PRINBMF - Chapter 8 Marketing

All the activities used to insure the effective exchange of goods and services between businesses and consumers

• Marketing
• Voluntary Exchange
• Capitalism
• Supply and demand

What involves getting products to customers?

• Financing
• Pricing
• Distribution
• Promotion

Sets prices and payment methods

• Financing
• Pricing
• Distribution
• Promotion

Involves communicating with consumers to encourage purchases

• Financing
• Pricing
• Distribution
• Promotion

Business are free to decide what they want to produce and sell

• Marketing
• Voluntary Exchange
• Capitalism
• Supply and demand

Without marketers, consumers would have a harder time finding what they need

• true
• false

A clearly identified group of consumers with needs that the business wants to satisfy

• Marketing mix

• Voluntary Exchange

• Marketing concept

• Target Market

A combination of marketing elements designed to meet the needs of a target group (the 4 Ps)

• Marketing mix

• Voluntary Exchange

• Marketing concept

• Target Market

Considers the needs of customers when planning, pricing, distributing, and promoting a product or service

• Marketing mix

• Voluntary Exchange

• Marketing concept

• Target Market

Channel of distribution: process which goods are bought by consumer from producer

• Direct
• Indirect
• Wholesaler
• Retailer