Podcast
Questions and Answers
Marketing is the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have ______ for customers, clients, partners and the society at large.
Marketing is the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have ______ for customers, clients, partners and the society at large.
value
Four components of marketing: 1. Creating – the process of collaborating with suppliers and customers to create products of ______ that have value.
Four components of marketing: 1. Creating – the process of collaborating with suppliers and customers to create products of ______ that have value.
offerings
Communicating – broadly describing those products to customers, as well as getting ______ from them.
Communicating – broadly describing those products to customers, as well as getting ______ from them.
information
Delivering - getting those products to the consumers in a way that optimizes ______
Delivering - getting those products to the consumers in a way that optimizes ______
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Value refers to the benefits buyers receive that meet their ______.
Value refers to the benefits buyers receive that meet their ______.
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Study Notes
Definition of Marketing
- Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and the society at large.
Four Components of Marketing
- Creating: the process of collaborating with suppliers and customers to create products or offerings that have value.
- Communicating: broadly describing products to customers and getting information from them.
- Delivering: getting products to consumers in a way that optimizes value.
- Exchanging: trading value for products.
Definition of Value
- Value refers to the benefits buyers receive that meet their needs.
- Value is what the customer gets by purchasing and consuming a company’s offering.
Personal Value Equation
- Value = benefits received – [price + hassle].
- Hassle is the time and effort the consumer puts into the shopping process.
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Description
Test your knowledge of the basic principles of marketing with this quiz. Learn about the definition of marketing and its four key components.
