Introduction to Marketing Concepts
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Questions and Answers

What is the primary role of marketing?

  • To create products for customers
  • To sell products to customers
  • To manage exchanges with customers (correct)
  • To advertise products to customers
  • What is a marketing plan primarily concerned with?

  • Identifying potential customers
  • Spelling out specific activities and responsible individuals (correct)
  • Creating new products
  • Setting sales targets
  • What is the role of the target market in a marketing plan?

  • To identify competitors' customers
  • To provide feedback on products
  • To be the focus of the marketing plan (correct)
  • To determine the pricing strategy
  • What is necessary for an exchange to happen according to the text?

    <p>At least two parties willing and able to make an exchange</p> Signup and view all the answers

    What is the basic goal of marketing in terms of customer willingness to pay?

    <p>To maximize customer willingness to pay and ensure they feel they got more than what they paid for</p> Signup and view all the answers

    What does perceived value in marketing refer to?

    <p>The perceived benefits relative to the perceived costs associated with an exchange</p> Signup and view all the answers

    What role does marketing research play in influencing customer perceptions?

    <p>Marketing research helps understand customer perceptions in order to influence them</p> Signup and view all the answers

    What is the philosophy of marketing primarily focused on?

    <p>Maximizing benefits for both parties in an exchange</p> Signup and view all the answers

    What is the best way to maximize perceived value relative to competition in marketing?

    <p>By identifying and focusing efforts on specific target customers</p> Signup and view all the answers

    What is the role of marketing research according to the text?

    <p>Marketing research helps in continuously improving marketing tactics through a methodical approach</p> Signup and view all the answers

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