marketing review - The components and goals of marketing To...

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The components and goals of marketing: To make sales Attract customers Get them to buy your product To become increasingly useful or valuable (indispensable) to a growing number of customers so as to ensure your future success Make customers happy enough to come back for more Build customer interest and loyalty The 4 Main “P’s” of Marketing: Product: Identify and Develop a Product or Service to Sell (Note: the “product” may also be a person, i.e. a celebrity, athlete, politician) What types of questions do you need to ask yourself when you are developing your product? o What needs will it fill? o What products will we offer to meet those needs? o Who will it serve? (Target Audience) o Who is going to build it? o Who is going to sell it? o How long will it take to get it to market? o How much will it cost to produce it? Price: Be aware of the “psychological” games companies play when they set their price! Companies put great thought into their price promotions (discounts, sales, coupons, etc.)…and they do it to make money, move their inventory, and boost sales volume…not to give you a deal! Rewards Programs build customer loyalty and give companies a way to stay in touch with you and encourage you to come back for more Placement: Where and how you are going to distribute your products and services Where and how products are placed in stores can actually affect your purchasing behavior! Strike Zone (10-20 feet inside the entry door, feature items are usually placed here) Register (impulse buys, capitalize on checkout time) Clip Strips (add-ons placed by larger, related items) End Caps (seasonal, items the store needs to unload, feature items) Race Track (inside perimeter, has the most traffic) Common items are placed in the back so you need to pass by everything else to get there (sale items, too) Promotion: The process of communicating with and influencing targeted customers. The different types of Price Promotions Advertising, Public Relations, Trade Shows, Print Materials, Coupons, Special Events, Sales, Launch Parties, Sponsorships, Product Placement, Gifts, Banner Ads Profit vs. Revenue vs. Expenses
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Revenue – Expenses = Profit
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