Marketing vs Sales Concept

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Questions and Answers

What is the primary goal of the marketing process according to BCIM's definition?

To exchange offerings with customers

To satisfy customer requirements profitably (correct)

To build strong relationships with partners

To create value for companies

What is the key difference between needs and wants in marketing?

Needs are influenced by personality, wants are cultural (correct)

Needs are cultural, wants are personal

Needs are basic, wants are luxurious

Wants are hierarchical, needs are not

What is created when buying power supports a person's want?

Demand (correct)

Need

Want

Offering

What is the term for the benefits provided by marketers to fulfill customer needs?

Offering Signup and view all the answers

Which of the following is NOT part of the marketing environment?

Needs and wants Signup and view all the answers

According to Kotler and Armstrong's definition, what is the ultimate goal of marketing?

To capture value from customers Signup and view all the answers

What is the process of understanding customer needs and wants?

Customer needs analysis Signup and view all the answers

What is the term for the process of dividing a larger market into smaller groups with similar needs or characteristics?

Market segmentation Signup and view all the answers

What is the primary focus of the marketing concept?

Customer needs and preferences Signup and view all the answers

What is the primary goal of the marketing process?

Satisfying customer wants and needs Signup and view all the answers

What is the marketing environment composed of?

Microenvironment and macroenvironment Signup and view all the answers

What is the main purpose of developing a marketing mix?

To coordinate product, distribution, and promotion decisions Signup and view all the answers

What is the outcome of successful marketing activities?

Gain of value from customers Signup and view all the answers

What is the primary method of achieving profit in the marketing concept?

Through customer satisfaction Signup and view all the answers

What is the purpose of identifying market needs?

To understand customer needs and preferences Signup and view all the answers

What is the result of a marketer's ability to conduct marketing activities?

Opportunities and threats Signup and view all the answers

What is a product in marketing?

A mix of goods, services, and experiences Signup and view all the answers

What is value in marketing?

The difference between benefits and costs Signup and view all the answers

What is a transaction in marketing?

An exchange of value between two parties Signup and view all the answers

What is the benefit of relationship building in marketing?

Increase in customer loyalty Signup and view all the answers

What is a market in marketing?

A set of actual and possible buyers of a product Signup and view all the answers

What is an example of a product offering?

A tablet computer with warranty Signup and view all the answers

What is satisfaction in marketing?

The difference between perceived performance and expectation Signup and view all the answers

What is exchange in marketing?

The act of giving something of value to someone Signup and view all the answers

Study Notes

Differences between Sales and Marketing Concept

Sales concept: focus is on the factory, inward, and existing products; goal is to maximize sales volume through promotion and personal selling
Marketing concept: focus is on the market, outward, and customer needs; goal is to satisfy customer wants and needs through coordinated marketing activities

Marketing Process

Identify market needs and develop marketing strategy
Develop relationships with customers and partners
Gain value from customers through lifetime value

Marketing Environment

Made up of microenvironment and macroenvironment
Affects a marketer's ability to conduct marketing activities
Offers both opportunities and threats

Overview of Marketing

Understanding marketing: definition, basic concepts, marketing process, and contribution to individual and society
Marketing environment: microenvironment and macroenvironment

Definition of Marketing

Management process that identifies, anticipates, and satisfies customer requirements profitably
Activities, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers
Process by which companies create value for customers and build strong customer relationships

Basic Concepts of Marketing

Needs: a requirement for something necessary in a person's life; hierarchical in nature
Wants: people's needs molded by culture and personality
Demands: demand is created when buying power supports a person's want

Offerings

Benefits from the value given by marketers to fulfill consumer needs
A mix of goods, services, and experiences

Value and Satisfaction

Value: the difference between benefit gained from a product and costs incurred
Satisfaction: the difference between a product's perceived performance and buyer's expectation

Exchange, Transactions, and Relationship

Exchange: act of returning something of value to someone who has given a desired object
Transaction: basic unit of measurement for an exchange; monetary or barter transaction
Relationship: tie between a consumer and a product or marketer; builds on the idea of long-term relationships based on mutual benefits

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Description

Understand the differences between the sales concept and marketing concept, including their starting points, focus, and business objectives. Learn how they approach customer needs and wants.