Lesson 1: Introduction to Marketing
Learning Objectives
After completing this lesson, you should be able to accomplish the following:
- List and define the seven functions of marketing.
- Define the four foundations of marketing.
- Explain add-on value and list and define utility and the five economic utilities.
- Explain the difference between goods and services and wants and needs.
- Define and list the four Ps (marketing mix).
- Explain how a customer and a consumer differ.
- Define market, using three different definitions.
- Explain SWOT Analysis and Internal and External Analyses.
- Describe market segmentation (target marketing and customer profiling) and explain why it is used more than mass marketing.
- Define the marketing concept and compare it to the Henry Ford approach.
- Identify examples of demographics, psychographics, geographics, and behavioral analysis.
- Define marketing plan and explain its purpose.
- Apply the following math concepts: total customer charges, buyer discount, market share, projected sales goal, and total number of market based on known percentage.
Reading Assignment
Marketing Essentials
- Chapters 1 and 2, also pages 592–595
Commentary
Note: Begin by reading the first chapter of the textbook. You are going to learn some words and concepts you have probably not encountered before, but don't worry. As you continue through the course, these words and concepts will become familiar to you. To help you integrate the words and concepts into your regular marketing vocabulary, think about them as you go about your day. You will find that the title of Chapter 1,"Marketing Is All Around Us," is not an exaggeration.
What Is Marketing?
Imagine yourself standing at the top of the Sears Tower in Chicago. You are looking over the city. The view is breathtaking and expansive, as you take in the 360-degree scene. You can see hundreds of buildings, each of which house multiple businesses and people. For those businesses to stay profitable, they must have customers. Thus, their success depends on how well they use the marketing concept (which we learn about shortly). If you could see into the minds of all the people who work in those businesses, you would see thousands of examples of marketing—some good, some bad. Marketing affects everyone every day. Although we cannot escape its influence or its force, we can make a choice: either we can be at its mercy, or we can seek to understand and use it. Indeed, I suggest that having a marketing insight is a survival skill in our world today. As you will learn in this course, the principles of marketing can serve you in several ways.
The Product
There is an old adage that says, "if you can build a better mousetrap, the world will beat a path to your door." Do you believe this is true? Mice can produce an average of two hundred offspring a year. So, it seems, the adage must be true. However, "the world" is not going to be beat a path to your door unless people know (or perceive) that they need a better mousetrap, which we will call the "Better MouseTrap." This is marketing. It involves the following:
- locating the people who need a better mousetrap,
- promoting the Better MouseTrap,
- distributing the Better MouseTrap to places where it can be purchased,
- matching the customers' needs with the product, and
- finding ways for the customer to pay for the mousetraps.
The goal of marketing is to promote products. A product is something that satisfies a need and a want and has monetary value. Products can be broken down into two categories: goods and services. (Be aware that sometimes the word products may be used to refer to both goods and services; other times it may be used in place of the word goods.) In the previous example, our Better MouseTrap is a product we want to promote.
Goods are things you can touch and hold; they are tangible. They can be produced on a wide scale, are generally homogenous, and can be stored. Goods include, among other things, cars, clothes, computers, houses, jewelry, and lettuce. Our Better MouseTrap is a good. Look around the room where you are now. How many goods do you see?
Services, like goods, have monetary value and fulfill a need or a want. However, unlike goods, services cannot be touched or held; they are intangible. They cannot be mass-produced, and no two services are exactly the same. A restaurant is an example of a business that provides a service. The workers prepare a meal. All you do is eat the meal; the restaurant employees do the rest. No two meals are prepared exactly alike. Other examples of companies and individuals that provide a service are dry cleaners, gas stations (which were once called service stations), barbershops, beauty salons, tanning salons, plumbers, electricians, painters, and housekeepers. The service you receive from each of these businesses or people is not mass-produced; the service you receive is different from the service received by the next person. A service is not something you can buy off a shelf in a retail store. Of course, some businesses that market a service also sell goods.
Foundations of Marketing
To be successful in just about any field of study, there are related areas of knowledge that form the groundwork for that expertise. This is also true of marketing; we call these areas of knowledge the marketing foundations. According to your textbook, good marketing skills flow from four areas of knowledge (pages 5–6):
- business, management, entrepreneurship;
- communication and interpersonal skills;
- economics;and
- professional development.
Within marketing, there are five job levels: entry-level jobs, career-sustaining jobs, marketing specialist employees, marketing supervisors, and managers and CEOs or business owners. Although marketing skills can be used in numerous occupations, marketing offers unique career opportunities. Look at pages 798–799 in your textbook for a listing of career areas in marketing.
