Introduction To Marketing

Question 1

What is the traditional definition of marketing?

Answer 1

“Telling and selling”

Question 2

What is the contemporary view on marketing ?

Answer 2

Satisfying customer needs

Question 3

Broadly define marketing

Answer 3

A social and managerial process by which individuals and organizations obtain what they need and want through creating abs exchanging value with others.

Question 4

Define marketing In a business context

Answer 4

Building profitable value-laden exchange relationships with customers. The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return

Question 5

How many steps are in the marketing process

Answer 5

5

Question 6

What do companies do in the first four steps of the marketing process

Answer 6

Work to understand consumers, create customer value, and build customer relationships.

Question 7

What Happens in the final step of the marketing process

Answer 7

Companies real rewards of creating superior customer value.
By creating value for customers they in turn capture value from consumers in the form of sales profits and long term customer equity

Question 8

What are the five core customer and market place concepts

Answer 8

1) customers needs wants and demands
2) market offerings (products services and experiences)
3) value, satisfaction and quality
4) exchanges and relationships
5) markets

Question 9

What are needs

Answer 9

States of felt deprivation

Question 10

What are wants

Answer 10

The form human needs take as they are shaped by culture and individual personality

Question 11

What are demands

Answer 11

Human wants that are backed by buying power

Question 12

What are market offerings

Answer 12

Some combination of products, services, information, or experiences offered to a market to satisfy a need or a want

Question 13

What is marketing myopia

Answer 13

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Question 14

When does marketing occur

Answer 14

When people decide to satisfy their needs and wants through exchange relationships

Question 15

What is a market

Answer 15

The set of actual and potential buyers of a product or service

Question 16

What are 6 core marketing activities

Answer 16

Consumer research, product development,communication,
Distribution
Pricing
Service

Question 17

What is the marketing concept

Answer 17

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the Desired satisfactions better than competitors do

Question 18

What is the social marketing concept

Answer 18

The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, Consumers long run interests and society’s long run interests

Question 19

What are the five steps in the marketing process (UDCBC) in short terms

Answer 19

Understand 
Design
Construct 
Build 
Capture