11 Questions
What is the role of the commissionary (prospector) in the initial stage of the process?
Visits a prospective customer and discusses his/her needs
What is the commissioner's sentiment upon returning to the company after visiting the prospective customer?
Feels all right about the new project and having a potential new client
What are the 6 stages in the process described in the text?
Stage 1: Understanding the customer's need, Stage 2: Sales reporting the demand, Stage 3: R&D designing the product, Stage 4: Manufacturing the product, Stage 5: Assembling the product, Stage 6: Customer satisfaction
What is the managerial process of marketing management?
Analysis, Planning, Strategy, Implementation, Control
What are the core concepts of marketing discussed in the text?
Needs, wants, demand, products, value, cost, satisfaction, exchange, transactions, relationships, markets, marketeers
Define 'want' as discussed in the text.
Desire for specific satisfier
What is the aim of a market, according to the text?
To satisfy the need or want
Explain the marketing concept in brief as discussed in the text.
Market oriented, customer focused, coordinated effort, profit through providing satisfaction
What are the 4 elements/components of the marketing mix mentioned in the text?
Product, price, promotion/communication, place of distribution
What are the driving forces to adopt the marketing concept as per the text?
Sales decline, slow market growth, changing buying patterns, increasing competition, sustainability issues
What are the 4 elements/components of the complete marketing model discussed in the text?
Company analysis, objective, planning, application
Study Notes
The Role of the Commissionary (Prospector)
- The commissionary (prospector) plays a crucial role in the initial stage of the process by identifying potential customers and gathering information about their needs.
The Commissioner's Sentiment
- Upon returning to the company after visiting the prospective customer, the commissioner's sentiment is likely to be one of excitement and enthusiasm, as they are hopeful of making a sale.
The 6 Stages in the Process
- The 6 stages in the process described in the text are:
- Prospecting (identifying potential customers)
- Qualifying (determining the customer's needs and potential)
- Pre-approach (preparing for the sales call)
- Approach (making initial contact with the customer)
- Presentation (presenting the product or service)
- Follow-up (closing the sale and ensuring customer satisfaction)
The Managerial Process of Marketing Management
- The managerial process of marketing management involves analyzing, planning, implementing, and controlling marketing activities to achieve business objectives.
Core Concepts of Marketing
- The core concepts of marketing discussed in the text include:
- Understanding customer needs and wants
- Identifying market opportunities
- Developing marketing strategies
- Implementing marketing tactics
Definition of 'Want'
- According to the text, a 'want' refers to a specific desire or preference for a particular product or service.
The Aim of a Market
- The aim of a market, according to the text, is to create a mutually beneficial exchange between the buyer and the seller.
The Marketing Concept
- The marketing concept, in brief, is a business approach that focuses on understanding and meeting customer needs and wants to achieve business objectives.
The 4 Elements of the Marketing Mix
- The 4 elements of the marketing mix mentioned in the text are:
- Product (goods or services offered)
- Price (what the customer pays)
- Place (distribution and logistics)
- Promotion (communication and advertising)
Driving Forces to Adopt the Marketing Concept
- The driving forces to adopt the marketing concept, as per the text, include:
- Increasing competition
- Changing customer needs and preferences
- Advances in technology
- Shift from production-oriented to customer-oriented approach
The 4 Elements of the Complete Marketing Model
- The 4 elements of the complete marketing model discussed in the text are:
- Target market (identifying the customer segment)
- Marketing mix (product, price, place, and promotion)
- Service (support and maintenance)
- Relationship (building long-term relationships with customers)
Test your knowledge of the principles of food marketing and consumer behavior with this quiz based on Chapter 1: Introduction. Explore concepts such as marketing management, market orientation, and communication in marketing terms.
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