2 “Marketing is beneficial to consumers because it brings new and improved products to the market, as well as lowering prices.”List five products you or your family use that are new or have been improvedList five products your family uses that now have lowered or reduced pricesList five stores which have lowered their prices
3 Marketing is…The process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants.Needs (necessities) vs. Wants (desires)
4 A market is… A target market is… The group of potential consumers. The group of consumers a business desires to have as customers.Customer vs. Consumer
5 Customer vs. Consumer Customer purchases the product Consumer uses the product
6 Products are… Both goods and services Goods (tangible items) vs. Services (intangible deeds or tasks)
7 The marketing concept is… A business approach that directs all marketing efforts towards satisfying customers’ wants and needs.
8 The benefits to marketing are… New and improved productsLower prices
9 Short Answer Quiz Give an example of a need and a want. What is a target market?Give an example explaining who is a customer and who is a consumer.The marketing concept philosophy indicates that a business will satisfy the wants and needs of _______________ and still make a profit.List the two categories of products and give an example of each.
10 Importance of Marketing Quick ReviewImportance of MarketingNew and Improved ProductsLower Prices
11 Do you agree or disagree with the following statement and why? “By offering goods and services that consumers want, businesses will make a profit.”Defend your answer.