Intro to Marketing

Question 1

What is marketing?

Answer 1

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

Marketing is about satisfying customer needs.

Question 2

What are the goals of marketing?

Answer 2

1. Attract new customers by promising superior value

2. Keep and grow customers by delivering satisfaction

Question 3

What is the marketing mix?

**IMPORTANT

Answer 3

The marketing mix is a strategic toolbox used by marketers to achieve their marketing objectives by creating and communicating their value to consumers

It is a combination of the product itself, the price of the product, the promotional activities that introduce it, and the place where it is made available, that together create a desired response among a set of predefined consumers

*Marketers strategically deploy the marketing mix to create a unique value proposition for their brand relative to the competition

4Ps: Product, Price, Promotion, Place

Question 4

What is the meaning of exchange?

Answer 4

Exchange is the process by which some transfer of value occurs between a buyer and seller.

For an exchange to occur, at least two people or organisations must be willing to make a trade, and each must have something the other wants