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Name ____________________________ Period ____________Marketing MixEconomic UtilitiesNote TakerWhat is Marketing All About?Marketing is all about putting the right productin the rightplace, at the rightprice, at the righttime.Target MarketFocusing all decisions on a very specific group of people who you want to reach.To develop a clear picture of their target market, businesses create a customer profile using demographics.It lists information about the target market, such as age, income level, occupation, attitudes, lifestyle, and geographic Residencecustomer – people who buy the productconsumer – people who actually use the productMarketing Mix – 4 PsBasic marketing strategies include what is referred to as the 4 P’S of marketing: ProductPricePromotionPlacePRODUCTWhat is the product?How will it satisfythe customers need?How is it to bepackaged?What is the brandname?What is the imageI want my product to project?PRICESupply and DemandStay competitive With PricingIs there prestige in ownership that will make the customer want to pay more. (example: Apple/Nike/ Starbucks)Consider the customer and consumerWhat is the valueto the buyer?PROMOTIONWhat mediawill you use to promoteyour product?How will you “launch” your product?What will be your promotionalmessage?PLACEWhere will my product besold?Specialty StoresMass MerchandisersDepartment StoresBoutique ShopsCombination of StoresOnlineWhat is Economic Utility?Definition:Measurement of "useful-ness" that a consumer obtains from any good or serviceDifferent Type of Economic UtilitiesForm: Changing rawmaterials in to goods. Making a productPlace Where can it be bought (brick & mortar, catalogs, internet)Time: Whencan it be bought (extended hours during holidays) - Extended Time or Limiting It Possession: Act of payment (financing) Information: Communication with the customer!!! ................
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