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Questions and Answers
What is a human need, as per the text?
False
According to Peter Drucker, business success is determined by the producer.
False
What is marketing defined as?
False
What is the purpose of business, as mentioned in the text?
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What are wants, according to the text?
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A transaction is marketing’s unit of measurement and consists of a trade of values between two parties?
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Customer value is the difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product?
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Quality begins with customer needs and ends with customer satisfaction?
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Customer loyalty leads to increased profit, but it doesn't affect partnership or marketing costs?
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A market is a set of actual and potential buyers who might transact with a seller?
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Study Notes
Business and Marketing Fundamentals
- A human need is a basic necessity, such as food, clothing, and shelter, that people require to survive.
Defining Marketing
- Marketing is defined as the creation, communication, and delivery of value to customers.
Business Purpose
- The purpose of business is to create a customer, according to Peter Drucker.
Wants and Needs
- Wants are needs that are shaped by culture and individual personality, and are often discretionary.
Marketing Transaction
- A transaction is marketing's unit of measurement, consisting of a trade of values between two parties.
Customer Value
- Customer value is the difference between the benefits gained from owning and/or using a product and the costs of obtaining the product.
Quality and Customer Satisfaction
- Quality begins with customer needs and ends with customer satisfaction.
Customer Loyalty
- Customer loyalty leads to increased profit, but does not affect partnership or marketing costs.
Defining a Market
- A market is a set of actual and potential buyers who might transact with a seller.
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Description
Test your knowledge on the introduction to marketing for hospitality and tourism, as taught by Dr. Hassan Sherif in the 4th year of hotel management. Explore customer orientation and business success from the customer's point of view.
