Marketing Theory and Practices: Unit 1

Questions and Answers

Building long-term relationships with customers

Static process

To tailor strategies according to customer interactions with products or services

Determining what products or services to produce and how to design them Signup and view all the answers

Enhancing the value of a product or service for customers Signup and view all the answers

Dynamic nature of marketing Signup and view all the answers

Marketing involves two-way communication and listening to feedback Signup and view all the answers

To create products or services that effectively fulfill consumer needs and desires Signup and view all the answers

Marketing involves two-way communication between businesses and customers Signup and view all the answers

Focusing on short-term gains only Signup and view all the answers

Study Notes

Marketing focuses on building long-term relationships with customers rather than one-time sales
Marketing is goal-oriented, aiming to increase sales, market share, and brand awareness
It involves interactive communication between businesses and customers, listening to feedback and engaging in conversations
Marketing is a dynamic process that evolves with changes in consumer behavior, technology, and market trends, requiring businesses to adapt and innovate
It creates utility by enhancing the value of a product or service for customers through form, time, place, or possession utility
Marketing involves studying consumer wants and needs, behavior, production planning, development, and pricing policies
Marketing is both an art and a science, blending creativity with analytical skills
It is customer-centric, focused on understanding and satisfying customer needs and preferences
Marketing encompasses pricing policies, distribution strategies, promotion through various channels, and ensuring consumer satisfaction
Marketing control involves monitoring and evaluating performance, adjusting strategies to achieve goals and ensure effectiveness