MKT 305 Chapter 1

If the product in the commercial exchange is a good, then the product’s will most likely be called ___________?

This is where a ___________ provides a product to a buyer in return for something in exchange

• consumer

• seller

• buyer

• good

• service

An individual or group who purchases the product in order to resell it or for other business purposes

• business customer

• seller

• consumer

• buyer

If the product is a service, then the product’s price may well go by one of a variety of other possible names

• True

• False

Differentiate between Price and Costs

It refer to the benefits, or the satisfactions of needs and wants, that a product provides to customers.

• value

• harvesting

• capturing

The key to business success is to focus on satisfying customer needs.

• True

• False

It refers in designing, naming, and packaging goods and/or services that satisfy customer needs

• Product

• Distribution

• Promotion

• Pricing

It refers in communicating about the product and/or the organization that produces it

• Product

• Distribution

• Promotion

• Pricing

It refers in efforts to make the product available at the times and places that customers want

• Product

• Distribution

• Promotion

• Pricing