Section outline

  • Photo of columns of prices on a chart.

    Marketing plays a key role in the success of businesses. It is the task of marketing to generate sales for the firm. Sales revenue, in turn, pays workers’ salaries, buys supplies, covers the costs of new buildings and equipment, and hopefully enables the company to earn a profit. This chapter looks at the nature of marketing and the creation of product and pricing strategies to meet customers’ needs. In this chapter, you will learn about the marketing concept, marketing strategies, and consumer and business buying decisions. You will also see how the marketing mix is used to create sales opportunities. We discuss how new products are created and how they go through periods of sales growth and then decline. Next you will discover how managers set prices to reach organizational goals.





    Upon completion of this module, you will be able to:
    1. Explain the concept of marketing and relationship-building.
    2. Illustrate how managers create a marketing strategy.
    3. Describe the marketing mix.
    4. Explain how consumers and organizations make buying decisions.
    5. List and describe the five basic forms of consumer and business market segmentation.
    6. Explain what is a product and how is it classified.
    7. Discuss how organizations create new products.
    8. List and describe the stages of the product life cycle.
    9. Examine strategies used for pricing products, and identify future trends.
    10. Recognize trends occurring in products and pricing.

    The objectives of this module correspond with the following course outcome(s):
    1. Identify the basic components of the marketing mix: Product, Place, Price, and Promotion.
    2. Explain accounting and financial management including planning, budgeting, resource allocation, and sources of funding.
    3. Describe the ethical, regulatory, and social environments of business.

    To achieve these objectives:

    1. Read the Module 11 Introduction 
    2. Read and view the materials in the Chapter 11 Pressbooks book.
    3. Complete the Module 11 quiz. 
    4. Complete the Module 11 Ethics Activity
    5. Compete the Module 11 Critical Thinking Case Group Assignment

    Module Pressbooks Resources and Activities

    You will find the following resources and activities in this module at the Pressbooks website. Click on the links below to access or complete each item.

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