Marketing Ch. 1 Quiz Review

Marketing is made up of every process involved in moving a product or service from the organization to the

Marketing is about understanding what your customers want and using that understanding to drive the business.

Marketing research begins when satisfying customers' needs.

Profitability occurs when the price customers pay is greater than the cost of making the product.

Interested parties are those persons or entities that have an interest in the success or failure of a company.

A creditor is an internal interested party.

The government is an example of an external interested party.

Which of these is not one of the Marketing utilities?

Putting raw materials together to make them more useful is ____ utility.

Having a good/service available when customers need to buy it is _____ utility.

Having a choice of where to buy a good/service is ______ utility.

Providing important details about a good/service is _____ utility.

Marketers must understand the market and their customers to be successful.

Functional value occurs when a product solves a particular need for a customer.

Social value occurs when a product is purchased to make a customer feel better.