5 Questions
What is the primary goal of marketing?
To increase customer satisfaction
Which of the following is NOT a key concept in marketing?
Financial accounting
What is market segmentation?
Dividing a market into smaller groups based on demographics
What is the term for a marketing strategy that focuses on building long-term relationships with customers?
Relationship marketing
Which marketing concept involves understanding and meeting customer needs and wants?
Customer orientation
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.
Test your understanding of key marketing concepts, including the primary goal of marketing, market segmentation, and customer relationships.
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