Lecture 1- Introduction

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

Question 2

What does marketing seek to do?

Answer 2

1. discover needs and wants of customers
2. satisfy them

Question 3

What is exchange?

Answer 3

1. trade of things of value
2. both buyer and seller are better off

Question 4

What are the four factors needed for marketing to occur?

Answer 4

1. two or more parties with unsatisfied needs
2. desire and ability to satisfy the needs
3. a way for parties to communicate
4. something to exchange

Question 5

What is the ‘4 Ps’: of the Marketing Mix?

Answer 5

Product
Place
Price
Promotion