This document defines key marketing terms and the marketing mix. It lists nine basic marketing terms: marketing, consumer, needs, customer, wants, goods, market, services, and target market. It defines each term. The marketing mix is explained as the four Ps: product, price, place, and promotion. Each P is defined in the context of marketing decisions. The goal is to help the reader understand and remember these essential marketing concepts.

1. Obj 1.01 Essential Questions
What are the key terms of marketing?
What is meant by the marketing mix?
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Competency 1.00 - Objective 1.01: Remembe

2. Basic Marketing Terms

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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. 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.
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Competency 1.00 - Objective 1.01: Remember the key marketing terms and

4. Basic Marketing Terms, cont..
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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. Basic Marketing Terms, cont..
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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. 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
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Place
Promotion
Competency 1.00 - Objective 1.01: Remember the key marketing terms and

7. The Marketing Mix
–
–
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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. The Marketing Mix
–
–
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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. 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. 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