials on
the radio and T.V
Future
Shop vs.
Excellent
Medium-High
Flyers, Commercials on
the radio and T.V
The Source
Medium
Flyers
7 UP vs.
Excellent
Commercials, flyers
Mountain
Dew
Excellent
Commercials, flyers
Coke vs.
Excellent
Commercials, flyers
Chevrolet
dealership
Gatorade
Excellent
High
Excellent
Medium
Distribution
Strategies
1. Push
2. Pull
3. Combo
Push Strategy
Pull Strategy
Combination
Pull strategy needs to combine with push, but push does not need pull!
New packaging
Pull
New packaging is appealing to the consumers, so its more likely theyll buy
the product on instinct. The new packaging will cause consumers to talk about
it, so word of the product will get around. The advertising is not very in your
face. New packaging could include new information on benefits of the
product as well.
Billboard
Advertising
Push
Billboard advertising is there for all consumers to see. They often have a
stronger approach on selling to consumers.
Taking a client
golfing
Push
Taking a client golfing is altering how the client is making decisions because
of flattery. It is a very in your face marketing strategy.
Coupons
Pull
Coupons promote the product by presenting deals and benefits on the product
itself to make consumers want to buy that product even more. It isnt an in
your face strategy.
In StoreDiscounts
Pull
Moving the
product closer to
the cash register
Push