Questions and Answers
What is the main purpose of promotion according to the text?
To communicate information about products and achieve a desired outcome
How has marketing evolved over the years according to the text?
The ways it is used have changed but the need for it remains constant
What does the definition of marketing in 2004 emphasize?
Customer research and product development activities
Why is maintenance important in marketing?
Signup and view all the answers
What is meant by an 'exchange relationship' in marketing?
Signup and view all the answers
Why was marketing viewed as a simple set of activities in the past according to the text?
Signup and view all the answers
What is the primary function of processing raw materials?
Signup and view all the answers
Which sector involves growing food and other materials for consumption?
Signup and view all the answers
What distinguishes services from manufacturing?
Signup and view all the answers
What does merchandising involve?
Signup and view all the answers
Which function involves ongoing activities to keep a business operating efficiently?
Signup and view all the answers
In management, what is the main purpose of developing plans and organizing work?
Signup and view all the answers
What is the marketing function related to identifying and understanding the markets a company wants to serve?
Signup and view all the answers
Which marketing function involves assisting in the design and development of products and services to meet customer needs?
Signup and view all the answers
What marketing function is associated with determining the best methods for customers to locate, obtain, and use products?
Signup and view all the answers
Which marketing function focuses on establishing and communicating the value of products and services to customers?
Signup and view all the answers
Which marketing function involves communicating information through advertising to encourage customers to make purchases?
Signup and view all the answers
In marketing, which function focuses on obtaining, managing, and using market information for decision-making?
Signup and view all the answers
What is a key aspect of risk management in marketing?
Signup and view all the answers
Which core standard focuses on understanding market opportunities?
Signup and view all the answers
What is the main purpose of Marketing-Information Management?
Signup and view all the answers
What does Product and Service Management encompass?
Signup and view all the answers
What is the focus of Pricing in marketing?
Signup and view all the answers
Why is understanding channel management important for marketers?
Signup and view all the answers
What is the purpose of bartering as explained in the text?
Signup and view all the answers
What is the significance of specialization of labor according to the text?
Signup and view all the answers
How did the introduction of money systems impact exchanges?
Signup and view all the answers
What is the function of central markets based on the text?
Signup and view all the answers
How does the text describe the role of marketing in business?
Signup and view all the answers
What is one of the examples given for the production process in the text?
Signup and view all the answers
Study Notes
Marketing Functions
- 8 key marketing functions:
- Market Planning: identifying target markets and developing strategies
- Product and Service Management: designing and developing products and services
- Distribution: determining best methods for product and service delivery
- Pricing: establishing and communicating product and service value
- Promotion: communicating information to encourage purchasing
- Selling: direct, personal communication to assess needs and satisfy them
- Marketing-Information Management: obtaining and using market information
- Financing: budgeting and providing financial assistance
Marketing Core Standards for Employment
- 7 key standards for marketing education:
- Market Planning: understanding concepts and strategies for targeting markets
- Marketing-Information Management: understanding concepts, systems, and tools for gathering and using market information
- Product and Service Management: understanding concepts and processes for developing and maintaining products and services
- Channel Management: understanding concepts and processes for identifying and evaluating sales channels
- Pricing: understanding concepts and strategies for determining and adjusting prices
- Promotion: understanding concepts and strategies for communicating information to achieve a desired outcome
- Selling: understanding concepts and actions for determining client needs and influencing purchase decisions
Definition of Marketing
- Marketing: the performance of business activities that direct the flow of goods and services from producer to consumer or user (AMA 1960)
- Marketing includes customer research and product development activities
- Marketing is used for products, services, individuals, and ideas
- Marketing: an organizational function and a set of processes for creating, communicating, and delivering value to customers and managing customer relationships (AMA 2004)
The Need for Marketing
- Businesses need marketing to succeed
- Marketing has evolved over time, but its importance remains unchanged
Development of Marketing in Business
- Self-sufficiency: people produced their own goods and services
- Bartering: exchanging products or services without using money
- Specialization of labor: concentrating on specific activities to do them well
- Money systems: using currency as a medium of exchange
- Central markets: locations where products are exchanged
- Other marketing activities: development of activities that made exchange processes more effective
The Functions of Business
- 5 key business functions:
- Production: creating or obtaining products or services for sale
- Operations: ongoing activities to support the primary function of a business
- Accounting and Finance: planning and managing financial resources
- Management: developing plans and organizing work
- Marketing: performing business activities that direct the flow of goods and services
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
