Section 1.1

Question 0

Marketing Concept

Answer 0

The 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

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

Question 3

Needs

Answer 3

Occur when people experience 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 the product.

Question 5

Target Market

Answer 5

A specific group of consumers that an organization selects as the focus of its 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, known as 4 ps -product, price, place, promotion.

Question 8

Channel of Distribution

Answer 8

The path a product takes from the producer to the customer.