Marketing: Core Concepts and Definitions
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Questions and Answers

What is the primary focus of the marketing concept?

  • High production efficiency
  • Offering the most innovative products
  • Meeting the needs and wants of target markets (correct)
  • Aggressive sales tactics

Which element of the marketing mix involves activities that communicate the merits of the product?

  • Place
  • Price
  • Product
  • Promotion (correct)

What are basic human requirements, such as food and shelter, referred to in marketing?

  • Wants
  • Value Propositions
  • Needs (correct)
  • Demands

Which marketing management orientation focuses on high production efficiency and wide distribution?

<p>Production Concept (C)</p> Signup and view all the answers

What is the purpose of segmentation in marketing?

<p>To divide the market into distinct groups with different needs (B)</p> Signup and view all the answers

What does 'place' refer to in the marketing mix?

<p>Activities that make the product available (B)</p> Signup and view all the answers

What are 'wants' in the context of marketing?

<p>Specific desires for products that satisfy needs (C)</p> Signup and view all the answers

Which of the following is the correct order of the traditional Marketing Mix?

<p>Product, Price, Place, Promotion (B)</p> Signup and view all the answers

Which of the following is the first step in developing a marketing strategy?

<p>Target Market Selection (B)</p> Signup and view all the answers

Which environment includes demographic, economic, and cultural forces?

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

What is the primary goal of marketing research?

<p>To understand customer needs (B)</p> Signup and view all the answers

What does CRM primarily focus on?

<p>Building customer relationships (B)</p> Signup and view all the answers

SEO is a key part of which marketing type?

<p>Digital Marketing (D)</p> Signup and view all the answers

Which marketing type involves engaging followers on social media platforms?

<p>Social Media Marketing (C)</p> Signup and view all the answers

What is a key focus of content marketing?

<p>Creating valuable and relevant material (B)</p> Signup and view all the answers

Adapting marketing strategies for different countries is a part of:

<p>Global Marketing (B)</p> Signup and view all the answers

What guides ethical marketing decisions?

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

What does 'STP' stand for in marketing?

<p>Segmentation, Targeting, Positioning (D)</p> Signup and view all the answers

Flashcards

Marketing

Creating, communicating, and delivering value to customers while managing relationships to benefit the organization and its stakeholders.

Needs

Basic human requirements like food and shelter.

Wants

Specific desires for products or services that satisfy needs, shaped by culture and personality.

Target Market

The specific group of customers an organization focuses its marketing efforts on.

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Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competitors in the minds of target consumers.

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Segmentation

Dividing a market into distinct groups of buyers with different needs or behaviors.

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Value Proposition

The set of benefits or values a company promises to deliver to customers to satisfy their needs.

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Product

Goods, services, or ideas offered to satisfy customer needs and wants.

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Target Market Selection

Identifying specific customer groups to serve.

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Microenvironment

Factors close to a company affecting its service to customers.

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Macroenvironment

Larger societal forces affecting the microenvironment.

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Customer Relationship Management (CRM)

System to build profitable customer relationships via superior value and satisfaction.

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Digital Marketing

Using digital channels to reach and engage customers.

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Content Marketing

Creating/sharing valuable content to attract and retain a defined audience.

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Marketing Ethics

Moral principles governing marketing practices.

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Segmentation, Targeting, and Positioning (STP)

Dividing the market, selecting segments, and creating a product position.

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Value-based pricing

Setting prices based on buyers' perceived value, not seller's cost.

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Integrated Marketing Communications (IMC)

Coordinating promotional activities for a clear, consistent message.

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Study Notes

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Description

Marketing involves creating, communicating, and delivering value to customers while managing relationships to benefit the organization. It encompasses understanding customer needs, wants, and demands. Key concepts include target markets, positioning, and segmentation to effectively reach and serve customers.

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