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