Introduction to Business and Marketing On a piece of paper write down what you think Marketing is? Let’s discuss what you think … 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 List 5 needs WANTS- something that you desire Example: Soda List 5 wants Goods and Services purchased by customers Goods are tangible: You can touch them List 5 goods Services are intangible: Accounting Services You cannot touch them! Sports Agent List 5 services 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 Exchanges Turn in Activity for Class Grade Time Activity 6:00 AM Wake-up to Alarm Clock 6:15 AM-6:30 AM Drink Coffee and watch the news Want v. Need Good v. Service Exchange?? Used a Good (alarm clock) that I purchased to wake me up Coffee is a Used Keurig “want”- could Single Service exist without it, coffee maker but it wouldn’t be pleasant Purchased coffee at grocery store to have each morning Time Activity Want v. Need Good v. Service Exchange?? 6:00 AM Wake-up to Alarm Clock 6:15 AM-6:30 AM Drink Coffee and watch the news Used a Good (alarm clock) that I purchased to wake me up Coffee is a Used Keurig Purchased “want”- could Single Service coffee at exist without it, coffee maker grocery store to but it wouldn’t have each be pleasant morning 6:00 am - wake up 6:30 am – watch news/eat breakfast 7:00 am – leave house for school 7:45 am – arrive at school 9:00 am – school starts 12:15 pm – eat lunch 4:00 pm – leave school 5:30 pm – eat dinner 6:00 pm – watch news 9:00 pm – go to bed Marketing Functions: All activities that allow companies to bring products to the market for exchange ◦ ◦ ◦ ◦ ◦ ◦ Pricing Selling Distributing Promoting Product/service management Marketing information management