* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download 2.01 Recognize the importance of marketing.
Customer experience wikipedia , lookup
Transfer pricing wikipedia , lookup
Planned obsolescence wikipedia , lookup
Market segmentation wikipedia , lookup
Customer relationship management wikipedia , lookup
Social media marketing wikipedia , lookup
Ambush marketing wikipedia , lookup
Grey market wikipedia , lookup
Online shopping wikipedia , lookup
Marketing research wikipedia , lookup
Price discrimination wikipedia , lookup
Food marketing wikipedia , lookup
Visual merchandising wikipedia , lookup
Viral marketing wikipedia , lookup
Marketing communications wikipedia , lookup
Market penetration wikipedia , lookup
Pricing strategies wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Service parts pricing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Consumer behaviour wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Digital marketing wikipedia , lookup
Marketing plan wikipedia , lookup
Customer engagement wikipedia , lookup
Target audience wikipedia , lookup
Youth marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Direct marketing wikipedia , lookup
Multicultural marketing wikipedia , lookup
Neuromarketing wikipedia , lookup
Product planning wikipedia , lookup
Street marketing wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Target market wikipedia , lookup
Supermarket wikipedia , lookup
Advertising campaign wikipedia , lookup
Global marketing wikipedia , lookup
Services marketing wikipedia , lookup
Marketing strategy wikipedia , lookup
Green marketing wikipedia , lookup
Recognize the importance of marketing. “Marketing is beneficial to consumers because it brings new and improved products to the market, as well as lowering prices.” • List five products you or your family use that are new or have been improved • List five products your family uses that now have lowered or reduced prices • List five stores which have lowered their prices Marketing is… • The process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants. • Needs (necessities) vs. Wants (desires) A market is… •The group of potential consumers. A target market is… • The group of consumers a business desires to have as customers. • Customer vs. Consumer Customer vs. Consumer • Customer purchases the product • Consumer uses the product Products are… • • • • Both goods and services Goods (tangible items) vs. Services (intangible deeds or tasks) The marketing concept is… • A business approach that directs all marketing efforts towards satisfying customers’ wants and needs. The benefits to marketing are… • • New and improved products Lower prices Short Answer Quiz 1. Give an example of a need and a want. 2. What is a target market? 3. Give an example explaining who is a customer and who is a consumer. 4. The marketing concept philosophy indicates that a business will satisfy the wants and needs of _______________ and still make a profit. 5. List the two categories of products and give an example of each. Quick Review Importance of Marketing New and Improved Products Lower Prices Do you agree or disagree with the following statement and why? “By offering goods and services that consumers want, businesses will make a profit.” Defend your answer.