1. The research and development (R&D) department, often thought of as the of an organization, is staffed with teams of smart engineers and scientists who research new technologies and find new ways to improve the company’s products, or tangible goods. 2. The most common functions of a business include research and development, production, , marketing, finance, and human resources.

3. The goal of extractive companies is to “extract” the (2 words) that other businesses can use to build their products.

4. There are also some cases where a business may hire another company to complete a task on their behalf. This is known as , and it’s prevalent in both service-based and product-based companies.

5. The five main marketing concepts are the product concept, concept, selling concept, marketing concept, and societal concept.

6. The concept states that businesses should balance their corporate mission with social welfare.

7. The more information a business collects, the better it becomes at with its customers.

8. covers how businesses make their products available to customers. Companies can decide whether they want to sell online, oversees, or at local retail outlets.

9. All of these companies do extensive research to figure out what people want and then come up with creative marketing messages to attract customers. This entire process—from research to implementation—is known as the (2 words), and it has five main steps.

10. The marketing process: Step 1 - Creating a Mission, Step 2 - Analyzing the Situation, Step 3 - Creating a Marketing Plan, Step 4 - Developing the Marketing Mix, Step 5 -