Introduction

=Lesson 1 - Introduction to Marketing=

‍Marketing Introduction VoiceThread
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Important Terms for this Lesson

 * Marketing || The creation and maintenance of satisfying exchange relationships ||
 * Marketing Mix || Describes how a business blends the four marketing elements, which are product, price, place, and promotion ||
 * Product || What a business offers customers to satisfy needs (can be either goods or services) ||
 * Place || Involves the locations and methods used to make products available to customers ||
 * Price || The amount that customers pay for products ||
 * Promotion || Describes ways to encourage customers to purchase products and increase customer satisfaction—includes advertising, publicity, personal selling, and public relations ||
 * Satisfying Customer Needs || The most important aspect of marketing ||
 * Product-Service Management || Designing, developing, maintaining improving, and acquiring products or services so that they meet customer needs ||
 * Distribution || Determining the best way to get a company’s products or services to customers ||
 * Selling || Includes direct and personal communications with customers to assess and satisfy their needs. ||
 * Marketing-Information Management || Gathering and using information about customers to improve business decision making—research ||
 * Financing || Requires a company not only to budge for its own marketing activities, but also to provide customers with assistance in paying for the company’s products or services ||
 * Pricing || Is the process of establishing and communicating the value or cost of goods and services to customers ||
 * Opportunity Cost || The cost of passing up the next best choice when making a decision ||
 * Sports Marketing || Using sports to market products ||
 * Target Market || A specific group of people you want to reach ||
 * Demographics || Objective characteristics of consumers such as age, income, education, sex, or occupation ||
 * Psychographics || Dividing markets into segments on the basis of consumer lifestyles. ||
 * Gross Impression || The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer. ||
 * Disposable Income || Income that can be spent freely ||