marketing ch 1

Question 1

What is marketing?

Answer 1

Marketing is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large

Question 2

Marketing focuses on _________ and _________ consumer needs.

Answer 2

discovering; satisfying

Question 3

What four factors are needed for marketing to occur?

Answer 3

The four factors are: (1) two or more parties (individuals or organizations) with unsatisfied needs; (2) a desire and ability on their part to have their needs satisfied; (3) a way for the parties to communicate; and (4) something to exchange.

Question 4

An organization can’t satisfy the needs of all consumers, so it must focus on one or more subgroups, which are its __________.

Answer 4

: target market

Question 5

What are the four marketing mix elements that make up the organization’s marketing program?

Answer 5

product, price, promotion, place

Question 6

What are environmental forces?

Answer 6

Environmental forces are the uncontrollable forces that affect a marketing decision, which consist of social, economic, technological, competitive, and regulatory forces.

Question 7

What are the two key characteristics of the marketing concept?

Answer 7

An organization should (1) strive to satisfy the needs of consumers (2) while also trying to achieve the organization’s goals.

Question 8

What is the difference between ultimate consumers and organizational buyers?

Answer 8

Ultimate consumers are the people who use the products and services purchased for a household. Organizational buyers are those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.