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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 and services:

Consumer goods are non-industrial products

intended 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:

Identify an opportunity in a specific consumer or industrial
market.
Ensure the opportunity has not been met
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 separatelymost 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:

Product Development

Preferences
habits
lifestyle
competition

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

Fast food
Recording artist
Non-profit organization
Industry of your choice 1
Industry of your choice 2

1.6 Marketing Mix

4 Elements of the Marketing Mix

1.

Product
1.
2.
3.

develop
package
Brand

1.
2.

advertise
Sales

2.Promotion

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
Pizza Pizza
vs.
Local pizza
place
McCains
Frozen Pizza

YMCA vs.
local gym

Local Sports
store vs.
Sportcheck

Used car lot

vs.
Chevrolet
dealership

Place or
places
Location

Price
(higher/lower)

Promotion
What kind?

Magic Cuts vs
Local
Hairstylist

GNC vs.
Local health
store

Best Buy vs.

Future Shop
vs.
The Source

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
Strategies

1. Push
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
New packaging
Point of purchase materials
Billboard Advertising
Taking a client golfing
Coupons
In Store-Discounts
Moving the product closer to
the cash register

Push, Pull, Combo

Explain