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Key Terms: What is Marketing?


1.1
Term

Text Definition

marketing

Planning, distributing, pricing, promoting and selling of goods and services to


satisfy needs and wants.

Consumer
market

Everyone who might buy a product

Raw materials

Unfinished goods, usually marketed to businesses that process them or use


them in manufacturing.

Processed
goods

Sold as finished goods or semi-finished goods.

Target market

Any group of consumers to whom marketers want to sell to

Who markets? 5

Manufacturers
Politicians
Service business
Non-profit
Individuals

Types of Products-2

Goods
Services

Types of Goods or services-2

Industrial
Consumer

Raw Materials are:

Unfinished goods, usually marketed to businesses that


process them or use them in manufacturing

Processed Goods are:

Sold as finished goods or semi-finished goods.

Finished Goods are:

Products that no longer require processing

The difference between industrial and

Consumer goods are non-industrial products intended

consumer goods and services:

for personal use by the public.

A target Market is:

Any group of consumers to whom marketers want to


sell to

1.2
3 major steps of the Marketing Concept:
o Identify an opportunity in a specific consumer or industrial market.
o Ensure the opportunity has not been met
o Use marketing to sell it
The importance of marketing activities changes with supply and demand. When the demand is
greater then the supply of goods, excessive marketing is redundant because the product sells
itself.
When there is more supply than demand, marketing becomes a major factor in success.
The industrial revolution (mass production)changed the balance of supply and demand because
before mass production, demand was usually greater than supply!!!
The internet has connected buyers and sellers globally.
1.3
Regional
organization

Definition: can be within a city, province or area

Example & Website:


Crest, Colgate in Quebec
International
organization

Definition: sets up marketing and distribution centers in foreign markets.

Example & Website: golf retailers, Nike


Brand management

Definition: assigns their specific brands to different managers to be


treated separately-most popular
Example & Website: Proctor & Gamble

Distribution
management

Definition: organizes marketing around the way product or service is


delivered.

Example & Website: Coke & Pepsi-Stores, schools, vending machines

Marketing divisions can be organized by:

region
country
brand
distribution
Combination

Research

Conducting surveys gathers:


Preferences
habits
lifestyle
competition

Product Development

3 concerns of the product and development team:


Make a product that meets needs
Can be delivered effectively
Competitively priced

Packaging
Pricing
Branding

Includes a products:
name
logo
slogan
Package design
Trademark

Sale
Physical distribution
Inventory management A company tries to have:
Enough to satisfy demand
Not more than they can sell
Storage
Promotion

advertising
publicity

1.5 Consumer and Competitive Markets

Complete as you read 19-20


A consumer market
is

All of those consumers who are or may become interested in a product or


service and who have the means of buying it

A competitive
market is

All of the products or services that compete for customers within a


specific category

An aggregate
market is

A market that includes everybody

A differentiated
market is

One which targets consumers by some type of demographic profile

Provide a specific example of the organization on the left and their target market
Org.

Example

Target

Clothing

Le
Chateau

Young, fashion conscious, aged 14-25. Early adopters,


leading edge image

Shoe retailer

Payless

Any ages, varieties, from sporty-fashion conscious.

Fast food

Wendys

Collage-University kids, there for a quick bite to eat.

Recording artist

Taylor
Swift

13-25, music aimed at younger to mid-20s, life lesson vibe.

Non-profit
organization

SPCA

Mostly families or elderly people. Organization aimed at


giving animals a long lasting home.

Industry of your
choice 1

Sport
Check

Aimed at anyone sporty from ages 4+, anyone that is has a


passion for sports or for athletic wear.

Industry of your
choice 2

Apple

13-35, targeting the younger age groups, quick learners, trend


setters, up to date with the latest technology.

1.6 Marketing Mix


4 Elements of the Marketing Mix

1. Product
1. develop
2. package
3. Brand
2.Promotion
1. advertise

2. Sales promotion
3. publicity
3.Price
4.Place
1. distribution
2. storage
3. channel

Use the following table to compare the marketing mix of the following companies. Explain your answer in
as much detail as possible. Use a Google search if possible to obtain more information.
Product Quality

Place or
places
Location

Price
(higher/lower)

Promotion
What kind?

Pizza Pizza
vs.

Reviews say Pizza


Welland,
Pizza is fast, clean
Niagara Falls,
and good for a quick Toronto
bite to eat.

Lg: $12.24
Slice: $3.00
Higher

Radio,
Television,
Posters.

Local pizza
place

Reviews say Twice


the Deal is cheap,
but good.

