Principles of Marketing - ABM 308

Front

What is marketing?

Back

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Front

Define 'Needs' in marketing.

Back

Needs are a state of felt deprivation or basic human requirements.

Front

What are 'Wants'?

Back

Wants are the form that needs take as shaped by culture and individual personality.

Front

What are 'Demands'?

Back

Demands are wants backed by the ability and willingness to pay.

Front

What is an 'Exchange' in marketing?

Back

Exchange is the act of obtaining a desired product or service by offering something in return.

Front

Define 'Market'.

Back

A market is a group of people who have both the desire and the ability to buy a product or service.

Front

List the ten entities covered by marketing activities.

Back

1. Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas.

Front

What is the Production Concept in marketing?

Back

The Production Concept focuses on the internal potential of the company and not based on the desires and needs of the market.

Front

Explain the Sales Concept.

Back

The Sales Concept refers to the idea that people buy more goods and services through personal selling and aggressive advertising.

Front

What is the Marketing Concept?

Back

The Marketing Concept is a philosophy that states that an organization must try to find out and satisfy the needs and wants of consumers while accomplishing organizational goals.