CHAPTER 2 AND 3 MARKETING REVIEW

__ is defined as a consistent item that people accept in exchange for goods or work.

The basis of all business and marketing is ___.

The function of business that includes all activities involving money is ---.

A not-for-profit organization can make a profit.

The marketing concept says that all four functions of business should work together to satisfy customer needs and wants.

The needs and wants that you can satisfy by buying something are called ___.

A legal entity established for the purpose of doing business is a ___.

How is money used?

The selling function consists of nonpersonal communication.

The marketing concept also says that businesses should satisfy customers even if that means losing money.

The notion that a sum of money has greater potential worth in the future than it does today is called __.

Developing new products, improving old products, and determining which products to carry in a store are part of __.

A business owned by one person is called a(n) __.

A type of legal entity whose main goal is to achieve something of benefit to society is a __.

The role of marketing is to help business focus on the __.

A(n) ___ is a business owned by a small number of people, usually two or three.

Most Aboriginal businesses focus on international sales as their primary market.

Determining and targeting marketing strategies to selected audiences is part of the __ function.

The products that you buy to satisfy economic needs nd called ___.

Business satisfies economic needs by producing and marketing products

Activities that marketers perform to carry out marketing mix decisions and add utility to products are known as the __.

When a business focuses on profits, the business is said to be following the marketing concept.

Sole proprietorhip offers the business owner the most profit with the least responsibility

Strong communication between the __ functions is critical to satisfying customers.

__ is the function of business that includes all the activities required to plan, coordinate, and monitor a business.

Developing new products, improving old products, and determining which products to carry in a store are part of ___.

Marketing consists of seven activities

Adding more utility to products may help satisfy customers.

Two ways of organizing the activities of marketing are the Four Ps and the seven functions of marketing.

Involves any activity related to making a product (good, service, or idea)

One of the main ways that a business learns what customers want is through __.

The price of an item in dollars may be different from the value it has to an individual.

A store staying open later on weekends and offering more product selection are examples of increasing __ for a product.

Something that is necessary for survival is a __.

__ refers to how much something is worth.

Profit is the money that a business earns.

Employees in products, marketing, finance, and management working together as a team to satisfy customer needs/wants is

Nonpersonal communication with customers about a company and its products is ___.

There are four functions of business: price, finance, marketing, and management.

Store of wealth is another term used to describe a bank.

Something you desire but could function without is a ___.

Which type of business is a legal entity separate from the people who own it?

Which of the following is not one of the four functions of business?

Money is a way to express the value of products in a precise, mathematical form.

The positive feeling a customer gets when the product purchased meets or exceeds his or her expectations is known as __.

In the eyes of the law, a corporation is a artificial person.

__ Is a general term for activities involved in the development and exchange of products.

To trade something of value for something you want is to ___.

The ability of a product to satisfy human wants and needs is called ___.

The money that a business has left over fter all the expense and costs of running a business are paid is ___.

The goal of a not-for-profit organization is to __.