Exploring Business Marketing By Megan Rees A blend

Exploring Business & Marketing By Megan Rees

A blend of four marketing elements that, used wisely, can ensure • Target Market • Segmentation • Needs & Wants • Goods, Services, Ideas • Advertising • Logos, Slogans, Jingles • Propaganda Strategies • Value • Production Cost • Selling Price • Profit • Retail & Wholesale Product Price Promotion Place • Distribution Process • Location

A good, service, or idea that is created for the purpose of satisfying a need or a want. Need: A need is a consumer’s desire for a product or service’s specific benefit, whether that be functional or emotional. Want: A want is the desire for products or services that are not necessary, but which consumer’s wish for.

When it’s not a need or a want… The Food Network is always putting out fun videos to help people find new and easier ways to feed their families. But when this video was released, it went viral—because everyone hated Food Network it. Take a look! Peanut Butter Sandwich Hack

The main problem? This product does not satisfy a need OR a want. Is it really worth work? Readthe an article about what people are saying… (Click Here) "Who actually has one of those honey dipper wands? What is she the Honey Nut Cheerios Bee? Give me a break. We all pour honey out of the head of a plastic bear. On another note. . . that was FAR too much work. Peanut butter is one of the most spreadable substances in existence. " "Uh, what crazy parent is feeding their kid an open-faced peanut butter, honey, and chocolate sprinkles sandwich? "

Good: Service: Idea: A tangible product that is purchased for consumption by the consumer. Has a manufacturing process. Performing a service for the consumer either because they do not want to do it or cannot do it. An attempt to communicate a brand, product, or concept to the general public by creating a strong message.

Identify if the product is a Good, Service or Idea, AND if it satisfies a

What the customer is charged. Value is what the customer gives up relative to what they get.

Production Cost: Selling Price: Profit: The cost of manufacturing the product. . What the customer pays for the product. The difference between the production cost and the selling price.

You make friendship bracelets and sell them to friends and family. Selling Price: Supplies per Item: Profit: $4. 00 $1. 00 $3. 00 Now suppose you sold 10 of them? How much would you make? $30. 00

Wholesale: Retail: What the store pays for the product What the customer pays the store Mary Jane makes soap at her house. She packages it and sells it to a nearby craft store, “Craft Barn. ” Each bar costs her $1. 25 to make. She sells the bars to the Craft Barn for $3. 00 each. The Craft Barn then sells it for $6. 00. This $6. 00 What is the RETAIL price? month she sold 50 bars. What is the WHOLESALE price? $3. 00

Mary Jane makes soap at her house. She packages it and sells it to a nearby craft store, “Craft Barn. ” Each bar costs her $1. 25 to make. She sells the bars to the Craft Barn for $3. 00 each. The Craft Barn then sells it for $6. 00. This How much did Mary Jane make this month? $87. 50 month she sold 50 bars. How much did the Craft Barn make? $150. 00

The advancement of a product, idea, or point of view through publicity and/or advertising.

Logos: Jingles: Slogans: Emblem that promotes instant public recognition Catchy tune or phrase designed to be easily remembered. Short striking phrase used in advertising.

The goal of promotion is to make you aware of the product—to get their product in your head, and keep it there.

Promotional Strategies: Here are some of MANY different promotional strategies that can be employed in addition to typical advertisements. Contests Some require a purchase, some do not. The idea is to promote your brand put your logo and name in the public eye, rather than actually make money. Social Media Companies can promote products in a more relaxed environment. Connect with a world of potential customers. Product Giveaways Allow potential customers to sample a product—great for new products. Point-of-Sale and Endcap Marketing Aimed at “convenience” selling where products are placed in the “end cap” of an aisle so it is easily accessible. Customer Referral Incentive Program Encourages current customers to refer new customers to the store. Free products, discounts and cash rewards can be incentives.

The product is properly distributed and “Sorry, we’re out available in a convenient location at the “Do you have it in of stock…” a size 8? ” right time. Also known as Distribution. Have product in the right quantities at the right time at the right place.

Distribution Channel: Producer Wholesaler Retailer Producer Retailer Customer Producer Customer

Channel Intermediaries Retailer Internet Break down bulk into smaller packages for resale Take ownership from producers and sell to retailers Strong personal relationship with consumer Geographicall y dispersed market Holds several brands and products Niche products reach a wider market Provide storage facilities Often offers credit to customer Low barriers to entry—setup costs are small Reduce physical contact between producer and consumer Have a strong “brand” themselves, e. g. Ross, Wal -Mart, etc. Can use ecommerce technology (pay online, software, etc Wholesaler Licensing Contract which allows another business to manufacture and provide a service which conforms to your license. Licensee gets fees for goods sold, but does not run the business Use of an already established distribution system in exchange for less control.

Avery makes jewelry in her house. For a while she sold it to her friends for extra cash. Then the demand got too great so she started selling online. Then she hired a few people to help her make the jewelry, and is starting to sell them in local boutiques. What is her distribution channel? Examples: Ron restores cars. He gets the cars from a junk yard or from individual sellers, fixes them up, and then sells them directly to customers through the internet. What is his distribution channel? 1 2 Elouise works for Slater’s, a clothing store. Her store buys clothing from other retail stores that they were unable to sell or had minor problems. Slater’s sells them for a low price, targeting lower income families. What is the distribution channel for Slaters? 3 4 Bergman’s is a huge retail jewelry store in Germany. They import all their jewelry from other counties and from other stores and put the famous “Bergman” logo on them, which makes them easier to sell, since their brand is so well known. What is the distribution channel for Bergman’s?

What is the marketing mix for these products?