Marketing Fundamentals Quiz

Study Notes

Marketing is the management process of anticipating and meeting customer needs and wants profitably.

Customer satisfaction is the degree to which a product or service meets customer expectations.
It is a key performance indicator for a company's success.

Quality: meeting customer expectations through quality products or services.
Quantity: providing the right amount of product or service to meet customer needs.
Timeliness: delivering products or services on time to meet customer expectations.
Performance: meeting customer expectations through product or service performance.
Features: providing features that meet customer needs and wants.
Reliability: consistently meeting customer expectations.
Responsiveness: providing prompt service to meet customer needs.
Assurance: providing confidence and trust in the product or service.
Empathy: understanding and showing concern for customer needs.

Exchange is the act of obtaining a desired product or service from someone else by offering something in return.
It involves two or more parties with something of value to each other.
The exchange process involves a buyer, a seller, and a product or service.
The five elements of exchange are: • Two or more parties • Something of value • A desire to exchange • A willingness to exchange • A communication mechanism

Production concept: focuses on the production of goods and services.
Product concept: focuses on the product and its features.
Selling concept: focuses on selling and promoting products.
Marketing concept: focuses on meeting customer needs and wants.
Societal marketing concept: focuses on meeting customer needs and wants while also considering the well-being of society and the environment.

A company's focus on customer satisfaction should not lead to a neglect of its own interests and profitability.

Implementing the marketing concept in existing firms requires a change in organizational culture and mindset.
It requires a customer-centric approach and a focus on meeting customer needs and wants.

Nine strategies to establish and maintain a competitive advantage are: • Market segmentation • Product differentiation • Cost leadership • Innovation • Operational excellence • Customer intimacy • Strategic partnerships • Corporate social responsibility • Dynamic pricing

The marketing process involves: • Situation analysis • Marketing strategy development • Marketing mix development • Implementation and control • Evaluation and feedback

The three important marketing concepts are: • Segmentation • Targeting • Positioning (STP)

The position of marketing in the firm is to anticipate and meet customer needs and wants profitably.
The role of marketing is to create and maintain a competitive advantage by meeting customer needs and wants.