Marketing Fundamentals

Questions and Answers

To achieve marketing objectives

Converting marketing strategies into specific actions

To determine the feasibility of the marketing strategy

Specific actions with timelines and responsible personnel Signup and view all the answers

To respond to opportunities, threats, and critical aspects Signup and view all the answers

Projected profit and loss account Signup and view all the answers

To assess the viability of a marketing plan Signup and view all the answers

Estimated revenues and costs Signup and view all the answers

To achieve marketing objectives Signup and view all the answers

Specific actions with timelines and responsible personnel Signup and view all the answers

Study Notes

Marketing is a set of tools, methods, and models used to analyze market demand and needs, and create strategies to satisfy them.
Marketing is a philosophy that focuses on understanding customer needs and desires, and adapting to them to achieve business goals.
There are three dimensions of marketing: action, analysis, and philosophy.

Marketing is a business orientation that focuses on understanding customer needs and desires, and adapting to them to achieve business goals.
The three dimensions of marketing are:
- Analysis: understanding customer needs and desires
- Action: adapting to customer needs and desires
- Philosophy: guiding business decisions with customer needs in mind

The analysis dimension involves understanding customer needs, desires, and behaviors.
It involves identifying market opportunities, developing business skills, and satisfying customer needs better than competitors.
There are three types of analysis: strategic, operational, and market research.
The analysis dimension is responsible for identifying customer needs, determining market demand, and developing a business strategy.

Customer needs are states of perceived lack or deficiency, such as physical, social, and individual needs.
Needs are inherent to human beings and are not created by marketers.
Desires are specific alternatives chosen to satisfy a need, and are influenced by culture, personality, and marketing actions.
Demand is the desire for a product or service backed by the ability to purchase.

A marketing strategy involves identifying target customers, understanding their needs, and developing a plan to satisfy those needs.
There are four types of marketing strategies: market segmentation, target marketing, positioning, and differentiation.
A marketing strategy is a roadmap for achieving business goals through marketing activities.

A marketing plan is a document that outlines the marketing strategy and tactics for achieving business goals.
It involves analyzing the market, competitors, and customers, and developing a plan to achieve business objectives.
A marketing plan includes situation analysis, marketing objectives, marketing strategies, and control and evaluation mechanisms.