Chapter 4 – The basics of Marketing

Today, marketing has become so complex that it is not well understood by business people who do not have marketing backgrounds; consequently, marketers usually work by themselves and have little contact with others in the business.
what is the most difficult marketing decision to understand and plan
Businesses that use the marketing concept first develop a product or service and then decide how it will be marketed.
A channel of __________ is made up of all of the businesses involved in completing marketing activities as products move from the producer to the consumer
The marketing concept keeps the main focus on customers’ needs during the planning, production, distribution, and promotion of a product or service.
marketers use research techniques to
– identify customers
– determine which marketing strategies work the best
– analyze competitors
Effective companies focus almost exclusively on the quality of the products or services they offer.
business profit
A non-__________ organization has as its primary focus something other than providing products and
services for a profit.
Bringing a new product to the marketplace is expensive.
__________ members are the businesses used to provide many of the marketing functions during the
distribution process.
Businesses that do not use the marketing concept assume that most people are potential customers for their products and can be persuaded to buy with adequate marketing.
what is the first step in the consumer decision-making process
recognize a need
Monopolies are often more concerned about protecting their market and making a profit than about meeting the needs of consumers.
In a(n) __________, only a few companies compete in the same market but offer products in which
consumers see few, if any, differences
Most service businesses work directly with their customers rather than through a channel of distribution.
Marketing today (true facts)
– marketing is usually thought of as a critical investment
– marketing has expanded in scope from a few activities to a variety o activities
this element of the marketing usually receives the most attention from producers and manufacturers
monopolistic competition
companies in this type of environment find the marketing concept to be of the most value
The most important type of marketing research for most businesses is the study of potential and current customers.
with the marketing concept, planning begins by
identifying potential customers and their needs
Service businesses usually have less control over pricing than businesses that sell products.
what is the most effective way of dealing with customers needs
they try to understand how cutomers evaluate products and services to make decisions about what to purchase
Of all marketing tools used today, promotion creates the most economic utility.
A choice among alternatives is called a(n) __________.
A(n) __________ market is a clearly defined segment of the market to which a business wants to appeal.
most final pricing decisions are made by…
the retailer
Nonprofit groups such as the Red Cross have little need for marketing services.
Market __________ include new markets and ways to improve a company’s offerings in current markets.
Much of the planning efforts of a company are used to determine what to sell and how it will be presented to the customer.
A plan that identifies how a company expects to achieve its goals is known as a(n) __________.
Marketing is responsible for identifying and planning for opportunities.
Groups of similar consumers within a larger market are known as market __________.
common reasons for business failures
– the business believes it knows what the customers want
– the business does not study the market
– the business does not use any available marketing tools.
Most products and services are exchanged directly between the producer and the customer.
The marketing __________ is a blend of the four marketing elements—product, distribution, price, and promotion

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