Lecture 1 : Basic Concepts & Importance of Marketing

Question 1

Marketing definition

Answer 1

Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others

Marketing is the delivery of customer satisfaction at a profit

Question 2

Marketing Points

Answer 2

• deals with human needs
• requires knowledge of human needs and wants
• focuses on the fulfilment of needs and wants through a market offering
• marketing is more that just the “sale” itself
• it is long term
• it must be managed

Question 3

Demands

Answer 3

Are wants for specific products but are backed by purchasing power

Wants + Buying Power = Demands

Question 4

Market Offerings

Answer 4

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

Market offerings include:
physical products
services which are intangible

Market offerings also include: persons, places, organisations, information and ideas.

Question 5

Services

Answer 5

Refer to activities or benefits offered for sale that are essentially intangible and does not result in the ownership of anything,
e.g. banking, airline, haircut, hotel, tax preparation and home repair services.

Question 6

Market

Answer 6

Is the set of actual and potential buyers of a market offering. These buyers share a particular need or want who that can be satisfied through exchanges and relationships.

Question 7

Exchange

Answer 7

The act of obtaining a desired object from someone by offering something in return, such as
money, another good, or a service.

Question 8

Relationship Marketing

Answer 8

Building long-term relationships with valued consumers, distributors, dealers, and suppliers.

Question 9

Modern Marketing system

Answer 9

supplier-> compeititors/ company (marketer)->marketing intermediaries-> end user

supplier-> compeititors/ company (marketer)-> end user