What is marketing:

Question 1

Marketing:

Answer 1

A social(Value) and managerial(Satisfaction) process where individuals/groups obtain what they need and want through creating and exchanging products (attracting) and value(retaining) with others.

Question 2

Quality:

Answer 2

The equilibrium state is decided by Value and Satisfaction. It’s a moving state of exchange, transaction(Attracting), and relationship(Retention).

Question 3

5 marketing management strategies:

Answer 3

1. Production concept: Believes consumers prefer available and affordable products. Makes them focus on bettering distribution and production effectiveness
2. The Product concept (Pull): Believes customers prefer high-quality products. Makes them focus on constant innovation of their product/s

3.Selling concept (Push): Believes heavy promotion is key to attracting customers

4. The Marketing concept (Mc- customer lead): All about knowing and meeting the needs & wants of their desired consumer. Requires a lot of info. Use and MIS

5.Societal Marketing: Focuses on balancing customer satisfaction with societal well-being. Big on ethics and macro marketing.

Question 4

Market orientation:

Answer 4

(Key part of Mc): Focusing on marketing as the role of everyone in the organization and not just the marketing team.