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Questions and Answers
What is the primary focus of marketing?
What is the primary focus of marketing?
What is a service in marketing?
What is a service in marketing?
What is the fourth stage of the marketing process?
What is the fourth stage of the marketing process?
When does a marketing opportunity exist?
When does a marketing opportunity exist?
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What type of competition exists when only one firm manufactures a special product or provides a certain service?
What type of competition exists when only one firm manufactures a special product or provides a certain service?
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What is the primary goal of a marketer?
What is the primary goal of a marketer?
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What forces influence marketing strongly?
What forces influence marketing strongly?
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What is the primary objective of marketing?
What is the primary objective of marketing?
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What is the characteristic of a good marketer?
What is the characteristic of a good marketer?
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What is the fourth type of competitive structure?
What is the fourth type of competitive structure?
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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.
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Description
Learn about the introduction to marketing, marketing forces, and the definition of marketing. This chapter covers the basics of marketing and its main objectives.