Moving from entry level to career-sustaining employment requires additional training, not only in the occupational area but also in the foundational subjects. We will review these employment opportunities in greater detail in Lesson 10. In this course, you will learn concepts that can help you prepare for entry-level and career-sustaining job opportunities in marketing.
The Seven Functions of Marketing
The seven functions of marketing are marketing activities. They include financing and developing a product, determining which groups of people will buy the product, informing customers about the product, placing the product where customers can make an exchange and other activities. The graphic on page 1 in your textbook illustrates this concept. Each area offers career opportunities. Each area is an essential part of marketing. As you read about what characterizes each function, think about how it applies to the Better MouseTrap.
Click here for a printer-friendly version of this interactive exercise.The Marketing Concept
There are two approaches to selling goods and services:
- the Henry Ford approach
- the marketing concept approach
Henry Ford once said, "You can have any color of car you want—as long as it is black." Ford did not follow a customer-oriented approach. He was going to make black cars, and customers could either take it or leave it. This is the Henry Ford approach to business. With the Henry Ford concept, a company produces and sells a product with little or no thought to what people really want.
Today, most businesses use a marketing concept approach. A company's main goal is to satisfy the needs and wants of customers while also making a profit. According to this approach, if you keep the customer happy and coming back, the profits will follow. This concept relies heavily on consumer research in order to determine what customers need and want.
But what are needs and wants? The basic difference between the terms is that needs are things necessary for survival, while wants are things that add comfort and aesthetic pleasures to life. Basic needs include food, clothing, and shelter. Beyond those basic needs, determining whether a product is a need or a want can be difficult to determine. For example, is a coat a need or a want? A coat is a "need" if you are living in an area where the climate gets below freezing, but it can be a "want" if you are living on a tropical island where the temperature rarely drops below 80 degrees. What about a car—is it a need or a want? It depends on where you live and your lifestyle. If rapid transit and taxis are readily available, then a car may be a luxury item. There is also a socio-economic factor to consider. While Bill Gates may want a penthouse to live in, I require much less. A person's socio-economic level often legally influences whether a good or a service is a need or a want.
How we define needs and wants influences how a business markets goods and services. Marketers want to know how much money people have to spend on products. This is because wise consumers will provide for their necessities before spending money on the pleasures of life.
There are two types of income measurement: disposable income and discretionary income. Disposable incomeis the money left after taxes are subtracted. Discretionary income is the money left after basic living expenses have been met. If a business is selling a product that is a need, which income will marketers target?
There are three definitions of marketing, and it is important as you study the marketing concept to use the term in context. A market or marketplace is an environment where exchanges of goods and services are made. It can also refer to a shopping mall or a flea market. When something of value is exchanged for something of equal value, we typically pay with money. Every time something is sold, an exchange takes place. A market is also a group of people with similar needs and wants and the means to purchase those items. It can refer to a single store; for example, a grocery store. The third definition of market is the entire spectrum that takes a product from its production into the hands of customers. It involves informing potential customers about the goods and services and causing them to act; i.e., purchase the products. You may hear the question, “How are we going to market this product or service?”
Market – An environment where the exchange of goods and services takes place.
Market – A group of people with similar needs or wants and the means to purchase them.
Market – The process of informing and persuading potential customers—getting a product or service from its production to the customer.
Market – A group of people with similar needs or wants and the means to purchase them.
Market – The process of informing and persuading potential customers—getting a product or service from its production to the customer.
When you hear the term market, be sure you know which definition to apply.
Added Value and Utility
It is important to have a firm grasp of the five economic utilities and their connections to one another. Utility refers to add-on value. The functions of marketing add value to a product. That is, we take something and combine it with other features to make it more valuable. Let's look at the economic utilities using the Better MouseTrap as an example.
First, we must have a clear understanding of the product we are wanting to sell.
The Better MouseTrap is technologically engineered with a new, electronic smartcard. With the smartcard technology, we can program the mousetrap to catch mice or rats or both. It is "environmentally friendly," because it does not use any pesticides or other chemicals that are dangerous to humans, pets, or other animals. The Better MouseTrap works by sending out a high-pitched frequency that attracts only mice and rats within a 400-foot diameter. As the rodents scurry to the Better MouseTrap, they simply touch it with their noses and…POOF! The mice totally disappear without a trace. No messy cleanup is required with the new Better MouseTrap. Plus, we have added a counter to let customers know how many mice have been "caught."
