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Unformatted text preview: ~ BCOR 1010 ~ BCOR Introduction to Business
Instructor: Beth Cross Office: Room 345E – CESR Suite, Koelbel Email: email@example.com Email: firstname.lastname@example.org Cell #: 303 956-6010 Office # 303 492-4463 Office Hours, Spring, 2009: Office Mon. 11:30a-1:00p, Wed. 10:30a-12:00n Wed. and by appointment and PART THREE: THE INTERRELATED FUNCTIONS OF BUSINESS FUNCTIONS
A. Accounting B. Finance C. Marketing D. Information & Operations Management E. Management The Marketing Function The
1. 2. 3. 3. 4. 5. Definition, the “Four P’s”, and Marketing Mix Evolution… Environment… Evolution… Strategic Concerns: Target Markets and Segmentation The Consumer Buying Cycle Organizational/Industrial Buying Product Lifecycle B. Product C. D. E. Price Place Promotion Marketing Marketing
“[Marketing is] the process of planning and [Marketing executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organization goals.” organization
– American Marketing Association The Marketing Mix – “Four Ps”
PRICE PLACE PRODUCT PROMOTION Four elements the firm can apply to achieve specific goals Marketing Evolution Marketing
– Industrial Revolution – into the 1920s – Increasing Production/Efficiency
(how many and how fast?) (how Marketing Evolution Marketing
– 1920s - 1950s – Pushing Products Marketing Evolution Marketing
– 1950s… and forward – Identifying Consumer Needs – Solving Problems OXO is dedicated to providing innovative consumer products that make everyday living easier. The Marketing Department The
What does the marketing department What do? do?
– Brand Building – Brand Management – Pricing – New Product Development – Market Research – Market Analysis – Distribution Strategy – Creative Development – Consumer Advertising/Promotion – Trade Promotion Marketing - Environment Marketing
– Legal – Political – Development Status – Social/Cultural – Technology – Economic Environment Economic – Media Fragmentation – Competition Marketing
Market Segmentation - dividing the total
market into groups with similar characteristics or needs Demographics Geography Psychographics Behavior Purchase History Lifetime Value
– 80/20 rule Commercial/Residential Marketing
Target Market – a specific group of
consumers on whose needs and wants a company focuses its marketing efforts Target Markets
Targets can be narrow or broad:
• • • • • Coke/Pepsi McDonalds Audi 50,000 mile service Bolder Boulder Amazon Books Target Marketing Target
All components of the marketing All mix are interrelated and can be targeted: targeted
– Product Customization – Pricing Volume/Repeat – Placement Channel Selection – Promotion Media Target Markets Target
Identify the Target Market
– Geritol – Abercrombie & Fitch – Honeycomb cereal – Auto Insurance – Camel Cigarettes Consumer Purchase Behavior Consumer
Many factors influence the Many products consumers buy: products
– – – – – – – – – Family History Role Attitude Proximity Reference Group Status Timing Brand Economics Consumer Buying Cycle Consumer
Consumer Buying Cycle
1. 2. 3. 4. 5. Problem/need recognition Information seeking Evaluation of alternatives Purchase decision Post-purchase evaluation Organizational Buying Organizational Buying or Business to Business
Examples: Manufacturers Service Providers Institutions (hospitals, schools) Governmental Agencies 3 times the size of the consumer market ...
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This note was uploaded on 12/13/2010 for the course BCOR 1010 at Colorado.