Marketing

Question 1

What is the purpose of a business?

Answer 1

The purpose of a business is to create and maintain certified customers when it is done right customers will pay a fair price for the products in turn gaining profit

Question 2

What is marketing?

Answer 2

It is the process by which a company creates value to customers resulting in a stronger relationship with customers

Question 3

What is the marketing mix?

Answer 3

Its aim is to know and understand the customers so that the product or service fits them and sell itself. It is marketing tool that work together to produce satisfied customers.

Question 4

What are the 7 Ps

Answer 4

Project
Price
Place
Promotion
People
Process
Physical evidence

Question 5

What is product in the 7p?

Answer 5

Product refers to the good or services offered to meet the needs and wants of a customer

Question 6

What is the price in the 7p?

Answer 6

Price is the amount customers pay for a product or service

Question 7

What is place in the 7p?

Answer 7

Place refers to the distribution channels used to make products or services available to customers

Question 8

What is promotion in the 7p?

Answer 8

Promotion is all communication effort used to influence persuade and influence customers to purchase the product or service

Question 9

What is people in the 7p?

Answer 9

People refers to the employees involved in delivering the product of service as well as their skill and knowledge

Question 10

What is process in the 7p?

Answer 10

Process encompasses the systems procedures and workflow used to deliver products or services to customer

Question 11

What is physical evidence in the 7p?

Answer 11

This refers to the tangible elements that customers can see touch or experience when interacting with the product or service 

Question 12

What is marketing process?

Answer 12

The marketing process is a series of steps that organizations undertake to promote, sell, and distribute their products or services effectively.

Question 13

Briefly describe the marketing process

Answer 13

In the first 4 steps companies work on understanding customers creating customer value building strong customer relations and in the final step rip the reward of creating superior value

Question 14

What are the steps of a marketing process?

Answer 14

Understand customer needs wants and demand
Design customer driven marketing strategy
Create a marketing program that delivers superior value
Build relationships with customers
Capture value from customers in return create profit

Question 15

What are needs

Answer 15

These are basic requirements essential for survival or the well-being of an individual. like food, water, shelter, and clothing.

Question 16

What are wants

Answer 16

are desires for specific products or services that go beyond basic needs. They are shaped by individual preferences,

Question 17

What are demands

Answer 17

occur when wants are backed by purchasing power. In other words, demands arise when individuals have the willingness and ability to pay for a product or service.