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LESSON 1 Objectives Know what marketing is as both a function and a business philosophy Understand markets and segments Know what a product is, its life cycle and how it is differentiated Understand the dynamics of pricing and the concept of elasticity. Understand why distribution channels exist and how they are selected Understand different tools in the promotional mix and their objectives On average, about how much out of every dollar that a consumer spends do you suppose goes to cover marketing cost? Business Trivia Question A. About 2 cents B. About 10 cents C. About 25 cents D. About 50 cents E. About 75 cents