What is Marketing PPT.pptx

 WHAT IS MARKETING ? A M A R K E T I N G M AY H E M T P T P R O D U C T STATE STANDARD Insert your State Standard(s) here LEARNING OBJECTIVES Define marketing and describe the scope of marketing Explain why the study of marketing is important Explain the marketing concept Ident...

 WHAT IS MARKETING ? A M A R K E T I N G M AY H E M T P T P R O D U C T STATE STANDARD Insert your State Standard(s) here LEARNING OBJECTIVES Define marketing and describe the scope of marketing Explain why the study of marketing is important Explain the marketing concept Identify products and services that benefit from marketing There’s a very good chance that you already know more about marketing than you think you do because MARKETING IS ALL AROUND YOU! What’s the last commercial you saw? What’s the last item you What words come into your mind when you hear the WHAT IS MARKETIN G?  WHAT IS MARKETING? According to the American Marketing Association, “marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” That’s a long way to say that marketing is based on creating WHAT IS MARKETING? Marketing involves the process of planning, pricing, promoting, selling, and distributing goods or services to create exchanges that satisfy customers. Marketing is essentially the process of planning and coordinating the activities  UNDERSTANDI NG MARKETING At its core, marketing seeks to take a product or service, identify its ideal customers, and draw the customers' attention to that product or service. Basically, marketing seeks to match a company's products and services to customers who want those products. Matching products to customers ultimately ensure profitability for a company. PAUSE ….LET ’ S DISCUSS Ok, that was A LOT of information. Let’s break it down and talk about it… Based on what you now know, in your own words can you describe what marketing is? Write it on your paper, and then let’s share our answers!  PETER DRUCKER IS OFTEN RECOGNIZED AS T H E FAT H E R O F M O D E R N M A N A G E M E N T T H E O RY MARKETING CHANGES… Because marketing is a process, it changes… The AMA reviews the definition of marketing on a regular basis to make sure it fits current marketing practices. As a marketer, one of your main jobs is changing/adapting your marketing strategy to adapt to current trends and customer attitudes  Discussion Break: To be effective, marketers track trends and consumer attitudes. What are some popular trends right now? How can marketers capitalize on these trends and use them to their advantage? WHY IS MARKETIN G IMPORTAN T? SO WHY IS STUDYING MARKETING IMPORTANT? Marketing takes place all around you, and all businesses are involved in marketing in some way! – Over 4 million businesses have marketing listed as their primary business activity. (Think of retail stores, social media marketers, or anywhere that works to directly sell you something.) – Millions of other businesses use marketing to attract customers. (Think of doctors, lawyers, fitness studios, colleges & universities, etc. They’re all trying to attract people to their product.)  SO WHY IS STUDYING MARKETING IMPORTANT? To help you understand why businesses need to use marketing to increase their profit margins Understanding marketing can help you become a better employee, which could lead to career advancement opportunities Understanding marketing can also make you a smarter consumer & shopper  What are some items you’ve purchased this week? Did you know that every single time you purchase an item you are directly involved in marketing? Marketers study what items are popular with consumers and what they are purchasing, and they make more of that item to sell. YOU have a direct effect on what products get  MARKETING IS BENEFICIAL FOR CONSUMERS Marketing makes it easy to bridge the gap between producers and consumers and makes it easy for customers to buy products – You don’t have to travel far to buy products; many products can be bought under one roof with convenient shopping hours and locations  MARKETING IS BENEFICIAL FOR CONSUMERS Competition forces companies to create better products – Bad products get forced out of the market Competition also results in better prices for the consumer - Companies can produce products in larger quantities, which lowers the unit price so the company can charge less for individual products SO WHY DO BUSINESSES NEED MARKETING? Customers aren’t going to buy your Good products WILL product if they’ve NOT be successful never heard of it, without good can’t find it, don’t marketing! understand how it works, etc. THINK OF IT THIS WAY… How many of you have shopped online? Have you read a product review before you purchased the item? If the item has no reviews or bad reviews are you less likely to purchase it? Why or why not? A product review is marketing at work!!  Basically, marketing is super important because if customers do not buy a company’s products, then the company will go out of business because they aren’t generating any revenue (money coming into a business). THE MARKETIN G CONCEPT THE MARKETING CONCEPT The marketing concept is a philosophy that a business should work to satisfy customer needs and wants while generating a profit for the business. In the marketing concept the focus is on the CUSTOMER! Basically meeting the needs of the customer will in turn meet the needs of the producer. THE MARKETING CONCEPT When utilizing the marketing concept, note the customer’s point of view first before any marketing decisions are made. You’ll have a better idea of customer wants and needs and a better idea of how to fulfill those wants and needs! Joe Chernov is a well- known authority on social media marketing. He previously held the VP of marketing position at Hubspot. He has won “Content Marketer of the Year,” and AdWeek named him one of the most creative people in advertising. He gets the marketing concept spot on!  