Fundamentals of Marketing

Question 1

What are the five key words?

Answer 1

Reflect
Discuss
Apply
Develop
Analyse

Question 2

What is Marketing?

Answer 2

The activity, set of institutions and processes for creating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.

Question 3

What type of process is Marketing?

Answer 3

Process that starts with identifying customer needs for a particular service or product.

Question 4

What do you need to understand for good Marketing?

Answer 4

What consumers want?
Why consumers want it?
How consumers want it?
Where consumers want it?
At what price consumers want it?

Question 5

What are the 4 Ps of Marketing

Answer 5

Product Price Place Promotion

Question 6

What is promotion

Answer 6

Marketing communications used to encourage potential buyers

Question 7

What is a product

Answer 7

Whatever is being sold in the exchange between company and customer.

Question 8

What is Price

Answer 8

Assignment of value the customer must exchange to receive the offering.