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10 Questions

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Meaning and Definitions of Marketing

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Questions and Answers

What is the primary goal of marketing management?

To promote products without considering customer satisfaction

To set high prices on goods and services

To create an exchange that satisfies individual or group objectives (correct)

To maximize profits regardless of customer needs

Who are considered as customers for a business?

Individuals who have no interest in purchasing your products

People in the same industry sector as your business

Only people who are buying from you currently

People who are buying from you now, people you hope will buy from you in the future, and people who stopped buying from you (correct)

What is emphasized as crucial for satisfying customers according to the text?

Setting the highest possible prices for products

Ignoring the competition in the market

Selling products without considering quality

Knowing customers' needs and wants (correct)

What are some factors that businesses need to find out about their customers in order to satisfy them?

Products/services wanted, price willingness, location, and promotion strategy Signup and view all the answers

What differentiates customers in terms of their preferences for products according to the text?

Some prefer different designs while others seek high quality for which they are willing to pay more Signup and view all the answers

What is the essence of marketing according to the text?

Creating, offering, and exchanging something of value Signup and view all the answers

Who are the target of marketing activities according to the text?

Product purchasers and individuals/groups influencing organizational success Signup and view all the answers

Which of the following is NOT included in the products marketed mentioned in the text?

Events Signup and view all the answers

According to William J. Stanton's definition of marketing, what is NOT a part of total business activity?

Production Signup and view all the answers

How does Philip Kotler define marketing in the text?

As a social and managerial process for obtaining what is needed and wanted Signup and view all the answers