30 Rice road,
Welland

Lg: $8.99
Slice: $1.25
Lower

Posters
Radio
Newspaper

McCains
Frozen
Pizza

Reviews say it was


okay for a box
pizza, good flavors.

Walmart,
No frills
Any grocery
store that sells
frozen pizza.

Lg: $ 7.27
Slice: N/A
Good Balance

Television

YMCA vs.

Great machines, lots


of variety, clean

7150 Montros
rd, Niagara
Falls

Young Adult:
$39.75 per month
Year: about $400
Higher for a year

Radio
Posters
One month at a
time, no strings
attached

local gym

Really good
workplace, good
staff energy and
facilities.

44 Division St,
Welland

Students: $235
per year
$1 per day
Good Balance for
a year

Daily
memberships or
full year.
Discount for
students
Blog for coments

Local
Sports store
vs.

Reviews for
Buckners say it was
affordable and the
staff were very
helpful.

545 Niagara St,


Welland

Shoes: $20-$200
Equipment: $10$900
Shoes loweroverall balanced

Facebook and
twitter accounts.

Sportcheck

Reviewers found
employee assistance
was terrible but the
quality of the
products are good.

800 Niagara St,


Welland

Shoes: $50-$350
Equipment: $10$900
Shoes higheroverall balanced

Billboards,
Discounts,
Radio,
Television,

Used car lot


vs.

Reviewers
1031 Niagara
recommend Niagara St, Welland
auto sales; they have
good cars and
pricing.

Chevrolet: $900$25,000

Online website

Customers were
dissatisfied with
employee help but
satisfied with the
cars.

915 Niagara St,


Welland

Chevrolet used:
$900-$55,000

Radio,
Television,
Bulletin boards

Magic Cuts
vs

Reviewers were
extremely satisfied
with the cut and
pricing.

325 Thorold rd,


Welland

Basic hair cut:


$13.95

Facebook,
Television,
Discounts

Local
Hairstylist

Reviewers were
mostly satisfied;
they were satisfied
with the cut but not
the employees
themselves.

800 Niagara St,


Welland

Basic hair cut:


$15-$29

Facebook,
Ads (paper)

GNC vs.

Very helpful
customer service
and great products.

7555 Montrose
rd, Welland

Protein: $20.00$140
Balanced

Facebook
Twitter
YouTube
Ads
Discounts
Radio

Chevrolet
dealership

Local health
store

Reviewers say it is a 136 Thorold rd,


small store but it has Welland
a good variety of
products.

Protein: $35-$150
Higher

Facebook
Nutrition
magazines

Best Buy
vs.

Reviewers say the


service was okay
and the products
were a little
overpriced.

240 vansickle
rd,
St.Catharines

Television: $130$3500
Higher

Ads
Radio
Television
Boards
Sales

Future Shop
vs.

N/A

N/A

N/A

N/A

The Source

Reviewers say they


have really good
service and were
extremely satisfied
with the product.

800 niagara st,


welland

Television: $150$2000
Lower

Ads
Sales
Television
Radio
Boards

7 UP vs.
Mountain
Dew
Coke vs.
Red Bull vs.
Gatorade
Marketing Plan=Goals+target market+4ps
Brand Strategy

To communicate the value of a product or service to the consumer

Value

Difference between perceived cost and perceived satisfaction

Value Equation

Total Benefits Total costs

A rule of
marketing

In your words, explain what Perception is reality means. (Not in Book)


Once a person believes something to be true it is very difficult to change their
minds, regardless of the facts or truth.

Distribution

1. Push

Strategies

2. Pull
3. Combo

Push Strategy

Products purchased as bargain, gift or impulse. Sell, market to retailers,


importers or wholesalers, not to end user. If they see it, theyll buy it. In your
face!

Pull Strategy

Attempts to increase consumer demand directly rather than rely on retailers.


Requires major advertising and promotion. Create need or want by talking
about benefits. Softer approach.

Combination

Pull strategy needs to combine with push, but push does not need pull!

1. Classify the following marketing as being a push, pull or combination strategy.


2. Explain your answer.
Activity

Push, Pull,
Combo

Explain

New packaging

Pull

People see the ad or packaging and want to buy


the product.

Point of purchase materials

Push

See it in the store, more likely to buy it.

Billboard Advertising

Combo

Buyers see the advertisement and want to buy


it, its also using persuasion

Taking a client golfing

Push

Showing the customer what he could get,


spending one on one time.

Coupons

Combo

Combing sales and being persuasive.

In Store-Discounts

Push

The customers can see the discounts and are


more likely to buy the product.

Moving the product closer to


the cash register