Chapter Summary
Section 2.1 Importance of Marketing
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marketing helps businesses to meet those needs and wants.
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current and potential customers in order to meet their needs and wants.
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money requested in exchange for a product), place (the activities involved in getting a product to
the end user), and promotion (the process of communicating with potential customers to
influence their buying behavior).
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selling the product at the right price; making the product available in the right place; and
promoting the product in a way that will reach the target customers.
Section 2.2 Marketing Concept
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achieve profit goals. The three basic elements in this concept are: customer satisfaction, which is
the degree to which a customer is pleased with products; total company approach, which is the
idea that every person within the company has the goal of satisfying the customers; and profit, or
the money a company has left after paying all expenses.
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management; market planning; pricing; product/service management; promotion; and selling.
Review Your Knowledge
1. Why is marketing dynamic?
2. Why is it important to target the market?
3. Describe the difference between a good and a service.
4. Why is it important to build relationships with customers?
5. How can the ideas or image of a person be marketed?
6. What is a total company approach?
7. What is the difference between how a large and a small company might handle the marketing functions?
8. What are two ways to organize marketing activities?
9. Give an example of each marketing function.
10. Name one way that channel management supports the marketing function.
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