Introduction to Marketing Lesson Note
This SS1 Marketing lesson note covers Introduction to Marketing for First Term, Week 1.
Learning Objectives
- At the end of the lesson, students should be able to:
- Explain the meaning of marketing.
- Define basic marketing terms.
- Explain needs, wants, demand, products, exchange, transactions, and markets.
- Give simple examples of each marketing term.
Lesson Note
A. Introduction
Marketing is part of our everyday life. Whenever people buy, sell, advertise, or exchange goods and services, marketing is involved.
For example, when a student needs a school bag, looks for one in a shop, compares the prices and buys it, different marketing activities have taken place.
B. Meaning of Marketing
Marketing is the process of identifying what people need and want, providing it, informing them about it, and making it available to them at the right place and time.
In simple words, marketing is all the activities involved in getting goods and services from the producer to the people who need or want them.
Marketing activities include:
Finding out what customers want.
Producing suitable goods or services.
Advertising and promoting products.
Setting prices.
Distributing products.
Selling products.
Satisfying customers.
C. Basic Marketing Terms
1. Needs
A need is something that a person must have to live comfortably with or survive on.
Examples of needs include:
Food
Water
Clothing
Shelter
Basic healthcare
Example: A hungry person needs food.
2. Wants
A want is something a person would like to have but can live without.
Wants are usually influenced by a person’s taste, income, lifestyle and environment.
Examples:
A person needs food but may want pizza.
A person needs clothing but may want designer clothes.
A person needs transportation but may want a luxury car.
Simple difference:
Need = something necessary.
Want = something desired.
3. Demand
Demand is the desire for a product or service backed by the ability and willingness to pay for it.
A person may want a phone, but if the person does not have money or is not willing to buy it, it is not effective demand.
Example: A student wants a ₦50,000 school bag and has enough money to buy it. This is demand.
4. Product
A product is anything offered to people to satisfy a need or want.
A product can be a good or a service.
Examples of goods:
Shoes
Books
Food
Phones
School bags
Examples of services:
Hairdressing
Banking
Transportation
Teaching
Medical services
5. Exchange
Exchange is the process of obtaining something from another person by giving something in return.
Money is commonly used in exchange, but exchange can also involve goods or services.
Example: A customer gives money to a shopkeeper and receives a packet of milk.
6. Transaction
A transaction is an agreement or activity in which two or more parties exchange something of value.
Example: A customer buys a pair of shoes for ₦20,000. The customer gives money and receives the shoes. This is a transaction.
7. Market
A market is a place, physical or online, where buyers and sellers come together to exchange goods and services.
A market does not always have to be a physical place.
Examples:
Local food market
Supermarket
Online marketplace
Automobile market
In marketing, the term market can also refer to a group of people who have a particular need or want and may be willing and able to buy a product.
8. Marketing
Marketing is the process of understanding customers’ needs and wants and creating, promoting, pricing and distributing products to satisfy those customers.
Example: A company discovers that students need affordable school bags. It produces the bags, decides on a suitable price, advertises them and makes them available in shops. These activities are part of marketing.
D. SUMMARY
The basic marketing terms can be remembered as follows:
| Term | Simple Meaning | Example |
|---|---|---|
| Need | Something necessary | Food |
| Want | Something desired | Pizza |
| Demand | A want backed by ability and willingness to pay | Wanting and being able to buy a phone |
| Product | Anything that satisfies a need or want | Shoes or hairdressing |
| Exchange | Giving something to receive something in return | Money for food |
| Transaction | An agreement involving an exchange | Buying a book |
| Market | Where buyers and sellers meet/exchange | Shop or online marketplace |
| Marketing | Activities used to satisfy customers’ needs and wants | Advertising and selling a product |
Evaluation
1. Marketing involves
A. science of life
B. study of the earth
C. communication activities
D. selling activities
2. Marketing identifies people’s
A. needs
B. health
C. environment
D. climate
3. What we survive on is our
A. wants
B. needs
C. exchanges
D. trades
4. Our desire is our
A. wants
B. needs
C. trades
D. necessities
5. An agreement or activity in which two or more parties exchange something of value is known as
A. wants
B. transaction
C. necessities
D. market
6. An online exchange of goods between seller and buyer can be referred to as
A. market
B. selling
C. buying
D. agreement
7. The following are means of exchange EXCEPT
A. market
B. money
C. goods
D. service
8. The following are goods EXCEPT
A. hairdressing
B. shoe
C. phones
D. cars
9. A customer is
A. buyer
B. seller
C. wholesaler
D. retailer
10. All the following are needs EXCEPT
A. food
B. travelling
C. healthcare
D. shelter
Theory Questions
1a) What is marketing?
b) State two examples of wants.
c) Differentiate between a need and a want.
2a) Explain the following: i) demand ii) market iii) transaction
b) Mention four activities involved in marketing.