Section 1.1

Question 1

Marketing

Answer 1

The process of developing, promoting, and distributing products, goods, or services to satisfy a consumers needs and wants

Question 2

Marketing Concept

Answer 2

the idea that organizations need to satisfy their customers while trying to reach their organizations goals

Question 3

Market

Answer 3

potential customers with shared needs who have the desire and ability to buy a product

Question 4

Needs

Answer 4

the lack of basic necessities such as food, clothing and shelter

Question 5

wants

Answer 5

things people desire based on personality, experiences, and information about the product

Question 6

Target Market

Answer 6

a specific group of consumers that an organization focuses on for a marketing plan

Question 7

Demographics

Answer 7

statistics that describe a population in terms of personal characteristics

Question 8

Marketing Mix

Answer 8

a combination of the four P’s of marketing those are Price, Product, Place, and Promotion

Question 9

Channel of Distribution

Answer 9

the path a product takes from the producer to the consumer