Introduction to Key Marketing Terms and Concepts

1
Introduction to Key Marketing Terms and Concepts

• Marketing 1

2
Objectives

• Discuss the meaning and definition of marketing.
• Identify the foundations of marketing.
• Identify the functions of marketing.
• In-class assignment

3
Marketing is . . .

• The process of developing, promoting, and
  distributing products to satisfy consumers needs
  and wants.

4
A Product is . . .

• Products include goods and services, both which
  have monetary value and satisfy consumers needs
  and wants.

5
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?

6
Purpose of Marketing

• Marketing helps connect businesses to their
  customers.

7
What is a Marketplace?

• A marketplace is the commercial environment where
  exchanges are made between buyers and sellers.

8
Who are Buyers and Sellers?

• Buyers are customers.
• Sellers are the companies making or selling the
  products to the cusomers.

9
What is an Exchange?

• An exchange takes place every time something is
  sold in the marketplace.
• What is usually exchanged?

10
The Four Foundations of Marketing

1. Business, Management, and Entrepreneurship
2. Communication and Interpersonal Skills
3. Economics
4. Professional Development

11
The Seven Functions of Marketing

1. Distribution
2. Financing
3. Marketing Information Management
4. Pricing
5. Product / Service Management
6. Promotion
7. Selling

12
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.