Introduction to Key Marketing Terms and Concepts Marketing 1

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.