Outline: Introduction: Understanding the lmportance of the Marketing Process Practice Activities: 1. Identifying Market Segments A Closer Look. Voluntrip-Traveling for a Cause 2. Identifying a Target Market 3. Identifying Price. Place of Distribution, and Promotional Strategy INTRODUCTION: Understanding the Importance of the Marketing Process The marketing process is the process a business follows to formulate a clear direction and a unified goal for ail its marketing efforts, which include communicating. delivering, and exchanging offerings that have value for buyers, sellers and society at large. It comprises three general phases' strategic planning, marketing implementation, and market evaluation. During the strategic planning phase, a business determines the marketing activities that ahign and support the market entry and success of a product or a service. During the marketing implementotion phase, a business identifies its action steps, who will execute those steps, and how long it will take to complete each step. During the market evaluation phase, the business assesses its goals and objectives against actual market data (size, growth, profits, etc) as a way to determine effectiveness and market fit The marketing process is the point at which a business considers the 4 Ps of marketing product, price, place, and promotions. - Product - tangible (product) and intangible (service) offerings that a business markets and sells to consumers. - Price - the monetary amount that is exchanged for goods and services. Price has a direct corretation to demand and - Place - the retail location where consumers expect to find the product or service the cost of goods sold - Promotions - marketing tools and techniques (advertising, social media, publicity, personal selling) used to influence consumer purchasing behavior This marketing process culminates in the development of a marketing plan. The marketing plan is a comprehensive blueptint that outlines a company's marketing efforts to ensure that it successfully and favorably positions its product on biveprint that outunes a company's mank. It wili include a promotional strategy, also referred to as an integrated markefing communications strategy Because there are more than 7 million consumers worldwide, marketers must break the larger market into market segments, a process known as market segmentation. A market segment is a smaller unit of consumers that have common and shared meaningful characteristics. Marketers use several methods to identify their market segments. including demographic (e.g., age, gender, income, education, occupation), psychographic (e.g. personality values, lifestyle preferences), benefit (e.g., comfort, durability, safety), geographic (e.g., rural, urban, suburban), and volume (e.g. heavy users, light users). Market segmentation, an integral part of a business's marketing strategy, helps it to identify the unfulfilled needs of consumers. Once a company has identified its market segment, marketers must go one step further to identify the target markets within those segments. A target market is the group of customers toward which an organization has decided to direct its marketing efforts. To determine the target market, marketers carefully evaluate each market segment to determine which one presents the most attractive opportunity to maximize product or service sales. WHY THIS MATTERS: The decision to enter into a business with a product offering requires marketing research, strategic planning, and the formulation of a SWOT analysis. This research and planning allows companies to make sound and rational decisions, internally and externally, that will impact the business's success in the marketplace. The marketing implementation phase can be especially challenging because it requires the coordination of all activities necessary for market entry and ongoing market existence. All the information the company gathers flows into a company's marketing plan. which also gets incorporated into the business plan. For this exercise. you will not be asked to craft a marketing plan. but know that the plan must support the projected goals and objectives of the business and that much work happens before that marketing plan can be written YOUR TASK: The following activities walk you through three of the most important steps a company must complete as part of the marketing process: Identifying its market segment, identifying the target mackets within that segment, and establishing the 4Ps. Complete each activity to ensure you fully understand these steps in the process. 3. PRACTICE: Identifying price, place of distribution, and promotional strategy. INSTRUCTIONS: Review again how Voluntrip intends to be a different kind of travel company in additiont go online and research consumers in the Travel and Tourism market. Based on this information, and to the best of your ability, suggest a price. place for distribution, and promotional strategy for Voluntrip. NSTRUCTIONS: Review again how Voluntrip intends to be a different kind of travel company. in addition, go online and research consumers in the Travel and Tourism market. Based on this information, and to the best of your abwity, suggest a price, place for distribution, and promotional strategy for Voluntrip. A Closer Look: Voluntrip Voluntrip-Not Your Typical Travel Company Currently the Tourism \& Travel industry comprises more than 200,000 agents, brokers, and agencies. Voluntrip, however, wants to be a little different. It is a