1. Define marketing.
2. Explain why marketing is so important to small business. 3. Explain the marketing concept, the societal marketing concept,
and the holistic marketing concept. 4. Define customer value and discuss the role of marketing and
delivering it. 5. Explain market segmentation, target market, marketing mix,
differentiation, positioning, marketing environment, marketing management, and marketing strategy.
Because the purpose of business is to create a customer, the business enterprise has two—and
only two—basic functions: marketing and innovation. Marketing and innovation produce
results; all the rest are costs. Marketing is the distinguishing, unique function of the
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