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Transcript
DO NOW • In groups students are to come up with there definition for Marketing and what Marketing Managers do? Activity Page 243 • McDonalds – Marketing does not stand still. What is Marketing • Video Marketing • NOT JUST ADVERTISING AND SELLING PRODUCTS… • Marketing involves many aspects of business which include market research, product design, pricing, advertising and more. Definition • The management task that links the business to the customer by identifying and meeting the needs of customers profitably – it does this by getting the right product at the right price to the right place at the right time. Markets • The place where buyers and sellers meet to exchange. I.e. Shopping Centers, fruit and vege market the internet. • Also refers to the group of consumers that is interested in a product, can legally purchase it and has the resources to purchase. Markets • Consumer Markets - A market for goods and services bought by the final user. • Industrial Markets – selling goods and services in the B2B market. Needs and Wants • Consumers have unlimited needs and wants and businesses marketing aims to satisfy as many of consumers wants as possible, this comes from persuasive marketing campaigns. Value and Satisfaction • There is a distinct difference between value and satisfaction, the cheapest product may not always hold the most value and the most expensive products may not always provide the most satisfaction. • A consumer will consider a product to be off good value if it provides satisfaction at a reasonable price. DO NOW • How can a business offer good value and satisfaction all at a reasonable price? • Does the cheapest product always provide the most value? Why or Why Not? Homework • What is the role and purpose of Marketing? • What is meant by Value and Satisfaction?
