Standard 3: Examine the marketing mix; select a product or service
and construct a visual representation with details and examples
illustrating each of the four P's (product, place, price, and promotion)
of that particular product or service. Objective
Explain how each component of the marketing mix contributes to successful marketing.
Read on Your Own
Read pages 20 (The Marketing Mix) -23 in your text book.
Class Discussion
What are the four basic marketing strategies of the marketing mix?
Why would some marketers add a fifth P to the marketing mix? What would the P stand for?
Describe each of the four Ps.
Marketing Mix for a New Juice
Read the different elements of the 4 Ps.
Divide into pairs. With your partner, determine how the 4 Ps might look different if Campbell's was targeting teenagers for it's new juice.
Once you have suggestions for each, each group will share their ideas.
Review Key Concepts Answer questions #1-5 using complete sentences in a Google doc. Email to me at julie6davis@gmail.com.
Standard 5: Explain the concept of market segmentation. Cite textbook and case studies in a discussion of how market segmentation is used as a company strategy to increase its market share.
Assignment: Market and Market Identification
As you read pages 17-20, create
a vocab sheet on a google document to share with me at the end of the
lesson. Some are from previous lessons.
Pay attention to the "As You Read" inserts and graphics
You should be familiar with the correct usage of these
marketing terms when discussing marketing principles in class... and
competitions.
market
consumer market
organizational market
utility (list and define)
marketing concept
seven marketing core functions
market share
target market
market segmentation
customer profile
marketing mix (list and define)
Let's Talk About It
Be prepared to discuss the ideas of "Market" and "Market Identification" (hint: see questions below.)
Lesson Objectives:
Describe how marketers use knowledge of the market to sell products.
Compare and contrast consumer and organizational markets.
Explain the importance of target markets.
Let's Discuss and Learn from each other:
Look at the quote on page 17. What is meant by saying the terminology
in this section is the foundation for future work and study in
marketing?
What markets are you a part of?
What marketing trends have you observed through the media or by watching others?
In your own words, what is the definition of market?
What is the difference between the consumer market and the organizational market?
Why is it important for companies to know their market?
What information does a customer profile contain? How do businesses get this information?
What is market share?
Look at Figure 1.1 on page 18. Explain what the graph is illustrating. What could cause a business's market share to change?
Why might consumers be interested in a company's market share?
On page19 you see two different adds for Campbell soups. How are these ads different? What elements in the ads tells you they are targeting two different markets to buy their soups?
How do you think businesses use the concept of market share in their marketing?
Mini Project
Imagine that a company that sells class rings has targeted our class.
List factors the company can use in its marketing effort based on your group. We will share factors to create a class list.
What are the similarities and differences in the factors?
Divide into groups of 4. How might the company market the same product to:
Males and females
High school students and college students
Stay-at-home moms and business executives
Did you Get It?
Look the State Farm ad on page 20. What market is this ad targeting? What clues do you see about this market? How different would this ad look if the company were advertising insurance policies to businesses?
Wrapping it Up
Hopefully through your reading, class discussions, and working through the project you have a good understanding that...
Marketers identify consumers who have the ability to pay and use that knowledge of the market to sell products.
A consumer market purchases for personal use while an organizational market purchases for businesses.
All marketing strategies are directed to target markets.
Standard: 1 Define marketing and describe the marketing benefits derived from each economic utility. Discuss how each benefit adds value to products and services.
What are the Economic Benefits of Marketing?
Independent Reading: Take the next 15 minutes to read pages 13-15 in your text book.
Class Discussion:
Name new products that are currently being advertised:
What is new and/or different about these products?
Where did you get your information?
Did it come from personal knowledge of the product or from advertisements?
How did you hear about the product in the first place?
From the reading, how does marketing generate new & improved products?
How does marketing lower prices? Who benefits from that?
Objectives:
Describe the benefits of marketing.
Explain the concept of utility.
Cite examples of types of utilities.
Watch the following video and try to determine what you are seeing: What is Utility?
Assignment:
Turn to pages 14-15 to learn more about utility?
On your own paper, give examples in your own words of the following kinds of utility.
Form Utility:
Place Utility:
Time Utility:
Possession Utility:
Information Utility:
Review Key Concepts: Answer questions 1-5 (on the same paper as above).
Standard 2: Describe each marketing core function and supply examples of how each of these functions support the marketing concept.
Group Project:
You have 15 minutes
to complete your group project from last class (Research 3 of the 7 core
functions used for a particular good or service.)
We will begin presentations today.
The Most Magical Place on Earth! Safety... Courtesy... Show... Efficiency
"Brave" Merida- Princess of Scotland
Davis family meets Anna from "Frozen"
Ariel makes a new friend
That's CRM! Customer Relationship Management...
Read to Know: (pages 10-11 in textbook)
Definition: The Marketing Concept
"The marketing concept is the idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business."
Notice: The focus is on the customer.
Help me rephrase the definition of the marketing concept in your own words.
Group Discuss:
Have you ever stopped going to a particular store or using a particular product?
How do businesses keep their customers?
What are the seven marketing core functions?
How do they help a company's market concept?
Why is it important that everyone in an organization recognize that repeat customers keep a company in business?
What is CRM?
How does CRM help businesses employ the marketing concept?
Marketing Case Study: Read the Johnson & Johnson Target Marketing case study on page 10. On a sheet of paper answer the following: (remember proper heading)
Solve the problem in gold
Give short answers (complete sentences) to the following questions:
Can you think of any other examples of companies reaching out to customers in the manner that Johnson & Johnson chose to reach out to the Hispanic market?
Why should a company be very careful when planning marketing strategies designed to appeal to specific ethnic markets?
Teen Spending Power
Forbes Article - How much Financial Power Does Gen Z Have?
