Chapter 1

Question 1

What are needs? Give 2 examples

Answer 1

when a person feels physiologically deprived of basic necessities. Food, water, shelter, clothing

Question 2

what are wants? Give 2 examples

Answer 2

a felt need that is shaped by a person’s knowledge, culture, and personality. Chips, cola, nice house, designer jeans

Question 3

what 4 factors are required for marketing to occur?

Answer 3

1. two or more parties with unsatisfied needs
2. a desire and ability on their part to be satisfied
3. a way for the parties to communicate
4. something to exchange

Question 4

what is the marketing concept? how is it different from selling?

Answer 4

the idea that an organization should strive to satisfy the needs of customers while trying to achieve the organization’s goals.
selling is “selling what you produce”
marketing is “producing what you need to sell”

Question 5

what are the 5 uncontrollable factors?

Answer 5

social, regulatory, economic, competitive, technological

Question 6

what are the 4 controllable factors in satisfying demand.

also known as?

Answer 6

marketing mix

1. product - good, service, or idea to satisfy the customers needs
2. price- what is exchanged for the good
3. promotion - communication between buyer and seller
4. place- means of getting the product to the consumer

Question 7

what are the 2 key activities in marketing?

Answer 7

defining customers needs & wants

satisfying customers needs & wants