ACP Business Chapter Study Guide 43 Questions And Answers

The Functions of Marketing - ️️Buying-marketer must understand buyers needs and desires to determine what products to make available Selling-marketers view selling as a persuasive activity accomplished through promotion Transporting-process of moving products from seller to buyer, marketers focus on transportation costs/services Storing-warehousing goods-storing products for long periods of time in order to create time utility Grading-standardizing products by dividing them into subgroups and displaying/labeling them so that customers clearly know their nature and quality Financing-marketer arranges credit to expedite the purchase Market research-marketers ascertain the need for goods and services Risk taking-implication of risk is that most marketing decisions either result in success or failure (you have to take the change even though your product might fail) Value - ️️a customer's subjective assessment of benefits relative to costs in determining the worth of a product Customer Value=Customer benefits-customer costs The Marketing Concept - ️️the idea that an organization should try to satisfy customers' needs through coordinated activities that allow it to achieve its own goals Marketing Segmentation - ️️a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires Concentration Approach - ️️company develops one marketing strategy for a single market segment