10 Questions
What is the primary focus of marketing?
Making products available to customers at the right place, time, quantity, and price
What is a service in marketing?
An intangible product involving human and/or mechanical efforts
What is the fourth stage of the marketing process?
Pricing goods or services
When does a marketing opportunity exist?
When circumstances allow an organization to act toward reaching a particular group of customers
What type of competition exists when only one firm manufactures a special product or provides a certain service?
Monopoly
What is the primary goal of a marketer?
To develop and manage a product that satisfies the customer
What forces influence marketing strongly?
Competitive, economic, political, technological, and socio-cultural forces
What is the primary objective of marketing?
To make the product or service available to customers
What is the characteristic of a good marketer?
A good marketer knows that the product that satisfies the consumers today will not necessarily satisfy them for the next years
What is the fourth type of competitive structure?
Pure competition
Study Notes
Marketing Definition
- Marketing involves developing and managing a product or service that satisfies the customer's needs.
- A service is an intangible product that involves human and/or mechanical efforts directed at people, such as hospital, schools, and transportation services.
Marketing Objectives
- The main objective of marketing is to make the product or service available to customers:
- In the right place
- At the right time
- At the right quantity
- At a reasonable price
Marketing Processes
- Marketing is a series of processes that deal with goods and services.
- The marketing process includes:
- Manufacturing goods or providing services
- Promoting
- Distributing
- Pricing goods or services
Marketing Opportunity
- A marketing opportunity exists when circumstances allow an organization to act towards reaching a particular group of customers and provide a favorable chance to sell its products.
Key Aspects of Marketing
- An intelligent marketer should:
- Recognize that the product that satisfies customers today may not satisfy them in the future.
- Offer different alternatives of the product to customers.
Marketing Forces
- The following forces strongly influence marketing:
- Competitive forces
- Economic forces
- Political forces
- Technological forces
- Socio-cultural forces
Competitive Forces
- There are four types of competitive structures:
- Monopoly: one firm manufactures a special product or provides a certain service.
- Oligopoly: few manufacturers control the supply of a given product.
- Monopolistic competition: many manufacturers control the supply of a given product.
- Pure competition: numerous manufacturers produce a given product.
Learn about the introduction to marketing, marketing forces, and the definition of marketing. This chapter covers the basics of marketing and its main objectives.
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