Ch. 3: Marketing

Question 1

Marketing

Answer 1

Management process responsible for identifying, anticipating,and satisfying consumers’ needs profitably

Question 2

Market

Answer 2

place or mechanism where buyers and sellers meet to engage in exchange

Question 3

Need

Answer 3

basic requirement that an individual wishes to satisfy. (Eg. Food)

Question 4

Want

Answer 4

satisfies certain requirements or individual needs of most human beings, but is not essential

Question 5

Marketing objectives

Answer 5

the goal set for the marketing department to help the business achieve its overall objectives.

Question 6

Marketing strategy

Answer 6

long-term plan established for achieving marketing objectives.

Question 7

Market orientation

Answer 7

An outward-looking approach basing product decisions on consumer demand, as established by market research.

Question 8

Product orientation

Answer 8

An inward-looking approach that focuses on making products that can be made-or have been made for a long time –and then trying to sell them