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Copyright Goodheart-Willcox Co., Inc.
Review and Assessment
Chapter Summary
Section 10.1 Introduction to Marketing
• Marketing consists of dynamic activities that identify, anticipate, and satisfy customer demand
while making a profit. The marketing concept is an approach to business that focuses on
satisfying customers as the means of achieving profit goal. To help accomplish the marketing
concept, the four Ps of marketing address product, price, place, and promotion. Applying the
seven functions of marketing help a business organize its marketing activities.
• Marketing strategy is the plan that helps a business meet its overall goals and objectives.
Strategies provide the groundwork for creating the marketing plan that describes
marketing objectives and tactics to meet them. The first step in developing a marketing
strategy is to identify the target market. The next step in developing a strategy is to
identify the marketing mix.
Section 10.2 Customers
• Customer relationships are essential to business. Three basic types of customers are B2C, B2B,
and government/institutions. To help manage customer relationships, many businesses use
databases to gather, store, and use customer data for marketing directly to their customers.
A customer service relationship management (CRM) is used to accomplish those tasks.
It identifies customers, their buying habits, and other important information to help the
business.
• The buying decisions made by customers of all types are affected by various influences.
Consumer buying behavior is typically based on social, psychological, situation, and personal
influences. The purchases made by a consumer are based on impulsive, routine, limited, or
extensive buying decisions. In contrast, business purchases are influenced by internal factors,
external factors, and situational factors. Purchases by a business are new, repeat, or modified.
Online Activities
Complete the following activities to help you learn, practice, and expand your knowledge and skills.
Posttest. Now that you have finished the chapter, see what you learned by taking the chapter
posttest.
Vocabulary. Practice vocabulary for this chapter using the e-flash cards, matching activity,
and vocabulary game until you are able to recognize their meanings.