3. Know what marketing is as both a function and a business philosophy Understand markets and segments Know what a product is, its life cycle and how it is differentiated Understand the dynamics of pricing and the concept of elasticity. Understand why distribution channels exist and how they are selected LESSON 1 Objectives Understand different tools in the promotional mix and their objectives

4. Business Trivia Question On average, about how much out of every dollar that a consumer spends do you suppose goes to cover marketing cost? A.About 2 centsAbout 2 cents B.About 10 centsAbout 10 cents C.About 25 centsAbout 25 cents D.About 50 centsAbout 50 cents E.About 75 centsAbout 75 cents