Marketing Basics
The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services.
What is marketing?
Example of a durable good?
A truck
What is one result of competition?
More buying options
Name one example of marketing you see daily.
Ads, billboards, influencers, etc.
Why is marketing important to a business?
Determines success or failure
Marketing is a __________ discipline of __________ functions.
Multifaceted, interrelated
Example of a nondurable good?
A granola bar
Businesses that follow the marketing concept start by doing what?
Identifying customer needs and wants
Is advertising the same as marketing?
No, it’s just one part.
What happens when a company profits?
Growth, hiring, economic impact
Identifying customer needs and satisfying them better than competitors.
What is the marketing concept?
Which is a service?
Hulu streaming service
The Olympics is what type of marketed item?
Event
What are the “4 Ps” of marketing?
Product, Price, Place, Promotion
Give one example of a nondurable good besides food.
Shampoo, deodorant, etc.
What is the main role of marketing in a private enterprise system?
Connecting customers with businesses.
Pest control is what type of product?
Service
What factor justifies a Super Bowl ad?
Reaching a wide audience
Why don’t small companies buy Super Bowl ads?
Too expensive for small audience reach
What type of marketing is social media influencing?
Promotion
Inform customers a product exists and what it does.
What does it mean to promote a product?
“A diamond is forever” markets what type of product?
A good
How does marketing benefit society?
Job creation, tax revenue, and more choices
What is a private enterprise system?
Businesses owned by individuals, not government
Explain how marketing connects businesses and society.
It satisfies needs, creates jobs, increases choices, and supports the economy.