Marketing Chapter 1 Review

A market is a description of a unique group of prospective customers a business wants to serve and their location

Being __ means you do not rely on others for the things you need to survive

Successful businesses develop an approach to marketing planning that responds to:

The __function of the marketing mix determines the best way to help customers locate, obtain, and use a product

Exchanging products or services with others by agreeing on their values is known as

Marketing is the creation and maintenance of satisfying exchange relationships

Offering products produced or manufactured by others for sale to customers is known as

__ marketing focuses on developing loyal customers who continue to purchase from the business for a long period of time

Anything offered to a market by a business to satisfy needs and wants is called

Which business function involves developing, implementing, and evaluating the plans and activities of a business?

A money system established the use of currency as a recognized medium of exchange to pay for products

By studying marketing, you will learn  

When a company decides which delivery service to get its products to customers = this part of the marketing mix

Concentrating on one thing or a few related activities in the work place so they can be done well is called

As consumers increased their standard of living and had more money to spend, the demand for newer and better products

The pricing function of the marketing mix establishes and communicates the value of products to prospective customers

The first step of the marketing concept is to 

An approach to customer service that gives employees the authority to solve many customer problems is called

Marketing-information management includes

This marketing function provides for personal interaction and communication between sellers and customers