Mkt 220 Test One Review

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Chapter 1
Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
Customers – the purchasers of organizations products; the focal point of all marketing activities.
Target Market – a specific group of customers on whom an organization focuses its marketing efforts.
Marketing Mix – four marketing activities; Price, Product, Distribution, Promotion that a firm can control to meet the needs of customers within its target markets.
Product – a good, service, or idea.
Exchange – the provision or transfer of goods, services, or ideas in
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Recovery – a stage of the business cycle in which the economy moves from recession or depression toward prosperity.
Buying Power – resources, such as money, goods, and services that can be traded in an exchange.
Income – for an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period.
Disposable Income – after-tax income.
Discretionary Income – disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter.
Wealth – the accumulation of past income, natural resources, and financial resources.
Willingness to Spend – an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces.
Federal Trade Commission (FTC) – an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling.
Better Business Bureau – a system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms.
National Advertising Review Board (NARB) – a self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an
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