1. The definition of business- any activity that seeks to provide goods and services to others while operating at a profit
2. The Marketing Mix- The ingredients that go into a marketing program; product, price, place, and promotion.
We can divide much of what marketing people do into four factors, called the four P’s to make them easy to remember. They are: Product, Price, Place, Promotion
The four P’s are a convenient way to remember the basics of marketing but they don’t necessarily include everything that goes into the marketing process for all products. One of the best ways to understand the entire marketing process is to take a product or a group of products and follow the process that led to their development and sale.
Product- any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand.
Promotion- all the techniques sellers use to inform people about and motivate them to buy their products or services.
3. Motivational Theories-
Maslow’s Hierarchy of needs- theory of motivation based on unmet human needs from basic physiological needs to safety, social, and esteem needs to self-actualization needs.
Psychologist Abraham Maslow believed that to understand motivation at work, we must understand human motivation in general. It seemed to him that motivation arises from need. That is, people are motivated to satisfy unmet needs. Needs that have already been satisfied no longer provide motivation.
Self-actualization needs- the need to develop to one’s fullest potential
Esteem needs- the need for recognition and acknowledgement from others, as well as self-respect and a sense of status or importance.
Social needs- the need to feel loved, accepted, and part of the group
Safety needs- the need to feel secure at work and at home
Physiological needs- basic survival needs, such as the need for food, water, and shelter.
4. Definitions of...