Types of Economic Utilities
1. Form utility represents the manufacturing of the Better MouseTrap—what it looks like or how it is designed. Let's assume that we have manufactured 2 million mousetraps. To make the Better MouseTrap, we took a bunch of raw materials, put them together, and made the product. The raw materials may be worth one dollar per mousetrap, but when we put all those raw materials together, the completed mousetrap is worth two dollars. The extra dollar represents add-on value, as the mousetraps are worth more than the individual raw materials—that is form utility.
2. Place utility is another way to add value to a product. We need to put our Better MouseTraps where people who need it can buy it. Where would you sell the Better MouseTraps? Where would you find a high number of rodents? Farmers, feed stores, slaughterhouses, and landfills are all places that tend to have substantial rodent problems. We want to put it in stores frequented by these individuals and businesses. Can you think of others? Can you think of areas that do not need the Better MouseTrap?
3. Another way to add value to a product is time utility. Time utility involves having the product available to a target market when there is the greatest need. Farmers stockpile their feed during the cold months, so maybe fall and winter would be a good time to market our product.
4. Possession utility involves the customer actually becoming the happy owner of our Better MouseTrap. Possession utility is the exchange of the product for money (usually). It includes deciding how customers can pay for the product. For the Better MouseTrap, are we going to accept cash, checks, credit card (and if so, which ones), and/or debit cards? Are we going to allow layaways or extended payment plans? This decision will also depend on whether the product is immediately available. Will potential customers of the Better MouseTrap be able to walk in a store and buy it, or will they have to order it online and have it delivered to them?
5. The information utility involves communication, getting the information about the product to the consumer.
Retail stores give a lot of thought to time utility. For example, when do they market swimming suits, snorkels, and water skis? When do they market heavy coats and mittens? How about Halloween candy or Christmas decorations? Successful businesses know that proper timing adds value to their products. Notice that the add-on value decreases dramatically after the height of the season for many products. This "after season" period is usually when most business put products on sale. Have you noticed how Christmas decorations are marked down after Christmas? Sometimes, stores even begin dropping prices a day or two before Christmas. Why do you think they do that? What about a rock concert? How important is it to get the word out that a world-famous music group is performing May 2 at the convention center? How much good would the marketing be if the convention center began promoting the concert on May 3?
Although you may have the right product in the right place at the right price and with the right promotion (and with the right timing), you still may not profit from your product unless you have figured out how to get that product in the hands of the customer; in other words, how are people going to purchase the product?
Possession utility is involved every time a product changes hands (meaning ownership). The options for exchange add value to the product. If we accept only cash for our mousetraps, what will that do to the turnover and the price? Perhaps the man who runs a garbage collection service wants 300,000 Better MouseTraps, but he has no cash. With alternative forms of purchase, our mousetraps are worth more, because more customers are able to purchase them.
Having made our mousetraps, we now need to sell them in order to make a profit. Using marketing research, we identify the individuals who need the Better MouseTraps the most; they are our target market (a group of people with similar needs). Information utility involves communicating with our target market in general and our customers in particular. We have to get the word out to our target market about our Better MouseTrap. We have to inform them about its features and benefits. If we don't, the Better MouseTrap is going to sit in our warehouse and not be of any value to us or our target market. Information utility adds more value to the mousetraps, because people who need our product know that it is available and that it is superior. Information utility includes one-on-one communication, advertising, packaging, and labeling—anything that gets the word out about our product to our target market.
The Market Mix
The market mix, also referred to as the four Ps, involves having the right product in the right place at the rightprice and with the right promotion. The market mix closely correlates with utility. The textbook defines marketing strategy as the way a company is going to meet its objectives; that marketing strategy is the four Ps. (page 35) Utility, market mix, target marketing, and market segmentation all play vital roles in marketing.
The Marketing Plan
I stated previously that marketing information management is synonymous with research. Read "Marketing Information Systems" in the textbook (pages 592–594). On page 593 is a good definition of the concept. Companies can use the information obtained to design a better product.
Next, read Chapter 2 in the textbook. As you do so, I want you to complete the following activity. Fold a blank sheet of paper in half (lengthwise) so that you have two columns. Label one column "Succeed" and the other "Fail." In each column, write the names of two or three businesses in your community that fit the categories. Leave spaces so you can include the reasons why. What you are doing in this exercise is relating analysis and market planning to businesses in your area.
