Marketing Principles 1-1, 1-2 and 1-5

What is the definition of marketing?

• To analyze and identify the needs and wants of customers, and build products, solutions and strategies to satisfy those needs and wants.

• The effective and relevant use of targeted research to ensure the customers’ needs and wants are satisfied.

• The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and society’s benefit.

• The process of delivering products and services to targeted customers that meet their needs and the needs of the organization.

What is the marketing concept?

• A marketing activity that involves making customers aware of an organization’s product or service, and convinces them that they want or need it.

• Informing potential customers that a product or service exists, and the results they should expect from using it.

• A marketing activity an organization engages in to collect data about existing customers’ perceptions of the organization.

• To analyze and identify the needs and wants of customers, and build strategies to satisfy those needs and wants, better and more effectively than its competitors.

All good businesses start for the purpose of improving on an existing solution or to __________.

Define a target market.

• the specific group of customers who are most likely to buy a product or service.

• getting the right products, to the right people, at the right price, in the right place, and at the right time.

• individualized attention provided and available to customers throughout their lifespan as customers.

• the group of customers that are part of a marketing research group

Which of the following is an element of the marketing function called market planning?

• researching

• updating

• branding

• strategizing

Which marketing function relates to letting customers know that a product or service exists, and the results they should expect from using it?

• customer service

• pricing

• market planning

• promotion

What is the purpose of a CRM (customer relationship management system)?

• to ensure customer satisfaction with a product or service.

• to address problems with a product or service.

• to persuade customers to make a purchase.

• to manage customer interactions and communications.

What is channel-management?

• using a website to distribute products or services to customers.

• determining the best way/s to distribute products or services to customers.

• evaluating the cost of distributing products or services to customers.

• selling product or services to customers through a retail storefront.

The marketing function that works with customers to ensure satisfaction, and encourage repeat business, is:

• selling

• promotion

• customer service

• customer relationship management

Which marketing function involves persuasion based on the merits a product or service can provide?

• Pricing

• Selling

• Promotion

• Product Management