10 Questions
What is the primary focus of marketing?
The flow of goods and services from producer to consumer
What has marketing developed into in recent decades?
A highly specialized research activity
What has expanded tremendously in the past hundred years?
Marketing activities
What is involved in the marketing process?
Both physical activities and understanding consumer circumstances and attitudes
When did marketing come into existence?
The answer is not specified
Which approach to developing new products involves creating products based on what the business is good at producing?
Product-oriented approach
What is a key characteristic of a market-oriented business?
It reacts to what customers want
What is the main purpose of a marketing assessment?
To develop a marketing plan
What is product management involved in?
Planning, marketing, and development of a product
Why are many markets moving towards a more market-oriented approach?
Because customers are becoming more knowledgeable
Study Notes
Definition of Marketing
- Marketing is the performance of business activities directed toward, and incident to, the flow of goods and services from producer to consumer or user.
- It involves understanding consumer circumstances and attitudes that determine why certain people want certain products.
Evolution of Marketing
- Marketing activities have expanded tremendously in the past hundred years.
- Formal study of marketing only began in the past few decades.
- Today, there are many publications on marketing and colleges offer courses and degrees in this field.
Marketing Orientation
- Marketing Orientation means a business reacts to what customers want.
- Decisions are based on information about customers' needs and wants, rather than what the business thinks is right for the customer.
- Most successful businesses take a market-orientated approach.
Product Orientation
- Product Orientation means a business develops products based on what it is good at doing, rather than what a customer wants.
- This approach is often criticized because it leads to unsuccessful products, especially in well-established markets.
Marketing Assessment
- A marketing assessment contains a detailed analysis of proposed products and services, and plans for product/service development.
- A good market assessment will:
- Identify business position in the market
- Define the market
- Identify customers by demographic segmentation
- Analyze and select promotional and marketing strategies
- Identify network opportunities that will help achieve better market
Product Management
- Product Management is an organization lifecycle function within a company dealing with the planning, or marketing of a product at all stages of the product lifecycle.
This quiz covers the basics of marketing, including the definition and process of marketing, understanding customer needs, and designing a customer-driven marketing strategy.
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