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Questions and Answers
What is the primary goal of marketing?
What is the primary goal of marketing?
- To advertise products
- To minimize competition
- To reduce production costs
- To increase customer satisfaction (correct)
Which of the following is NOT a key concept in marketing?
Which of the following is NOT a key concept in marketing?
- SWOT analysis
- Financial accounting (correct)
- Target market
- Segmentation
What is market segmentation?
What is market segmentation?
- Identifying a target market for a product
- Conducting market research to gather data
- Creating a marketing mix for a product
- Dividing a market into smaller groups based on demographics (correct)
What is the term for a marketing strategy that focuses on building long-term relationships with customers?
What is the term for a marketing strategy that focuses on building long-term relationships with customers?
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Which marketing concept involves understanding and meeting customer needs and wants?
Which marketing concept involves understanding and meeting customer needs and wants?
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Study Notes
Marketing Fundamentals
- The primary goal of marketing is to satisfy customer needs and wants.
Key Marketing Concepts
- Market Segmentation: dividing a larger market into smaller groups of consumers with similar needs or characteristics to develop targeted marketing strategies.
Relationship Marketing
- Relationship Marketing: a marketing strategy that focuses on building long-term relationships with customers to ensure repeat business and loyalty.
Understanding Customer Needs
- Customer-Oriented Marketing: involves understanding and meeting customer needs and wants to create mutually beneficial exchanges.
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