LEQ1: What is the importance of marketing?

Marketing Marketing is the process of creating, promoting, and presenting a product to meet the wants and needs of customers.

Importance of Marketing These activities get products from producers to consumers. It includes packaging, developing brad names, and determining prices. Marketing even involves financing and storing products until customers purchase them.

Importance of Marketing Cont. Marketing helps consumers know what products are available and what the prices of those products are. It also helps businesses sales products by attracting consumers. If it were not for marketing, how would consumers get information about new products.

Assessment Prompt # 1 Discuss with the people at another table how marketing helps both the consumer as well as the producer.

Marketing is the Key Marketing is the key tool in matching supply with demand. If marketing is successful, businesses will be able to sell their products and services and consumers will be able to obtain the things they want to purchase.

Who takes part in the Marketing Process? Many times we think of marketing as the commercial on TV. That is true but that is not all that marketing is. Examples of marketing Advertisements on TV Truck unloading goods at a warehouse Using your credit card to purchase a product Being helped by a customer service representative at a store in which you are making a purchase

Assessment Prompt #2 Discuss with the people at your table what kinds of things are considered marketing activities.

What kinds of businesses are involved in marketing? Millions of businesses worldwide engage in marketing as their primary business activities. Retailers – businesses that sell directly to final consumers Wholesalers – businesses that buy products from businesses and sell them to other businesses.

Types of Marketing Jobs Many firms have marketing departments with employees who do specific marketing tasks. Examples – market research, designing of products, advertising, and the selling of the products Other firms have types of marketing jobs that are indirectly related Customer service, credit, and insurance positions

Types of Marketing Jobs Cont. Over 1/3 of all people employed in the US work in a marketing related position.

Cool Facts It is estimated that the average consumer sees about 1 million marketing messages a year – about 3,000 a day. One trip to the supermarket alone can expose you to more than 10,000 marketing messages.

Assessment Prompt #3 Name some Examples of times throughout your day that you are exposed to different types of marketing.

What is the importance of marketing? LEQ1 What is the importance of marketing?