Explanation should emphasize the basic marketing concept, which states that businesses must satisfy customers' needs and wants to make a profit.
Process/Skill Questions:
- What is the basic question that a business must ask to incorporate the marketing concept?
- Why is marketing essential to business success?
- What are the similarities and differences between a business that uses the marketing concept and one that does not?
- How are customers' needs determined? How are their wants determined?
- Why is it important for a business to establish a marketing concept?
Teacher Resource:
DECA Competitive Event: Principles of Marketing