Marketing And Sales Flashcards
What is the fundamental function of marketing for an organization?
To earn profits via the sale of goods and services
Marketing is essential for the financial success of any organization.
What is one of the primary objectives of marketing?
Increasing sales
Increasing sales ensures that the production cycle of the company keeps running.
How does marketing improve product awareness?
By informing customers about the product or service
Constant marketing persuades customers to make a purchase.
What does marketing study to ensure customer satisfaction?
The needs and wants of the customers
Marketing aims to produce goods that satisfy customers regarding price, quality, and availability.
Why is establishing a brand in the industry important?
To boost consumer awareness
Marketing helps newly launched products or services to gain recognition in the market.
What is brand management in the context of marketing?
Increasing the brand value of the product or service
Well-calculated marketing efforts can elevate a firm’s brand value.
True or False: Earning profit is the sole objective of marketing.
False
There are multiple objectives of marketing beyond just earning profit.
Fill in the blank: Marketing starts and ends with the _______.
customer
Understanding the customer is crucial for effective marketing.
What role does marketing play in the production cycle of a company?
Ensures it keeps running
Increasing sales through marketing helps maintain the production cycle.
What is the conventional definition of a market?
A place where buyers and sellers of different products and services come together to exchange goods for money.
This definition reflects a traditional view of markets, focusing on physical locations for transactions.
How is the modern definition of a market different from the conventional definition?
The modern market refers to the group of ready and prospective buyers and sellers of a particular product or service.
This definition emphasizes the relationship between potential buyers and sellers rather than just a physical location.
What is an example of assessing demand in a specific market?
Estimating the demand for motorcycles by analyzing the Motorcycle Market, which includes buyers and sellers of motorcycles.
This example illustrates how to define a market in terms of specific products and the relevant participants.
Fill in the blank: In the modern context, a market consists of the group of _______ and _______ buyers and sellers of a particular product or service.
ready and prospective
True or False: In the modern definition, a market includes only buyers.
False
