Section 1.1

Question 0

Marketing Concept

Answer 0

Idea that organizations need to satisfy their customers while also trying to reach their organizations’ goals

Question 1

Marketing

Answer 1

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

Question 2

Market

Answer 2

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

Question 3

Needs

Answer 3

A lack of basic necessities such as food, clothing, or shelter

Question 4

Wants

Answer 4

Things that people desire based on personality, experiences, or information about a product

Question 5

Target Market

Answer 5

A specific group of consumers that an organization selects as the focus of it’s marketing plan

Question 6

Demographics

Answer 6

Statistics that describe a population in terms of personal characteristics

Question 7

Marketing Mix

Answer 7

A combination of four basic marketing strategies, knows as the 4 Ps – Product, price, place, and promotion

Question 8

Challenge of Distribution

Answer 8

Path a product takes from the producer to consumer