5 Questions
What is the core concept of marketing according to the text?
Exchange
What are the conditions for exchange?
Two parties, capable of communication and delivery
What are some of the things that can be marketed according to the text?
Goods, Services, Events, Experiences
What does the AMA definition of marketing emphasize?
Creating, communicating, and delivering value to customers
What does marketing deal with?
Identifying and meeting human and social needs
Study Notes
Core Concept of Marketing
- The core concept of marketing is the exchange of goods and services between individuals and organizations.
Conditions for Exchange
- There are four necessary conditions for exchange:
- There must be at least two parties with something of value to offer.
- The parties must be able to communicate with each other.
- There must be a desire to exchange on the part of the parties.
- The parties must be able to carry out the exchange.
Things That Can Be Marketed
- Not only goods and services but also ideas, people, and places can be marketed.
AMA Definition of Marketing
- The AMA definition of marketing emphasizes that it is an organizational function and a set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its stakeholders.
What Marketing Deals With
- Marketing deals with the identification and satisfaction of customer needs and wants, taking into account the long-term profitability of the organization.
Test your knowledge of marketing fundamentals and ethical principles with this quiz. Explore the definition of marketing according to the American Marketing Association and its role in creating value for customers and managing relationships. Prof. Dr. Ayşen Akyüz's insights will guide you through this engaging quiz.
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