start-up sustainable travel company that serves clients seeking to travel to areas of the warid where their tourism dollars can go toward heiping to sustain and maintain communties and cultures at risk-in both globat and domestic regions. Voluntrip is not alone in this endeavor, travel companies of this ilk already exist, G Adventures is one such company and its mission is "to help people and communities thrive through solutions, not handouts. "An, Luiz, and Sarita, the owners of Voluntrip, want to ensure that their company provides services that are superior yet affordable, for their unique clientele They know that in order to drive travelers to the regions they want to heip strengthen they need to focus an offering them attractwe travel packuges. The owners describe their company's products and services on three fevels. 1. Travel Planning Consultant 2. Personalized Tour Guide Services 3. Humanitarian Project Travel Voluntrip's travel packages include. - Unique travel itineraries - Family-owned hotel/hostelhomestay accommodations - Travel concierge services (point-to-point) - Local tour guides - Online customer account management - Passport and Customs services - Currency conversion and currency exchange services - Meal packages - Air travel packages - Convenient online booking options - Virtual travel meeting services - Ground transportation options - Convenient payment options - Extended Customer Service hours 1600am to midnight EST Monday - Friday 800 am to 500 pm Saturday and Sundayl - AAA, military, AARP discounts PRICE IDENTIFICATION - What does the product/service cost? - What price will the market bear? - What pricing strategy/method should be used? - How will the price compare to that of the competitors? - Where are these consumers located? - Do these consumers have specific interests or needs? PRICING As you work on constructing place (of distributior) for Voluntrip, consider these guiding questions: PLACE (DISTRIBUTION) - Where is the service provider located? - How will consumers purchase the product/service? - Where will consumers purchase the product/service? As you work on identifying the promotions strategy (integrated marketing communkations stategy) that will be used by Voluntip. consider these guiding questions: As you work on identifying the promotions strategy (integrated marketing communications strategy) that wil be used by Voluntrip, consider these guiding questions: PROMOTIONS - How will the company get the word out to customers? - What types of promotional activities should be used? - How often will the company use each activity/method of promotions? - How much will each promotional activity/method cost? - How will the company measure the effectiveness of each promotional activity/method? Outline: Introduction: Understanding the lmportance of the Marketing Process Practice Activities: 1. Identifying Market Segments A Closer Look. Voluntrip-Traveling for a Cause 2. Identifying a Target Market 3. Identifying Price. Place of Distribution, and Promotional Strategy INTRODUCTION: Understanding the Importance of the Marketing Process The marketing process is the process a business follows to formulate a clear direction and a unified goal for ail its marketing efforts, which include communicating. delivering, and exchanging offerings that have value for buyers, sellers and society at large. It comprises three general phases' strategic planning, marketing implementation, and market evaluation. During the strategic planning phase, a business determines the marketing activities that ahign and support the market entry and success of a product or a service. During the marketing implementotion phase, a business identifies its action steps, who will execute those steps, and how long it will take to complete each step. During the market evaluation phase, the business assesses its goals and objectives against actual market data (size, growth, profits, etc) as a way to determine effectiveness and market fit The marketing process is the point at which a business considers the 4 Ps of marketing product, price, place, and promotions. - Product - tangible (product) and intangible (service) offerings that a business markets and sells to consumers. - Price - the monetary amount that is exchanged for goods and services. Price has a direct corretation to demand and - Place - the retail location where consumers expect to find the product or service the cost of goods sold - Promotions - marketing tools and techniques (advertising, social media, publicity, personal selling) used to influence consumer purchasing behavior This marketing process culminates in the development of a marketing plan. The marketing plan is a comprehensive blueptint that outlines a company's marketing efforts to ensure that it successfully and favorably positions its product on biveprint that outunes a company's mank. It wili include a promotional strategy, also referred to as an integrated markefing communications strategy Because there are more than 7 million consumers worldwide, marketers must break the larger market into market segments, a process known as market segmentation. A market segment is a smaller unit of consumers that have common and shared meaningful characteristics. Marketers use several methods to identify their market segments. including demographic (e.g., age, gender, income, education, occupation), psychographic (e.g. personality values, lifestyle preferences), benefit (e.g., comfort, durability, safety), geographic (e.g., rural, urban, suburban), and volume (e.g. heavy users, light users). Market segmentation, an integral part of a business's marketing strategy, helps it to identify the unfulfilled needs of consumers. Once a company has identified its market segment, marketers must go one step further to identify the target markets within those segments. A target market is the group of customers toward which an organization has decided to direct its marketing efforts. To determine the target market, marketers carefully evaluate each market segment to determine which one presents the most attractive opportunity to maximize product or service sales. WHY THIS MATTERS: The decision to enter into a business with a product offering requires marketing research, strategic planning, and the formulation of a SWOT analysis. This research and planning allows companies to make sound and rational decisions, internally and externally, that will impact the business's success in the marketplace. The marketing implementation phase can be especially challenging because it requires the coordination of all activities necessary for market entry and ongoing market existence. All the information the company gathers flows into a company's marketing plan. which also gets incorporated into the business plan. For this exercise. you will not be asked to craft a marketing plan. but know that the plan must support the projected goals and objectives of the business and that much work happens before that marketing plan can be written YOUR TASK: The following activities walk you through three of the most important steps a company must complete as part of the marketing process: Identifying its market segment, identifying the target mackets within that segment, and establishing the 4Ps. Complete each activity to ensure you fully understand these steps in the process. 3. PRACTICE: Identifying price, place of distribution, and promotional strategy. INSTRUCTIONS: Review again how Voluntrip intends to be a different kind of travel company in additiont go online and research consumers in the Travel and Tourism market. Based on this information, and to the best of your ability, suggest a price. place for distribution, and promotional strategy for Voluntrip. NSTRUCTIONS: Review again how Voluntrip intends to be a different kind of travel company. in addition, go online and research consumers in the Travel and Tourism market. Based on this information, and to the best of your abwity, suggest a price, place for distribution, and promotional strategy for Voluntrip. A Closer Look: Voluntrip Voluntrip-Not Your Typical Travel Company Currently the Tourism \& Travel industry comprises more than 200,000 agents, brokers, and agencies. Voluntrip, however, wants to be a little different. It is a start-up sustainable travel company that serves clients seeking to travel to areas of the warid where their tourism dollars can go toward heiping to sustain and maintain communties and cultures at risk-in both globat and domestic regions. Voluntrip is not alone in this endeavor, travel companies of this ilk already exist, G Adventures is one such company and its mission is "to help people and communities thrive through solutions, not handouts. "An, Luiz, and Sarita, the owners of Voluntrip, want to ensure that their company provides services that are superior yet affordable, for their unique clientele They know that in order to drive travelers to the regions they want to heip strengthen they need to focus an offering them attractwe travel packuges. The owners describe their company's products and services on three fevels. 1. Travel Planning Consultant 2. Personalized Tour Guide Services 3. Humanitarian Project Travel Voluntrip's travel packages include. - Unique travel itineraries - Family-owned hotel/hostelhomestay accommodations - Travel concierge services (point-to-point) - Local tour guides - Online customer account management - Passport and Customs services - Currency conversion and currency exchange services - Meal packages - Air travel packages - Convenient online booking options - Virtual travel meeting services - Ground transportation options - Convenient payment options - Extended Customer Service hours 1600am to midnight EST Monday - Friday 800 am to 500 pm Saturday and Sundayl - AAA, military, AARP discounts PRICE IDENTIFICATION - What does the product/service cost? - What price will the market bear? - What pricing strategy/method should be used? - How will the price compare to that of the competitors? - Where are these consumers located? - Do these consumers have specific interests or needs? PRICING As you work on constructing place (of distributior) for Voluntrip, consider these guiding questions: PLACE (DISTRIBUTION) - Where is the service provider located? - How will consumers purchase the product/service? - Where will consumers purchase the product/service? As you work on identifying the promotions strategy (integrated marketing communkations stategy) that will be used by Voluntip. consider these guiding questions: As you work on identifying the promotions strategy (integrated marketing communications strategy) that wil be used by Voluntrip, consider these guiding questions: PROMOTIONS - How will the company get the word out to customers? - What types of promotional activities should be used? - How often will the company use each activity/method of promotions? - How much will each promotional activity/method cost? - How will the company measure the effectiveness of each promotional activity/method