Principles Final Review

The process of developing, promoting, and distributing products to satisfy customers' needs and wants.

• Marketing

• Exchange

• Possession Utility

• Marketing Mix

What takes place every time something is sold in the marketplace?

• Possession Utility

• Marketing

• Place Utility

• Exchange

The added value to a product

• Utility

• Form Utility

• Benefits

• Additions

The kinds of products you can't physically touch...

• Services

• Air

• Time

• Benefits

What are the kinds of products you can touch or hold in your hands?

• Goods

• Services

• Utility

• Stuff

Goods and services; both have monetary value and satisfy customers' needs and wants

• Products

• Utility

• Form Utility

• Possession Utility

What is the idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm?

• Marketing Concept

• Consumer Market

• Industrial Market

• Marketing Mix

Who are all the people who share similar needs and wants and who have the ability to purchase a given product?

• Market

• Customers

• Customer Profile

• Target Market

The group that is identified for a specific marketing program.

• Target Market

• Information Utility

• Market Group

• Customer Market

Which of these is NOT one of the 4 P's of Marketing?

• People

• Product

• Place

• Promotion