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Copyright Goodheart-Willcox Co., Inc.
Review Your Knowledge
1. What is the American Marketing Association definition of marketing?
2. Explain the marketing concept.
3. List the seven functions of marketing and describe their related activities.
4. Explain the concept of marketing strategies.
5. Define and explain the importance of a target market.
6. Explain the difference between market segmentation and mass marketing.
7. What is Maslow’s Hierarchy of Needs?
8. Define each component of the marketing mix.
9. What are the four levels of consumer buying decisions?
10. Explain the three levels of business buying decisions.
Apply Your Knowledge
1. Select a student organization in your school of which you are a member or would consider
becoming a member. For this organization to recruit members, it must first identify the target
market. How would you identify a target market for a student organization? Explain how the
concepts of marketing and market identification apply. How would you use market segmentation
to identify the group that would be most likely to join when recruiting for the organization?
2. Select a product that appeals to people in your age group, such as an electronics item or
automobile. Imagine that you are creating a marketing strategy for that product. Identify
examples of an effective marketing mix that would have the most influence on the target
market. Which of the four Ps would you use? Explain your reasoning.
3. In the last question, you identified examples of an effective marketing mix for a product.
Create examples for each of the elements to market your chosen product. Identify each
element and how you would use it in a marketing strategy. Explain why different marketing
strategies are used for services versus goods. How would your marketing strategy change if
your product was a service?
4. Describe a memorable commercial or print advertisement you have seen recently. What was
the product being promoted? What do you think the target market was for that particular
advertisement? Explain your answer.
5. There are four levels of consumer buying decisions: impulse, routine, limited, and extensive.
Give examples of purchases you have recently made that fit into each level. Did you make
good purchasing decisions? Explain your answer.