Podcast
Questions and Answers
What is the primary goal of the marketing process according to BCIM's definition?
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?
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?
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?
What is the term for the benefits provided by marketers to fulfill customer needs?
Which of the following is NOT part of the marketing environment?
Which of the following is NOT part of the marketing environment?
According to Kotler and Armstrong's definition, what is the ultimate goal of marketing?
According to Kotler and Armstrong's definition, what is the ultimate goal of marketing?
What is the process of understanding customer needs and wants?
What is the process of understanding customer needs and wants?
What is the term for the process of dividing a larger market into smaller groups with similar needs or characteristics?
What is the term for the process of dividing a larger market into smaller groups with similar needs or characteristics?
What is the primary focus of the marketing concept?
What is the primary focus of the marketing concept?
What is the primary goal of the marketing process?
What is the primary goal of the marketing process?
What is the marketing environment composed of?
What is the marketing environment composed of?
What is the main purpose of developing a marketing mix?
What is the main purpose of developing a marketing mix?
What is the outcome of successful marketing activities?
What is the outcome of successful marketing activities?
What is the primary method of achieving profit in the marketing concept?
What is the primary method of achieving profit in the marketing concept?
What is the purpose of identifying market needs?
What is the purpose of identifying market needs?
What is the result of a marketer's ability to conduct marketing activities?
What is the result of a marketer's ability to conduct marketing activities?
What is a product in marketing?
What is a product in marketing?
What is value in marketing?
What is value in marketing?
What is a transaction in marketing?
What is a transaction in marketing?
What is the benefit of relationship building in marketing?
What is the benefit of relationship building in marketing?
What is a market in marketing?
What is a market in marketing?
What is an example of a product offering?
What is an example of a product offering?
What is satisfaction in marketing?
What is satisfaction in marketing?
What is exchange in marketing?
What is exchange in marketing?
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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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