MRKT 1001: Principles of Marketing Unit 1

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What is the primary goal of marketing?

To create a dynamic environment for stakeholders

To develop and maintain favorable relationships with stakeholders

To facilitate satisfying exchange relationships with customers (correct)

To distribute goods and services to the target market

What is the focal point of all marketing activities?

Customers (correct)

Target market

Competitors

Stakeholders

What is the target market in marketing?

A group of stakeholders who are not favorable to the organization

A group of customers who are not satisfied with the product

A specific group of customers on whom an organization focuses its marketing efforts (correct)

All customers who purchase the organization's products

What does marketing involve?

Creating, distributing, promoting, and pricing goods, services, and ideas Signup and view all the answers

In what type of environment does marketing occur?

Dynamic environment Signup and view all the answers

What is the outcome of a successful marketing exchange?

Both customers and marketers benefit Signup and view all the answers

What is the primary objective of a marketing manager when making products available to target-market customers?

To minimize costs related to inventory, transportation, and storage Signup and view all the answers

What is the most flexible marketing-mix variable?

Price Signup and view all the answers

What is the primary goal of promotion activities?

To create a desired response from customers Signup and view all the answers

How has the internet and electronic commerce influenced the distribution variable?

It has dramatically influenced the distribution variable Signup and view all the answers

What is a key consideration for companies when providing products at competitive prices?

To provide products at prices lower than others Signup and view all the answers

What are the three costs that a marketing manager aims to minimize when making products available to target-market customers?

Inventory, transportation, and storage Signup and view all the answers

What led to the increase in production of manufactured goods?

New technology and new ways of using labor Signup and view all the answers

What was the primary focus of businesses during the first half of the 20th century?

Increasing profits through sales Signup and view all the answers

What is incorrectly equated with marketing by some people?

Sales orientation Signup and view all the answers

When did the market orientation emerge?

Mid-20th century Signup and view all the answers

What is a key aspect of a market-oriented organization?

Conducting market research Signup and view all the answers

What is linked to new product innovation in a market-oriented organization?

Strategic focus on target markets Signup and view all the answers

What is the result of changes in the marketing environment?

Uncertainty for marketers and opportunities Signup and view all the answers

What is the primary goal of a firm that adopts the marketing concept?

Satisfying both customers' needs and the organization's goals Signup and view all the answers

What is the main difference between the marketing environment and marketing-mix variables?

An organization has more control over marketing-mix variables Signup and view all the answers

During which period did the Industrial Revolution improve speed and efficiency?

Production orientation period Signup and view all the answers

What is the primary focus of a market-oriented organization?

Meeting customers' needs and achieving the organization's goals Signup and view all the answers

What is the purpose of understanding the marketing environment?

To plan for changes and uncertainty Signup and view all the answers

What is a crucial step in implementing the marketing concept?

Establishing an information system to discover customers' needs Signup and view all the answers

What is the fundamental goal of every marketing strategy?

Achieving the full profit potential of each customer relationship Signup and view all the answers

Why is an information system necessary for an organization?

To determine customers' needs and create satisfying products Signup and view all the answers

Who should support the implementation of the marketing concept?

Top management and managers and staff at all levels of the organization Signup and view all the answers

What is customer relationship management?

Using customer information to create marketing strategies Signup and view all the answers

What is the purpose of coordinating all organizational activities?

To satisfy customers' objectives as well as the organization's Signup and view all the answers