BUSINESS MARKETING LESSON PLAN
Materials:
Procedure:
Marketing is the process of planning and executing the pricing, promotion and distribution of ideas, goods, and services to create exchanges between buyers and sellers.
- "Exchange" occurs when two parties each have something of value to the other: A buyer buys clothes from a department store. The "value" acquired by the store is profit and the customer acquired clothes - both gaining something to accomplish their goal.
The Marketing Mix (4 P's)
The marketing mix is the unique combination of pricing, promotion, product offerings and distribution system (place) to reach a specific group of consumers (the target market).
Target Market - the customers who are most likely to buy the firm's products. Also called target audience.
(Teachers - give examples of how different firms have different target markets. Example: fast food restaurant's target market is different than a health food store's
target audience.. Have students brainstorm different companies they use, and identify who those companies are targeting.)
The Right Principle: companies try to get the right goods to the right people at the right place at the right time at the right price using the right promotional strategies.
"The 4 P's"
Product - is the firm's goods or services they are selling. This includes not only physical unit, also package, warranty, and brand and company image.
Price - price is determined by demand for the goods and the cost of the goods. Examples of various pricing strategies: introductory prices, sale prices, odd pricing ($9.99 vs. $10.00).
Place/Distribution: How a product flows from producer to customer. Wholesalers link the producer of the goods to the customer.
Promotion: different elements that help increase the sale of the product. Examples: advertising, sales, public relations.
Key points to discuss:
1. Successful companies have
different marketing mixes for
different products.
2. Marketing is vital to companies because it stimulates what makes the company stay alive - sales revenue. Without Marketing, consumers don't know about the product, therefore, the company cannot sell their product.
3. Correctly identifying your target market is key to success.
Examples: NFL vs. local ballet company has very different target audiences.
Project Ideas
(Teachers: these can be done groups or individually)
1. Students choose a company they frequently buy from. (Example: McDonalds®, Nike®, 7-11®, etc...) Have the student's identify that company's target market and marketing mix.
2. Students create their own company, including creation of product, advertising for that product to a target audience, and all the components for a successful marketing mix. This project could take several weeks, depending on the details required.
Lesson Printable Materials -
Worksheets
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