A: Basic Marketing Functions

What are the characteristics of a production-oriented company?

• producing high volume of products at low costs, standardized products; focus is have efficient processes + reducing costs

• sales technique, advertising, and promotions to convince customers to buy existing products

• conducting thorough market research to identify customer needs and preferences

What are the characteristics of a sales-oriented company

• 
  producing high volume of products at low costs, standardized products; focus is have efficient processes + reducing costs

• have efficient processes + reducing costs

  sales technique, advertising, and promotions to convince customers to buy existing products

• conducting thorough market research to identify customer needs and preferences

What are the characteristics of a marketing-oriented company?

• producing high volume of products at low costs, standardized products; focus is have efficient processes + reducing costs

• sales technique, advertising, and promotions to convince customers to buy existing products

• conducting thorough market research to identify customer needs and preferences

What is the concept of marketing? (multiple correct answers)

• understanding customer preferences and behaviors through market

• Marketing Mix

• getting products and services out to the market as efficiently as possible

• building and maintaining strong customer relationships for long-term success

What are all the right benefits of marketing? (read carefully :P)

• market expansion, global warming, increased sales, valuable insights, product development, reduce wasteful spending, competitive disadvantage, build relationships, adaptability, global reach

• strengthening brand's identity, increased sales, valuable insights, product development, happy customers, reduce wasteful spending, competitive advantage, build relationships, adaptability, forest fires

• customer satisfaction & loyalty, market expansion, strengthening brand's identity, increased sales, valuable insights, product development, reduce wasteful spending, competitive advantage, build relationships, taking over the market, adaptability, global reach

• customer satisfaction & loyalty, market expansion, strengthening brand's identity, increased sales, valuable insights, product development, reduce wasteful spending, competitive advantage, build relationships, adaptability, global reach

What is the function regarding market research?

• understanding customer needs, preferences, and market trends

• creating and planning development of products/services

• setting the right price for products or services

• making products or services accessible to customers

What are activities involved in market research?

• designing features, setting specifications, and determining the product/service mix; planning the product life cycle and product positioning

• conducting surveys, analyzing data, studying consumer behavior, and identifying market opportunities

• 1. personal selling, negotiations, closing deals, and relationship building

• grouping customers based on common characteristics such as demographics, psychographics, or behavior

What is the function involved in product development and planning?

• understanding customer needs, preferences, and market trends

• Creating and planning the development of products/services

• setting the right price for products or services

• making products or services accessible to customers

What are activities involved in product development and planning?

• designing features, setting specifications, and determining the product/service mix; planning the product life cycle and product positioning

• conducting surveys, analyzing data, studying consumer behavior, and identifying market opportunities

• selecting distribution channels (retailers, wholesalers, online platforms), managing logistics, inventory control, and ensuring products are available where and when customers want them

• advertising, personal selling, sales promotions, public relations, and digital marketing; developing promotional campaigns to create awareness, interest, desire, and action

What is the function for product pricing?

• communicating the value of products/services to target audience

• making products or services accessible to customers

• setting the right price for products or services

• facilitating the actual selling of products/services