PERSONAL-BUSINESS LETTERS ASSIGNMENT



Grade 11 BMI / BMX

1 Introduction To Marketing

2

The Marketing Mix - Note

1. What is marketing?

“     ”

2. The key word in this marketing definition is "process"; marketing involves      

Marketing essentially involves everything you do to      

3. Yet, when it all comes down to it, it is much easier than that. If you want to be a successful marketer, all you need to do is define “marketing” as:

“     .”

If you’re able to do this, you’ll be a successful marketer and you’l win everytime……

4. In order to achieve your marketing objectives, you need to create a      . In marketing, this plan revolves around the     . Each “P” and “C” or element must be taken into consideration in order to effectively market your business to your customer. These elements are interrelated and must be planned

in      

5. The Marketing Mix is better understood when we look at each element:

4 Ps

A. PRODUCT

• The       object or service

• Do market research to find out      

• Results will tell you what to      , how to      , brand name ideas,      , etc.

B. PRICE

• The process of      

• Needs to reflect what the customers are      

• To set your price, you need to look at many variables such as:

•      

•      

•      

C. PLACE

• Essentially asks      

• You need to figure out how to       for your customer to find and buy your product or service

• Look at :

     : retail (display, where on shelf – cereal low), direct sales, internet, etc..

     : availability (i.e. - all time (cereal) vs seasonal (Xmas tree)

D. PROMOTION

• How to make the customer      

• Examples:      

• To promote you need to decide on the “message” you want to get across. In order to accomplish this, you need to focus on the 5 W’s:

     

• If you can get the 5 W’s across, you will be successful

2 C’S

A. CUSTOMER

• Who is your customer??

• A successful marketer must do their homework and find out the      of their customer (i.e. - who they are, what they look like, where they live, etc….

• By researching your customer, a marketer will be able to find out your “target market” and their characteristics

• I.e. -      

• If we have a differentiated product that provides a      , we are well on our way to success !!!

B. COMPETITION

• there is a common phrase in business that states:

“     ”

• although this is impossible, the intention is critical to your success

• you must understand what it is you       than your competition….and make sure this is the focus of everything you do !!!

CONCLUSION

• Although much research has been done on “marketing”, it is not      

• You simply need to incorporate all of this, try it out, re-evaluate, make changes, and continue cycle

• Marketing provides you with a plan that offers you a “      risk” vs “      risk” (ie - jump off SMH roof)……it doesn’t guarantee success, but your chances of success are very high.

Let’s look at an example:

|Porsche |

|PRODUCT | |

| |Porsche sell high performance automobiles that are       |

|describe in detail what services/products/ideas they sell | |

| |Only the highest end       are used to create these automobiles |

| | |

| |Cars are engineered for       |

|PRICE |$50,000 - $500,000 Canadian |

| | |

|describe the price range |Very expensive, price creates “      |

| | |

|(i.e. Expensive $5000 gold watch) | |

| | |

|(i.e. Low price – “Dollerama”) | |

|PLACE | |

| |Porsche dealerships |

|in general, where are they located? | |

| |Dealerships are very clean and portray       |

|Busy area, convenience, high traffic, etc. | |

| | |

| |Customers “pull” these cars through the distribution chain, therefore location is not critical |

| | |

| | |

| | |

| | |

| | |

| | |

| | |

|PROMOTION | |

| |Porsche use a       to promote their cars (TV, magazines, internet, auto shows) |

|what forms of advertising do they use? | |

| |In each case, they will portray an image of high end performance and status |

|what types of promotions and/or sponsorships do they use? | |

| |Media are focused on       customers & their interests |

|CONSUMER | |

| | |

|describe who their typical customer is. (i.e. - think of | |

|their age, gender, income level, where they come from, |     , 35-60, high income,      , professional career,       |

|interests, education, type of employment... ) | |

|COMPETITION | |

| |Direct: Other      auto manufacturers (Lamborghini, Mercedes, Roll-Royce, Aston Martin, etc.) |

|who is their direct competition? | |

| |Indirect: Any other high priced “toy” (i.e. – TVs, boats, plane, etc.) |

|who is their indirect competition? How do they differ from | |

|their competition? |Porsche differ from their competition through      and strengthening their      within the |

| |marketplace |

| | |

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