SWOT Analysis
To succeed in business, one must plan. A well thought-out marketing plan is at the base of a successful business, and it begins with a self-analysis. The SWOT Analysis stands for the following:
- strengths,
- weaknesses,
- opportunities, and
- threats.
As part of a SWOT analysis, a company must look at both internal and external factors. Internal analyses includecompany, customers, and competition, the three Cs.
- An internal company analysis is usually done to examine the parts of a business's operation—its mission, history, finances, production, marketing strategies (market mix), employees/staff, equipment, and facilities.
- A customer analysis includes research on the buying habits, interests, satisfaction, wants, and needs of the target market. Customer research is conducted by using any of the following analytical methods: demographics, geographics, psychographics, behavioral, socio-cultural influences, market segmentation, or target marketing.
- An analysis of a company's competitive positioning is performed to determine how the company compares to the competition, or the company's market share. Market share is the percentage of total sales volume of a company based on total sales generated by all companies competing in a given market or for a given product. Let us assume that the total sales volume for Hondas is $90 million. Company X sold Hondas for a total of $1 million. Company X's market share is 1.1 percent ($1 million divided by $ 90 million is 1.1 percent.)
As noted, companies must also look at external factors—factors outside the company—that could impact their businesses. One important external analysis is examining the strengths and weaknesses of both direct and indirect competition. Direct competition refers to businesses that derive a majority of their profits from the sale of products that are the same or similar. A direct competitor of Company X is another car dealer, for example, Williams Chevrolet. Indirect competition refers to businesses that derive only a small percentage of their profits from the sale of products that are the same or similar. For example, Teters Florist and Krogers Grocery Store both sell flowers. Other competitive factors include market share, company positioning, reputation, products, and distribution.
Environmental Scan
As your textbook indicates, an environmental scan is a methodological look at the world that typically includes four areas:
- political,
- economic,
- socio-cultural, and
- technological.
How do politics influence business operations? Internationally, some countries are very unstable. If the political regime shifts, a company could be taken over by the government. Laws and regulations and taxes influence business operations at home and abroad.
An economic analysis examines the current and future state of the economy. The state of the economy is a measure to determine if conditions are good or bad. In turn, this influences business operations. For example, in an economic recession, does the production of luxury items increase or decrease? Similarly, in a period of economic prosperity, do people take more or fewer vacations? What effect does the condition of the economy have on the travel, tourism, and hospitality industries?
A socio-cultural analysis looks at the factors that affect the customers, their attitudes, lifestyles, and opinions. For example, the baby boomer generation represents a huge segment of the American population and baby boomers have begun to retire. Marketing plans need to address the changing lifestyle and needs of this population.
Finally, a technological analysis studies technological advances and changes in relationship to the company, its competitors, and its customers. Let's look at each of these concepts briefly in terms of the Better MouseTrap.
Better MouseTrap Research
- During our research, we find that rodents are a major problem when storing wheat in India. We think that the Better MouseTrap could help Indian farmers save their stockpiles of wheat and therefore, result in substantial profits for our company. Before we decide to market our product to Indian farmers, we want to conduct an environmental scan.
- As part of our political analysis, we check on the amount of government control over business in India and what regulations apply to imported products. As part of an economic analysis, we note the growing Indian economy and its emergence as a developing nation. We also look at where segments of the Indian population are becoming wealthier and if people living in rural areas are benefiting from the economic prosperity.
- As part of our socio-cultural analysis, we look at the lifestyles and customs of our potential Indian customers—are they more likely to be men or women, are they old or young, do they tend to belong to one social class in India, etc.
- A technological analysis might look at the current methods for rodent control that exist in India and how our product capitalizes on any new technologies.
The bottom line is this: To be successful, a company must continuously evaluate itself, its competition, and its customers. It must analyze its strengths and weakness, and it must be aware of other influences that have some bearing on the operation.
Career Tips
Are we, as a part of the job market, any different from a product? To be employable, we have to analyze our strengths and weaknesses. We also have to look for opportunities and be vigilant to "forces" that can hamper our efforts to succeed. So when considering your career goals, why not do a SWOT analysis on yourself? What are your strengths, and your weaknesses for a career you are considering? What threats and obstacles will you have to overcome to accomplish your goals?
Business Plans
If you take an entrepreneurial class, you will probably be asked to write a business plan. A business plan is an outline for a company or business and what it hopes to accomplish in the short and long term. Most banks or financial institutions require a business plan before they consider approving a loan. The two most important parts of a business plan are the financial and the marketing plans. The marketing plan will be a part of the business plan, and it could also be a separate document as well.
