Chapter 1

Question 1

According to Peter Drucker, what is the purpose of marketing?

Answer 1

Make selling unnecessary

Question 2

Human needs shaped by culture and individual personality.

Answer 2

Wants

Question 3

When backed by buying power, wants become what?

Answer 3

Demands

Question 4

A combination of products, services, information, or experiences offered to a market to satisfy a need or want.

Answer 4

Market Offerings

Question 5

When markets set low expectations for a market offering, they run the risk of what?

Answer 5

Failing to attract enough customers

Question 6

Exchange

Answer 6

The act of obtaining a desired object from someone by offering something in return.

Question 7

Set of actual or potential buyers of a product or service

Answer 7

Market

Question 8

Consumer research, product development, communication, price, and service are all what?

Answer 8

Marketing

Question 9

the art and science of building target markets is called what?

Answer 9

Marketing Management

Question 10

Selections which segments of a population to serve is called?

Answer 10

Target Marketing

Question 11

The ____ concept is aligned with the philosophy of continued product improvement and the belief that people will choose the best product.

Answer 11

Product