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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
LESSON 1
Objectives
Understand different tools in the promotional mix and their objectives
Business Trivia Question
On average, about how much out of every dollar that a consumer spends do you suppose goes to cover marketing cost?
A. About 2 cents
B. About 10 cents
C. About 25 cents
D. About 50 cents
E. About 75 cents
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