1.01 marketing terms_power_point

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1.01 marketing terms_power_point

  1. 1. Obj 1.01 Essential Questions What are the key terms of marketing? What is meant by the marketing mix? 1 Competency 1.00 - Objective 1.01: Remembe
  2. 2. Basic Marketing Terms  2 Nine basic marketing terms to further understanding of marketing concepts: -Marketing -Consumer -Needs -Customer -Wants -Goods -Market -Services -Target market Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  3. 3. Basic Marketing Terms, cont..  Marketing: – The process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs. –Marketing involves all the activities necessary to get a product from the manufacturer to the consumer. –The goal of marketing is to attract new customers and create a lasting relationship through customer satisfaction. 3 Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  4. 4. Basic Marketing Terms, cont..      4 Needs: A necessity for living. Wants: Products that are not necessities, but are simply desired by the consumer. Market: The group of potential buyers. Target Market: The group of consumers a business desires to have as customers. Consumer: The person who uses the product. Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  5. 5. Basic Marketing Terms, cont..    5 Customer: The person who purchases the product. In many cases, the customer is also the consumer. Goods: Products which are tangible items that satisfy customer’s needs and wants. Services: Products which are intangible items that satisfy customer’s needs and wants. Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  6. 6. The Marketing Mix A combination of decisions a business makes in order to best reach its target market. The marketing mix is also referred to as the “Four Ps”: Price Product 6 Place Promotion Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  7. 7. The Marketing Mix – – 7 Product - Include both goods and services. Price – The amount $$ a business charges for a product. Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  8. 8. The Marketing Mix – – 8 Place – Having the product available at the right time at a convenient location. Also known as distribution or logistics. Promotion – Informing and reminding customers of products available to them and persuading them to purchase.  Consists of advertising, public relations, sales promotion, and personal selling. Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  9. 9. What did you learn? Identify a business and a product from a magazine ad and use what you see and read in the ad to answer the questions below. Use evidence in the ad to support your answer. Tear out the ad and attach it to your answer sheet.  What are nine key marketing terms?  What is the marketing mix? 9 Competency 1.00 - Objective 1.01: Remember the key marketing terms and
  10. 10. What did you learn? Identify a business and a product from a magazine ad and use what you see and read in the ad to answer the questions below. Use evidence in the ad to support your answer. Tear out the ad and attach it to your answer sheet.  What are nine key marketing terms?  What is the marketing mix? 9 Competency 1.00 - Objective 1.01: Remember the key marketing terms and

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