The Marketing Plan
A marketing plan is a formal document that outlines the goals, objectives, and strategies of a company. A marketing plan considers three questions:
- Is there a need for the product?
- Can we market and distribute the product?
- What outside influences are going to affect marketing and distribution of the product?
Think about these questions as you read through the material on writing a marketing plan in Chapter 2.
The marketing plan is an essential tool for knowing a company's goals and determining strategies for reaching those goals within a specified time. It helps keep members of the company on track. It is similar to a road map. It tells a business where it is, where it wants to be, when, and how it should get there. As with a road map, a business plan may change as unforeseen roadblocks or alternative routes become apparent. An important element of evaluation and control in a marketing plan is to provide a way to make adjustments.
In Figure 2.1 on page 34 of the textbook is an outline of a marketing plan. Notice that a good marketing plan begins with an executive summary, which is an overview of the plan. The textbook goes through the remaining sections in detail. Be certain to read this section carefully.
Who do you think should read the marketing plan? The employees should, of course. When you work for a company, it is important that you know not only the goals of the organization but also your roles and responsibilities. The marketing plan should be a guideline for you to perform your daily tasks.
Good internal and external analyses are necessary for building a successful marketing plan. The following two examples demonstrate this point.
- When Kentucky Fried Chicken opened franchises in China, it originally used its slogan, "Finger Lickin' Good." However, in China, the literal translation of this slogan meant "to eat your fingers off." How popular do you think KFC was in China? Although this is a very simple example of an environmental scan and corrective action to a marketing plan, what would the result have been if KFC had continued with the popular catchphrase?
- Sam Walton of Wal-Mart had a vision for expansion. As the number of Wal-Mart stores increased, two primary concerns were keeping the stores supplied in a timely manner and control of operations. Walton set up distribution centers to supply his stores. He would then saturate the surrounding area with Wal-Mart stores that were within reach of the distribution center. Once the area was saturated, Walton moved further out and set up another distribution center. A marketing plan was part of the visual that kept Walton in control of a massive operation and kept the stores operating according to a configuration. Sam Walton was a firm believer in keeping everyone in the loop and understanding company goals and procedures. The marketing plan was an important part of his information portfolio.
Career Tips
Think about the purpose of a marketing plan. Would it be beneficial for you to use the outline in relation to your own life and even your career analysis?
Market Segmentation and Target Marketing
Market segmentation is a vital part of the marketing plan. Compared to mass marketing, which attempts to use one marketing strategy to reach everyone, market segmentation is a strategy that classifies people into smaller groups. By determining the characteristics shared by those who buy our products, we can form a target market and gear our promotion and distribution to reach the largest number of individuals for whom we can fill a need or want and make the greatest profit for our company.
To put it another way, what makes more sense: sell one Better Mousetrap to one person in each of 1.3 million different towns across the United States, or to sell 300,000 traps to one person and another 500,000 traps to 200 people in Los Angeles, California, and another 500,000 to 100 people in Portland, Oregon? Which method best fulfills customer needs and gives our company a profit?
There are four ways to market segmentation, or to separate customers and/or consumers into smaller buying groups. By the way, is there a difference between consumer and customer? In marketing, there is. A customer is one who purchases a good or a service, while a consumer is one who uses a good or service. Of course, sometimes a consumer and customer may be the same person.
- Demographics describe the population in terms of personal characteristics (race, ethnic background, age, gender, marital status, income). Some of these characteristics can be found on the Internet, especially through federal and state Web sites. Demographic research is a major marketing tool.
- Geographics refers to segmentation of the market based on where people live. People with similar demographics tend to live in similar geographic areas. If you want to target a certain ethnic group, you will advertise in the geographic area that has the highest concentration of people.
- Psychographics refers to segmentation of the market based on people's lifestyles and shared attitudes, values, and opinions. Psychographics examines how people spend their time and money. Where do we find people that spend their leisure time on the water? What types of books do people read in a given area? It is interesting to browse through a bookstore's inspiration section in Springfield, Missouri, and Salt Lake City, Utah. The Springfield bookstore carries very generic Christian literature, while Mormon publications dominate the Salt Lake City bookstore.
- Behavioral refers to segmentation of the market based on product-related behaviors, such as consumer shopping patterns (as consumers often identify themselves by the brands and products they purchase) and usage rates.
