M1 Part 1: Introduction to Marketing

Question 1

What are the functions of management?

Answer 1

• Controlling: monitoring and intervening in business operations
• Planning: setting long term goals with execution of short term strategies
• Leading: symbolic and practical leadership
• Organizing: organizing operations for the effective use of resources

Question 2

What are the functional areas of a business?

Answer 2

• Operations: inputs converted to outputs of a business
• Human Resource: searching, selecting, recruiting and managing individuals of a business
• Accounting and Finance: provide managers with the information needed to make decisions about company resource allocation
• Marketing: identify customers’ needs and wants and design products and services that meet those needs

Question 3

What is the definition of Marketing?

Answer 3

Market: set of actual and potential buyers of a product

Marketing: interesting potential customers and clients in your products and/or services

Question 4

What does the Marketing Mix consist of?

Answer 4

• Product: selection and development of a company product
• Price: determination of an amount a product is to be sold
• Place/Distribution/ selection and design of places of distribution
• Promotion: generating/creating demand for a product

Question 5

What are the functions of Marketing?

Answer 5

Marketing > Marketing Research and Customer Satisfaction > Product - Price - Place - Promotion

Question 6

What are the interacting components of Marketing?

Answer 6

• Company and Markets: strengths and weaknesses must be aligned with meeting market needs and wants
• Customers and Competition: a company must serve customers better than competition

Question 7

3c’s of Marketing

Answer 7

Customer: satisfy needs, wants and expectations

Competition: outperform

Company: ensure corporate health and profit