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Chapter 1 Review
Remember This
n Marketing consists of dynamic activities
that focus on the customer to generate a
profitable exchange.
n The main goal of marketing is to meet
customer needs and wants with products
that customers can and will buy.
n The Four Ps are product, place, price, and
promotion.
n A product is a good, service, or idea that
can be marketed.
n The marketing mix is a plan of action for
marketing a product; it consists of the
decisions made about each of the Four Ps
for that product.
n Decisions about the marketing mix are
made with the target market in mind.
n Marketing plans guide a company and
help avoid the results of poor planning.
n A SWOT analysis helps define a
company’s strengths and weaknesses for
market planning.
Review Concepts
  1. Define marketing.
  2. Why is marketing dynamic?
  3. Why should marketing focus on the
customer?
  4. In what ways is marketing international?
  5. Describe each of the Four Ps. Give an
example of each.
  6. Describe the difference among goods,
services, and ideas.
  7. Give an example of each of the three
different kinds of products.
  8. How do marketers make marketing mix
decisions?
  9. Draw a diagram that shows the
relationship between the marketing mix
and the target market.
10. How can knowing about marketing help
you, even if you do not go into a career
in marketing?
Think Critically
  1. List five goods and five services that you
or members of your family often buy.
  2. Dental care is considered a product.
Explain why. What type of product is it?
  3. A charitable organization, such as the
Muscular Dystrophy Association (MDA),
sells a product. What type of product
does it sell?
  4. Can one store or business sell all three
types of products? Name a store or
business and give an example of each
type of product that it sells.
  5. Look at Figure 1-9. Why is the target
market at the center of the diagram?
  6. Name a product that you own or would
like to own. What product, place,
price, and promotion decisions did the
marketer make for that product? In other
words, what is the marketing mix for
that product?
  7. Organizations such as student council,
student career organizations, and
sports teams use marketing. Choose an
organization with which you are familiar.
Give an example of the Four Ps for that
organization.
 
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