Definition and Overview of Marketing

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Questions and Answers

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 Signup and view all the answers

When does marketing start according to the text?

Even before production starts Signup and view all the answers

What does marketing bridge the gap between?

Consumer and producer Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

Describe marketing as a system.

An ongoing process involving interacting activities to reach customers and satisfy their needs based on valuable information. Signup and view all the answers