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Questions and Answers
What is the primary goal of marketing according to the definition provided?
The primary goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.
How does the Latin word 'Marcatus' relate to marketing?
The Latin word 'Marcatus' means 'to trade', which is the origin of the term 'market' referring to the gathering place for transactions.
Explain why marketing is considered to be both an art and a science.
Marketing is an art because it involves creativity in targeting markets and satisfying customers, and it is a science due to the systematic approach required for creating and delivering superior customer value.
What misconception do many people have about the scope of marketing?
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Describe the significance of consumer orientation in marketing.
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Study Notes
Definition of Marketing
- Marketing involves managing profitable customer relationships.
- It aims to attract new customers through promising superior value and retaining current customers by delivering satisfaction.
- Defined as “the process by which companies create value for customers and build strong customer relationships to capture value from customers in return” by Philip Kotler.
Concept of Market
- The term "market" refers to the gathering place of buyers and sellers for transactions involving goods and services.
- Originates from the Latin word "Marcatus," meaning "to trade."
- Example: Wal-Mart's commitment to "Always low prices, Always!" has established it as one of the world's largest retailers.
Nature of Marketing
- Human Activity: Marketing is fundamentally a human action aimed at satisfying human needs through efforts.
- Consumer-Oriented: Businesses must identify consumer desires and produce goods and services accordingly, ensuring satisfaction to profit.
- Art and Science: Marketing requires both creative and analytical skills to choose target markets and fulfill customer needs effectively.
Modern Marketing Perspective
- Marketing transcends traditional views of just selling and advertising, seen as a comprehensive system focused on satisfying customer needs.
- Success in marketing depends on understanding consumer needs and effectively delivering products and services that offer superior value.
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Description
This quiz explores the fundamental concepts of marketing, focusing on managing profitable customer relationships. It highlights the dual goals of attracting new customers and retaining existing ones through satisfaction. Discover the origins of the term 'market' and examples of prominent retailers.
