2204chapter%201%20review

2204chapter%201%20review - CHAPTER 1 REVIEW Marketing...

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CHAPTER 1 REVIEW Marketing Concepts: Testing Your Knowledge 1. What is marketing? Marketing is the process of planning and executing the conception, pricing promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Fundamentally marketing is about making decisions about the creation of value for customers. 2. What is the marketing concept? The marketing concept is a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability objectives. 3. How is it different from the social marketing concept? The marketing concept differs from the social marketing concept in that today many firms are moving toward a new interpretation of responsibility and orientation to the consumer that focuses on satisfying consumer needs while also addressing the needs of the larger society. The philosophy is an expansion of the marketing concept that focuses on making a profit but also on enhancing benefits to communities and society in general 4. How does marketing facilitate exchange?
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