Concept Check Questions 1. What is the first step in the marketing process? 2. What is the most visible part of the marketing mix, which can be very expensive? 3. What is the final step in the marketing process? 4. What is the term used for the process of surveying the market environment to assess external threats and opportunities? 5. Write at least four factors in the economic environment that will affect customers' willingness and ability to spend their money on a firm's product? The fact that modern, sophisticated manufacturing innovations have enabled many firms to easily customize their products and to offer them at dramatically reduced prices to satisfy the varying tastes of targeted custome represents the impact of the on the marketing of products. 7. shifts, such as age, gender, ethnicity, and marital status, and changing values, can signal opportunities for businesses. 8. What is a group of people or organizations that has wants and needs tha can be satisfied by particular product categories, has the ability to purchase these products, and is willing to exchange resources for the products?