Recognize the Recognize the importance of importance of

marketing.marketing.

Recognize the Recognize the importance of importance of

marketing.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 target market is…• The group of consumers a business

desires to have as customers. • Customer vs. Consumer

A market is…

•The group of potential consumers.

• Customer purchases the product

• Consumer uses the product

Customer vs. Consumer

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 Quiz1. 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.

Importance of Importance of MarketingMarketing

Importance of Importance of MarketingMarketing

New and Improved ProductsNew and Improved Products

Lower PricesLower Prices

Quick Review

Do you agree or disagree with Do you agree or disagree with the following statement and the following statement and

why?why?

““By offering goods and By offering goods and services that consumers services that consumers

want, businesses will make want, businesses will make a profit.”a profit.”

Defend your answer.Defend your answer.