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Questions and Answers
What is the purpose of business according to Dr. Hassan Sherif?
What is the purpose of business according to Dr. Hassan Sherif?
According to Peter Drucker, who determines business success?
According to Peter Drucker, who determines business success?
What is the definition of marketing as per Dr. Hassan Sherif?
What is the definition of marketing as per Dr. Hassan Sherif?
What does the concept of 'needs' refer to in the context of marketing?
What does the concept of 'needs' refer to in the context of marketing?
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What do 'wants' represent in the context of marketing?
What do 'wants' represent in the context of marketing?
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What is the difference between needs and wants according to Dr. Hassan Sherif?
What is the difference between needs and wants according to Dr. Hassan Sherif?
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What is the definition of a product according to Dr. Hassan Sherif?
What is the definition of a product according to Dr. Hassan Sherif?
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What is the act of obtaining a desired object from someone by offering something in return called?
What is the act of obtaining a desired object from someone by offering something in return called?
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What does customer value represent in the context of marketing?
What does customer value represent in the context of marketing?
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Why should managers be concerned about customer loyalty according to Dr. Hassan Sherif?
Why should managers be concerned about customer loyalty according to Dr. Hassan Sherif?
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Study Notes
Purpose of Business
- Dr. Hassan Sherif emphasizes that the primary purpose of a business is to create value for customers, ultimately leading to profitability and sustainability.
Business Success Determinants
- Peter Drucker asserts that business success is determined by the customer's needs and satisfaction, highlighting the importance of a customer-centric approach.
Definition of Marketing
- Dr. Hassan Sherif defines marketing as a process of creating, communicating, and delivering value to customers while managing customer relationships to benefit the organization as well as stakeholders.
Concept of 'Needs'
- In marketing, 'needs' refer to the basic human requirements essential for survival and well-being, such as food, shelter, and safety.
Representation of 'Wants'
- 'Wants' represent specific desires or preferences shaped by individual culture, personality, and experiences, reflecting how needs can be fulfilled by products or services.
Difference Between Needs and Wants
- Dr. Hassan Sherif clarifies that needs are universal and fundamental, while wants are personalized and vary widely among individuals, illustrating the distinction between basic requirements and desires.
Definition of Product
- According to Dr. Hassan Sherif, a product is defined as any offering that satisfies a need or want, which can be a tangible good, service, or idea.
Reciprocity in Transactions
- The act of obtaining a desired object from someone by offering something in return is known as exchange, which is fundamental to marketing transactions.
Customer Value in Marketing
- Customer value represents the perceived benefits, both tangible and intangible, that a customer gains in relation to the cost incurred, influencing their purchase decisions.
Importance of Customer Loyalty
- Dr. Hassan Sherif states that managers should prioritize customer loyalty as it leads to repeat business, reduces marketing costs, and fosters brand advocacy, contributing to long-term success.
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Description
Test your knowledge of Chapter 1: Introduction to Marketing for Hospitality and Tourism, as taught by Dr. Hassan Sherif. Explore concepts such as customer orientation and the business perspective from the customer's point of view.
