Grade 6 Lesson 1: #Marketing
Today we kick-off lessons for grade 6 with the topic of “Marketing”.
Marketing refers to all activities that an #organization or individual does to #promote and #sell products or services to potential people who will buy them i.e. the #consumers. At its most basic level, marketing seeks to match #products and #services to customers who want access to those products. Matching products to customers ultimately ensures that the #seller makes #money.
There are 4 essential elements in marketing – also referred to as the 4 Ps of marketing - #product, #price, #place, and #promotion
Product
Product refers to an item or items the business plans to offer to customers. The product should seek to fulfill an absence in the market, or fulfill consumer demand for a greater amount of a product already available. Marketers need to understand what product is being sold, how it stands out from its competitors, and whether there are substitute products in the market.
Price
Price refers to how much the company will sell the product for. When establishing a price, companies must consider the cost, marketing costs, and distribution expenses. Companies must also consider the price of competing products in the marketplace and whether their proposed price point is sufficient to represent a reasonable alternative for consumers.
Place
Place refers to the place where/how the product will be sold. Key considerations include whether the company will sell the product through a physical storefront, online, or through both distribution channels. When it's sold in a storefront, what kind of physical product placement does it get? When it's sold online, what kind of digital product placement does it get?
Promotion
Promotion, the fourth P, is the marketing/advertising/communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, direct marketing, sponsorship etc.
While the topic of marketing is not directly related to financialliteracy, it is a key topic to understand for all kids as they are growing up and developing a perspective on the business world.
ayu ecosystem #kids #education #financialliteracy