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Presentation transcript:

Understanding Marketing ety_mode=true&persist_safety_mode=1&safe=active

Marketing is the process of developing, promoting, and distributing goods and services to meet customer wants and needs.

NEEDS- something that is essential; that you must have- Example: Water WANTS- something that you desire- Example: Soda

Products are: Goods and Services purchased by customers

Goods are Tangible! You can touch them

Services are intangible – you cannot touch them! Accounting Services Sports Agent

 Exchange takes place every time something is sold in the marketplace.  Marketing helps connect businesses to their customers  We experience marketing principles everyday in our lives

 How do you experience marketing in your life? What kinds of marketing experiences do you encounter just through your daily routine?  On a piece of paper, write down your daily routine. Use a timeline! Think about how each activity that you do, relates to marketing.  Needs VS Wants; Goods VS Services; and Exchanges Turn in Activity for Class Grade

6:00 AM Wake-up to Alarm Clock Used a Good (alarm clock) that I purchased to wake me up 6:15 AM-6:30 AM Drink Coffee and watch the news Coffee is a “want”- could exist without it, but it wouldn’t be pleasant Used Keurig Single Service coffee maker Purchased coffee at grocery store to have each morning While watching the news I see TV advertisements Advertising companies are a service business that produce the ads The ads try to influence me to make an exchange in the marketplace