Podcast
Questions and Answers
What is the primary responsibility of the marketing function?
What is the primary responsibility of the marketing function?
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?
What distinguishes commercial services from personal services?
What distinguishes commercial services from personal services?
Which of the following categories does NOT fall under consumer goods?
Which of the following categories does NOT fall under consumer goods?
Signup and view all the answers
Which type of product would include raw materials and machinery?
Which type of product would include raw materials and machinery?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz covers the essential functions of marketing, focusing on how businesses meet consumer needs through product, price, place, and promotion strategies. It also delves into the categories of products and services, distinguishing between personal, professional, commercial, industrial, and consumer goods. Test your understanding of these key marketing concepts.
