Chapter 7 Marketing, Distribution, and Sales PDF

Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 1 © This material may not be reproduced without the written permission of the publisher.  Chapter 7 Learning Goals By the time...

Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 1 © This material may not be reproduced without the written permission of the publisher.  Chapter 7 Learning Goals By the time you complete this chapter, you should be able to: ✔ Explain the importance and ✔ Describe the importance of impact of marketing; brands and brand creation; ✔ Identify and describe ✔ Describe different market the 2 Cs and the 4 Ps of research tools and create a marketing; market research plan for a ✔ Compare the pros and good, service or event. cons of different types of ✔ Understand the risk of advertising and marketing identity theft and what can strategies; be done to reduce the risk; ✔ Describe the merging of and, e-commerce with social ✔ Understand the importance media platforms and of media literacy skills. identify any risks posed for consumers; Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 2 © This material may not be reproduced without the written permission of the publisher. 7.1 What Is Marketing? What is marketing? Marketing is the multi-step process of planning and preparing goods and services from creation all the way to sale. © Shutterstock_1792952281 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 3 © This material may not be reproduced without the written permission of the publisher. Is marketing a science or an art? ✔ It is a science insofar as there are rules and precedents that can be systematically followed and built upon. ✔ It is also an art form insofar as it relies heavily on creativity and imagination in its © Shutterstock_372274318 application. Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 4 © This material may not be reproduced without the written permission of the publisher. Different marketing strategies A marketer can use a variety of marketing strategies: ✔ Celebrity marketing ✔ Database marketing ✔ Viral marketing ✔ Green marketing ✔ Jingle marketing ✔ Guerrilla marketing © Shutterstock_522186031 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 5 © This material may not be reproduced without the written permission of the publisher. The competition Companies that sell similar goods or services are referred to as “competitors.” ✔ Competition is a principle of a market-oriented economies. ✔ Competition helps lower prices for consumers and incentivize business to invest. For example: ✔ Apple vs. Samsung ✔ General Motors vs. Toyota ✔ Bell vs. Rogers © Shutterstock_188994188s Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 6 © This material may not be reproduced without the written permission of the publisher. How to find out if customers are interested in a product Some ways to find out if customers are interested in a product include: ✔ Telemarketing surveys ✔ Focus groups ✔ Social media likes © Shutterstock_1938423985 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 7 © This material may not be reproduced without the written permission of the publisher. The satisfied customer A big part of a business’s work is to keep their regular customers satisfied with the products they are purchasing. ✔ If customers are satisfied, they likely will buy the product again and recommend it to friends. © Shutterstock_1097123309 Launching and Leading a Business: Knowledge, Skills, and Applications © 2024, Thompson Educational Publishing, Inc. 8 © This material may not be reproduced without the written permission of the publisher.