The Art and Science of Marketing

Question 1

Marketing Concept

Answer 1

An approach to business management that stresses customer needs and wants, seeks long-term profitability, and integrates marketing with other functional units within the organization

Question 2

Marketing Research

Answer 2

The collection and analysis of information for making marketing decisions (ex: Observation, surveys, interviews, focus groups)

Question 3

Marketing Strategy

Answer 3

An overall plan for marketing a product; includes the identification of target market segments, a positioning strategy, and a marketing mix