Download 2.01 Recognize the importance of marketing.

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.