Transcript Introduction to Key Marketing Terms and Concepts

Introduction to Key
Marketing Terms and
Concepts
Marketing 1
Objectives
 Discuss the meaning and definition of
marketing.
 Identify the foundations of marketing.
 Identify the functions of marketing.
 In-class assignment
Marketing is . . .
 The process of
developing, promoting,
and distributing
products to satisfy
consumers’ needs and
wants.
A Product is . . .
 Products include goods
and services, both
which have monetary
value and satisfy
consumers’ needs and
wants.
Goods vs. Services
 Goods are the kinds of things you can touch
or hold in your hand. Goods are tangible.
 Services are the kinds of things you cannot
physically touch.
 What are some examples of goods?
 What are some examples of services?
Purpose of Marketing
 Marketing helps
connect businesses to
their customers.
What is a Marketplace?
 A marketplace is the
commercial
environment where
exchanges are made
between buyers and
sellers.
Who are Buyers and Sellers?
 Buyers are customers.
 Sellers are the
companies making or
selling the products to
the cusomers.
What is an Exchange?
 An exchange takes
place every time
something is sold in the
marketplace.
 What is usually
exchanged?
The Four Foundations of Marketing
1. Business, Management, and
Entrepreneurship
2. Communication and Interpersonal Skills
3. Economics
4. Professional Development
The Seven Functions of Marketing
1. Distribution
2. Financing
3. Marketing Information Management
4. Pricing
5. Product / Service Management
6. Promotion
7. Selling
In-Class Assignment
 Using the Marketing Essentials textbook,
complete the worksheets related to Chapter 1
 You may work with a partner to complete this
assignment.