Market Segmentation worksheet (.pdf) to learn more about connecting product selling and market segmentation (target markets). This will provide practice for the Lesson quiz and for the midterm exam. Do not send it to the Center for grading.Market Analyses and Planning
Why is marketing research important? Understanding how companies analyze you as a consumer and customer helps you to be a savvy shopper and consumer. If you work in retail, you can begin to understand that it is important to know your customers in order to help them satisfy their needs and wants. You want to turn those customers into patrons who return again and again, and you want to bring in new customers. Doing research, (and what kind) could determine if you are successful in the marketplace.
- A number of years ago, a company mass marketed their "flesh" colored bandage with advertisements. What color of "flesh" do you think their product was? If you guessed a "Caucasian tan" you were correct. An African American comedian had a field day with this advertising. But what a big mistake it was for the company! In today's ethnically conscientious marketplace, how might the company market the bandage? One possibility is that they could use the same slogan, but they would need to change their product to include different "flesh" colors.
- Sam Walton, of Wal-Mart, was considered by many to be a master analyst. He had brilliant yet simple philosophies relating to business: observe, observe, observe; sell more for less; value your employees; and value your customers. He had his own version of market research and SWOT analysis. For example, he continuously looked for ideas and items in other stores. One often-told story describes Walton strolling through the store of a competitor just down the street from his store. At that time, he owned his first store, a five-and-dime, in Columbia, Missouri. The competitor had a big sale on an item. Walton telephoned the manager of his store and told him to reduce the price of the same product even more and to put ads in the store windows immediately. Walton was notorious for going into other stores with his yellow note pad and even questioning the employees and customers.
One of Wal-Mart's more recent marketing campaigns is to bring customers with higher incomes into Wal-Mart. It has done this by introducing upscale clothing and product lines. But is its promotion reaching the designated target market? Do you think a behavioral analysis would show that people with substantial incomes shop at Wal-Mart? How has Wal-Mart changed over the years? What services and goods are offered at the Super Wal-Mart stores that were not originally available? What has led to these changes? - Imagine that a scientist in your company has developed a super-efficient fuel from some plentiful natural product. You call it "SE Fuel." The scientist also developed the auto engine that can use this fuel. What are all the things that must be considered and analyzed before marketing the new engine and fuel? Is just having a great product enough? Look back over the material covered in this lesson and in chapters 1 and 2 of the textbook and think about all the things that must take place for the SE Fuel and engine to be produced, accepted, distributed, and purchased.
Career Tips
If you are looking for work, many of these same principles can help you as you apply and interview for jobs.
- Imagine you are interviewing at Nordstrom (an upscale clothing store for men and women) for a sales position. In an interview, the personnel director asks you, "what do you think is the most important goal for our company?" What would your response have been before you took this course? You might have replied, "to make a profit." But, hopefully, after just this one lesson, your response now might be, "to determine and satisfy a customer's needs or wants while making a profit for Nordstrom." If the interviewer asks you to tell about your strengths and weaknesses, what would you say?
- Look at the world around you. Reflect on advertisements you have seen. Do you remember any that were real social blunders that could have been avoided with thorough market research (e.g., the KFC example or the flesh colored bandage)? Or have you personally observed errors because a company (or salesperson) did not have an understanding of a client/customer? How could market research have prevented the mistake?
- By the same token, researching a company before a job interview can help you make more intelligent comments that demonstrate your value as an employee. You are also better able to communicate your skills and aptitudes and demonstrate how they fulfill the needs of the company. Following marketing principles helps you professionally market your qualities when applying for employment.
Summary
I hope you now have a better idea of why marketing is important. In summary, marketing does the following:
- informs people about products that are available;
- generates competition, which in turn brings about the development of new and improved products;
- helps keep prices lower through competition;
- adds value to products;
- creates more and better paying jobs in an economy.
Similarly, knowledge of marketing helps customers and consumers make wise buying decisions and can help you prepare for and enter the job market. Marketing is a way of thinking!
Review Exercise
Textbook Problems
Complete the following questions in the textbook then check your answers in the Show Answers box below.
- Complete problem 4, page 7
- Complete problem 4, page 11
- Complete problem 4, page 19
- Complete problem 4, page 36
- Complete problem 4, page 41
This interactive or video content is only available online. This is an interactive about tax deductions.
Lesson Quiz
When you can accomplish the learning objectives for this lesson, you should take the online quiz covering this material. The quiz is composed of 30 multiple-choice questions worth 2 points each, for a total of 60 points. You may use any assigned readings, your notes, and other course-related materials to answer the questions.
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