Principles Of Marketing

Question 1

Is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering exchanging offerings that have value for customers, clients, partners and society at large.”

Answer 1

Marketing

Question 2

Process of collaborating with suppliers and customers to create offerings that have value.

Answer 2

Creating

Question 3

Broadly, describing those offerings, as well as learning from customers.

Answer 3

Communicating

Question 4

Getting those offerings to the consumers in a way that optimizes value.

Answer 4

Delivering

Question 5

Trading values for those offerings.

Answer 5

Exchanging

Question 6

Business or organisation must understand customers wants, demands and needs.

Answer 6

Identify Customers

Question 7

Make the right product and services to the right people at right time.

Answer 7

Satisfy Customers

Question 8

Give customers a reason to keep coming back.

Answer 8

Retain Customers

Question 9

Anything the company offers for sale to the buyers to satisfy their demands wants and needs.

Answer 9

Creation of Products and Services

Question 10

It entails how a company is going to deliver its products and services to their respective customers.

Answer 10

Distribution

Question 11

Make sure you’re not losing any profits by selling too low. However you don’t want to overcharge and then not see any return because customers found a cheaper alternative.

Answer 11

Pricing

Question 12

Involves confirming on advertisement it’s seen in the right places by the right people.

Answer 12

Promotion

Question 13

The selling process begins once you’ve completed market research and determine what your prospects want and need.

Answer 13

Selling

Question 14

Goods that are purchased for consumption.

Answer 14

Consumer Goods

Question 15

Purchase to make other goods to serve as a raw material or input in the production of other goods.

Answer 15

Industrial Goods

Question 16

It is the oldest concept of the concepts in business. It holds that consumers will preserve products that are widely consumed.

Answer 16

Production Concept

Question 17

This orientation holds that consumers will favor those products that offer the most quality performance or innovative features.

Answer 17

Product Concept

Question 18

Are varied in their characteristics and features that they are readily distinguishable from one another.

Answer 18

Differentiated Goods

Question 19

Are products whose physical characteristics are so identical that it would be difficult if not possible to distinguish one purchased from one vendor to another.

Answer 19

Undifferentiated Goods

Question 20

This is another standard business orientation. If left alone it holds that consumers and businesses will ordinarily not buy enough of the selling company’s products.

Answer 20

Selling Concept