16 Questions
What is the definition of marketing?
The process of creating and exchanging value with others
What is customer value?
The perceived worth of a product or service to the customer
What are the different buying roles of consumers?
Initiator, influencer, decider, buyer, payer, user, gatekeeper
What does market orientation focus on?
Identifying consumer needs and desires to develop new products
What does marketing involve applications in?
Physical products, services, retail, experiences, events, film, music, places
What is the main purpose of marketing?
To satisfy needs and wants by creating and exchanging value with others
What is the primary focus of customer centricity?
Putting the customer at the center of everything
Which field of influence focuses on how communication passes through opinion leaders?
Sociological influences
What is the main difference between sales and marketing in terms of customer satisfaction?
Marketing focuses on long-term satisfaction while sales focuses on short-term satisfaction
Which field of influence is associated with theories of income distribution, scale of operation, and competition?
Industrial economics influences
What does interfunctional coordination require in an organization?
Functions to work together for long-term profit growth
In marketing, what does 'enhancing a firm’s relationships with its customers' refer to?
Building and improving connections with customers
Which influence is associated with qualitative approaches in researching consumer behavior?
Anthropological influences
What does competitor orientation involve understanding?
Long-term capabilities and strategies of competitors
What is the main focus of computer science influences in marketing?
Digitization, recommendation systems, apps
What does customer centricity discourage businesses from doing?
Pleasing all customers equally
Explore the fundamental concept of marketing as a social and managerial process that involves creating, exchanging products, and maintaining customer relationships. Learn about customer value and the essential elements of marketing through this insightful quiz.
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