Podcast
Questions and Answers
What is the primary responsibility of the marketing function?
What is the primary responsibility of the marketing function?
- Selling goods and services to meet consumer needs (correct)
- Storing products for future sales
- Identifying financial opportunities
- Manufacturing products for businesses
Which of the following is NOT one of the traditional components of the marketing mix?
Which of the following is NOT one of the traditional components of the marketing mix?
- Place
- Promotion
- Price
- Production (correct)
What distinguishes commercial services from personal services?
What distinguishes commercial services from personal services?
- Commercial services involve selling tangible products
- Commercial services target individual consumers directly
- Commercial services are less regulated than personal services
- Commercial services help businesses improve their marketing processes (correct)
Which of the following categories does NOT fall under consumer goods?
Which of the following categories does NOT fall under consumer goods?
Which type of product would include raw materials and machinery?
Which type of product would include raw materials and machinery?
Flashcards
Marketing Function
Marketing Function
The process of selling goods or services to satisfy customer needs.
Marketing Mix
Marketing Mix
A combination of factors to sell products effectively.
Product
Product
The goods or services offered to customers.
Personal and Professional Services
Personal and Professional Services
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Commercial Services
Commercial Services
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Industrial Goods
Industrial Goods
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Consumer Goods
Consumer Goods
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Convenience Goods
Convenience Goods
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Shopping Goods
Shopping Goods
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Specialty Goods
Specialty Goods
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Study Notes
Marketing Function
- Marketing ensures goods/services meet consumer needs.
- Products must be priced and placed correctly, promoted effectively.
- Marketing identifies consumer wants and needs via research, then provides matching products.
- Traditional marketing mix includes Product, Price, Place, Promotion.
Product
- Businesses must offer products that meet customer needs.
- New and existing products must be updated to meet demands.
Categories of Products & Services
Services
- Personal & Professional Services: Target end consumers (e.g., hairstylists, doctors).
- Commercial Services: Support business operations (e.g., transport, insurance, financial services). Often B2B.
Products/Goods
- Industrial Goods: Used in other goods' production (e.g., raw materials, machinery).
- Consumer Goods: Purchased by consumers. Further split into categories such as convenience goods, select/shopping goods and specialty goods.
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