Lecture 1

Question 1

What is exchange

Answer 1

The provision or transfer of goods, services or ideas in return for something of value

Question 2

What can be marketed?

Answer 2

Goods places services properties experiences organizations events information persons ideas

Question 3

What is the focus of marketing

Answer 3

CUSTOMERS

Question 4

What is market segment

Answer 4

A group of customers who share a similar set of needs and wants. The marketers task is to identify the segments and decide which one to target.

Question 5

What is the marketing mix

Answer 5

Product pricing distribution and promotion

Question 6

What is the goal of marketing management

Answer 6

To be effective and efficient. It is the process of planning, organizing, and controlling marketing activities to facilitate exchange

Question 7

What is the marketing concept

Answer 7

Philosophy that and organization should try to satisfy customer needs thorough a coordinated set of activities that also allow the organization to achieve its goals

Question 8

What is relationship marketing

Answer 8

Establishing long term, mutually satisfying buyer-seller relationships allowing for cooperation and mutual dependency. Loyalty equals increased profitability

Question 9

What is evolution of the marketing concept

Answer 9

Production orientation=>sales orientation=>customer orientation => marketing orientation

Question 10

What is value driven marketing

Answer 10

Customer value=customer benefits-u stoner costs

Question 11

What is marketing

Answer 11

The process of creating, proving, and distributing foods, services and ideas to facilitate satisfying exchange