Chapter 11- Marketing

Question 1

What is a market

Answer 1

• in the traditional sense, it is the place where buyers and sellers gather to enter into a transaction involving the exchange of goods and services.
• in the modern sense, it has a broader meaning. It refers to a set of actual or potential buyers of a particular product or service

Question 2

What does marketing mean in the traditional sense?

Answer 2

Traditionally it has been referred to the performance of business activities which directs the flow of goods and services from the producer to the consumer

Question 3

How has The Philip Kotler defined marketing

Answer 3

Philip Kotler has defined marketing as a social process by which individual groups obtain what they need and want by creating offerings and freely exchanging products and services of value with others

Question 4

Features of marketing

Answer 4

1) needs and wants
2) creating a market offering
3) customer value
4) exchange mechanism

Question 5

What can be marketed

Answer 5

• physical products
• services
• ideas
• person
• place
• event
• organisation
• properties
• experience
• information

Question 6

What is a product

Answer 6

Product is a source of satisfaction that can be used to satisfy one’s needs and wants. It may be tangible or intangible

Question 7

Who is a marketer

Answer 7

A marketer refers to any person who takes a more active role in the exchange process