Title: Explain the marketing concept.
Course: Principles of Business and Marketing (12051-18) > Section: Exploring the Core Concepts of Business and Marketing

Explanation should include

- consumer needs and wants
- profit in a business
- customer satisfaction
- consumer vs. customer
- products (goods and services)
- utilities
- exchange.

Process/Skill Questions:

- What is meant by the marketing concept?
- What is the purpose of marketing?
- What are the different ways a business might market its products or services?
- What are the benefits of the marketing concept to customers? To businesses?
- What are the similarities and differences between a business that uses the marketing concept and one that does not?
- What role does the marketing mix play in the marketing concept?
- To what extent does quality of experience influence a customer’s overall satisfaction with a purchase?
- What is the basic question that a business must ask to incorporate the marketing concept? Why is it essential to business success?