Marketing Unit 1 Vocabulary Review

What is one of the benefits of marketing?

• Decreases production

• Makes buying inconvenient

• Raises the standard of living

• Reduces the variety of goods and services

Who is a consumer?

• Someone who sells a product

• Someone who buys a product

• Someone who uses a product

• Someone who produces a product

What is the definition of a customer?

• Someone who uses a product

• Someone who buys a product

• Someone who sells a product

• Someone who produces a product

What is an example of an exchange?

• Buying a product

• Selling a product

• Offering $2.00 for two Big Macs

• Using a product

Who is considered an external customer?

• Employees of the business

• General Public

• Business owners

• Suppliers

Who is considered an internal customer?

• General Public

• Competitors

• Employees of the business

• Suppliers

What is a market?

• A place where products are produced

• A place where products are bought and sold

• A place where products are advertised

• A place where products are stored

What does marketing involve?

• Only the selling of products

• Only the production of products

• All of the planning, pricing, promoting, distributing, and people activities to get goods and services from the producer to the ultimate consumer

• Only the advertising of products

What is the marketing concept focused on?

• Making the customer feel like they are #1

• Making the customer feel like they are always right

• Making the customer feel like they are wrong

• Making the customer feel like they are #2

What is the best combination of planning, pricing, promoting, and placing to reach the target market called?

• Market Segmentation

• Target Market

• Marketing Mix

• Services