Overview of Marketing (BA1112G)

A product may be defined as everything, both favourable and unfavourable, that a person receives in an exchange.

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Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.

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The way to achieve customer satisfaction and value is to offer the lowest price.

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• FALSE

Societal orientation is defined as producing, promoting, and selling products.

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The fundamental problem with a sales orientation is a lack of understanding of the marketplace needs and wants.

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Social, demographic, economic and technological factors are examples of internal environmental factors.

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An economic recession has increased demand for products and services in the market.

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Competitive advantage is a core element in creating value in market orientation concept.

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A person's lifestyle is a mood of living as identified by a person's activities, interest, income, and opinions.

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• FALSE

A good or service that doesn’t meet a consumer’s need results in low customer value. 

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• FALSE