MARKETING CONCEPT EXAMPLE When asked about Coca Cola’s marketing strategy in a 2019 interview, Francisco Crespo, Senior Vice President and chief growth officer of Coca Cola, responded: “There are three dimensions in this process. It starts with understanding consumer needs. What problem are they trying to solve? What outcome are they expecting? What are their key occasions, contexts and rituals. Then we must establish what we call our Brand Edge, which is finding the reasons our brand solves consumer needs better. Next is determining how will we collect the value we create. We have to understand not only consumer interaction but the incentives for the different players in the ecosystem, including retailers and our bottlers.” Forbes 2019 Interview MARKETING CONCEPT EXAMPLE Coca Cola’s entire marketing strategy revolves around learning the customer’s needs and meeting those needs. The message is that customer satisfaction is most important to the company. It is much more profitable for a company to hold on to existing customers than to search for brand new customers. WHAT CAN BE MARKETED ? WHAT CAN BE MARKETED? Products (Goods and Services) Places Events Ideas People Non-profit organizations/businesses Really anything can be marketed! Let’s look at a few examples for each category… MARKETING OF GOODS Goods are tangible (meaning you can touch it) items that have monetary value and satisfy a customer’s wants and needs. – Car, cell phone, food, televisions, Xbox games, clothes, etc… Can you think of a tangible item you’ve bought in the last week or month? Companies use marketing to make you aware of their goods and want to buy them! MARKETING OF SERVICES Services are intangible (meaning you can’t physically touch them) items that have monetary value and satisfy a customer’s wants and needs. Services involve a task like cutting hair, cooking a hamburger, waiting on tables, dry cleaners, etc. The marketing of services relies heavily on recommendations and word-of-mouth publicity from clients. Have you bought any services this week/month? MARKETING OF EVENTS Event marketing is the promotion of a brand, product, or service through in-person interactions Goal of event marketing is to leave a lasting brand- focused impression of fun by grabbing the attention of the group who people who gathered EVENT MARKETING EXAMPLES Event marketing can include concerts, fairs, sporting events, conferences, grand opening, etc. Event planning can be a profitable, marketing related career! What are some event marketing examples can you think of in our local community? This Photo by Unknown Author is licensed under CC BY-NC-ND MARKETING OF IDEAS The marketing of ideas can include campaigns of various kinds, programs, and concepts. – Examples could include recycling programs, traffic law campaigns, social distancing and “safer at home” campaigns, anti-smoking and drug awareness campaigns MARKETIN G OF IDEAS During the COVID- 19 pandemic, several famous brands redesigned their logos to promote the idea of space and social distancing MARKETIN G OF IDEAS “Click It or Ticket” was a great campaign to enforce the law about wearing seatbelts and the importance of seatbelts. MARKETING OF PEOPLE Sometimes in marketing, your product is actually a person! – Think athletes, celebrities, politicians, etc. When you apply for jobs, you are marketing yourself as the best candidate to fill that job.  MICHAEL JORDAN & THE LAST DANCE Michael Jordan was one of the most sought-after athlete brand ambassadors. In addition to marketing the former athlete himself, the documentary The Last Dance gave substantial marketing bumps to Nike and Gatorade. In the 5th episode, Nike and Jordan logos appeared over 100 times!  MARKETING OF PEOPLE Politicians spend a great deal of campaign funding on marketing to try and reach new audiences to secure more votes!  MARKETING OF PEOPLE Actors, actresses, and other celebrities are constantly engaged in marketing to promote themselves and their work. In 2019, the wage gap between highest paid actors and actresses drove several marketing campaigns to promote equality in Hollywood pay scales! MARKETING OF NON-PROFITS Non-profit organizations do not earn any profits for its owners. Instead, the profits go back into advancing the objectives of the business. Non-profits may include churches, schools, college/universities, hospitals, military branches, etc. Many non-profit organizations rely on donor funding, tuition, tithing, etc. to operate  NONPROFIT MARKETING The Army uses marketing to recruit. There are approximately 10,900 recruiters working out of more than 1,400 recruiting stations across the U.S. Source: recruiting.army.mil  NONPROFIT MARKETING Ever donated to St. Jude’s? The St. Jude Children’s Research Hospital depends on donor funding to treat children with catastrophic diseases. No child is turned away because they cannot pay. Marketing is used to help raise funds for hospital operations and research.  NONPROFIT MARKETING The University of Alabama has a total enrollment of over 38,000 students. The University uses marketing to communicate with current, future, and former students. Marketing is used to encourage enrollment and donations. EXIT TICKET In your own words, define marketing. Why is studying marketing important? What is the marketing concept? Who is the focus in the marketing concept? EXTENSION ACTIVITY: CREATE YOUR OWN EXAMPLES Directions: Choose two of the topics we studied that can be marketed (products, goods, services, people, events, ideas, and nonprofit organizations). Find examples (other than the ones provided to you today) of that topic being marketed. Your examples can be in picture or video form. Write 3-5 sentences for each example explaining how that topic is being marketed and your opinion on if you think the marketing is effective. Submit the examples and your writing explanations. SOURCES: Glencoe Marketing Essentials Textbook 2012 Edition Marketing DeMystified: A Self-Teaching Guide McGraw Hill 2010 Edition https://www.investopedia.com/terms/m/marketing.asp https://www.forbes.com/sites/paultalbot/2019/04/26/inside-coca-colas-mark eting-strategy/#1fbdac561280 https://www.councilofnonprofits.org/economic-impact https://www.adweek.com/brand-marketing/nike-and-jordan-logos-appeared- over-100-times-in-one-episode-of-the-last-dance/