Marketing Concepts Chapter 1

<p>Take corrective actions (C)</p> Signup and view all the answers

<p>Expand the total market to increase the number of customers (B)</p> Signup and view all the answers

<p>Two (A)</p> Signup and view all the answers

<p>They lower product prices (C)</p> Signup and view all the answers

<p>Functional organisation (C)</p> Signup and view all the answers

<p>Quality of customer interactions (C)</p> Signup and view all the answers

<p>Monitoring marketing activities to ensure adherence to plans (D)</p> Signup and view all the answers

<p>Conduct a SWOT analysis (B)</p> Signup and view all the answers

<p>Meeting customer needs while achieving organizational goals (C)</p> Signup and view all the answers

<p>Functional organization (A)</p> Signup and view all the answers

<p>Setting performance standards to measure success (D)</p> Signup and view all the answers

<p>Select target markets (A)</p> Signup and view all the answers

<p>Comparing actual performance with standards (A)</p> Signup and view all the answers

<p>Analyze deviations and take corrective actions (B)</p> Signup and view all the answers

<p>Improving internal employee communication (A)</p> Signup and view all the answers

<p>To analyze and satisfy customers' needs (A)</p> Signup and view all the answers

<p>A specific group of customers sharing similar needs (D)</p> Signup and view all the answers

<p>Planning, organizing, implementing, and controlling (B)</p> Signup and view all the answers

<p>To analyze internal strengths and weaknesses along with external opportunities and threats (B)</p> Signup and view all the answers

<p>Market challenger (A)</p> Signup and view all the answers

<p>By being satisfied with its existing market share (C)</p> Signup and view all the answers

<p>Reviewing current performance and conducting a SWOT analysis (C)</p> Signup and view all the answers

<p>The company's competitive position in the market (D)</p> Signup and view all the answers

A company's approach to satisfying customer needs while achieving profitability and outperforming competitors.

A group of customers with similar needs that a company chooses to serve.

The process of planning, organizing, implementing, and controlling marketing activities to achieve a company's goals.

Analyzing the strengths and weaknesses of a company (internal factors) and the opportunities and threats within its operating environment (external factors).

A company with the largest market share in a specific industry.

A company with a smaller market share than the leader, aiming to challenge their position.

A company satisfied with its current market share, choosing to follow the strategies of leading brands.

A company specializing in serving a small, specific segment of the market.

It is a vital function in any business that helps to create, communicate, and deliver value to customers and manage customer relationships.

The first step in the marketing process, where you analyze current performance, identify opportunities, and assess threats to your business.

The second step in the marketing process, where you define clear and measurable goals for your marketing efforts.

The third step in the marketing process, where you identify specific groups of customers most likely to purchase your products or services.

The fourth step in the marketing process, where you develop strategies to reach your target market and achieve your objectives.

The process of establishing standards, measuring actual performance, comparing results, and taking corrective actions to ensure marketing plans are executed effectively.

A company's marketing activities are organized around the products it offers.

A specific level of performance that marketing activities are expected to achieve.

A company's actual performance in marketing activities, measured against pre-set standards.

This involves comparing actual performance to preset performance standards to identify any gaps or deviations.

Analyzing the reasons behind any discrepancies between actual and expected performance, and implementing changes to correct the situation.