12 Questions
What is the process of discovering and translating consumer needs and wants into product and service specifications?
Marketing
What are the four elements of the marketing mix?
Product, price, place, and promotion
Why is it important for businesses to focus on consumer needs in marketing?
A business exists to satisfy human needs
What information is essential for consumer-oriented marketing?
Understanding of customer wants
When does marketing start according to the text?
Even before production starts
What does marketing bridge the gap between?
Consumer and producer
What is the importance of establishing a proper information system for the success of the marketing function?
To produce the right type of goods needed by consumers and satisfy both customers and the organization.
How has the concept of marketing evolved over time?
From being a function concerned with getting goods into the hands of customers to a function directed towards economic development and raising the standard of living.
Describe marketing as a system.
An ongoing process involving interacting activities to reach customers and satisfy their needs based on valuable information.
What is the primary goal of marketing?
To generate a considerable amount of profit.
Explain the role of marketing research in helping organizations.
To understand customer wants and produce goods that meet consumer needs.
What is the responsibility of modern marketing?
To reach customers quickly and cost-effectively.
Explore the meaning of marketing, including the process of identifying consumer needs, creating demand, and executing the marketing mix. Learn about the essential concepts in marketing.
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