Marketing Chapter 1 Review

Which function of marketing is gathering information to make sound business decisions (mostly through market research)?

Which function of marketing dictates how much to charge for goods and services in order to maximize profits?

Involves understanding the concepts and strategies used to develop and target specific strategies to a select audience

The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business

Which function of marketing is obtaining, developing, maintaining, and improving a product?

Which function of marketing is the process of deciding how to get goods into customers hands?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings

This function is communicating with potential customers to inform, persuade, or remind them about a business's products?

Product, place, price and promotion strategies

Which are considered the benefits of marketing?

Cake Mix Box Company placed the recipe instructions on the packaging of their products. Which economic utility is this?

The group of people most likely to become customers are the?

The last three months of the year, a grocery store stocks its shelves with canned pumpkin. The economic utility is

Which function of marketing provides customers with goods and services they want

A company's percentage of the total sales volume generated by all companies that compete in a given market is called?