Marketing Fundamentals (Stukent Ch 1)

What is marketing?

• Selling products to customers

• Communicating a company’s value to customers

• Designing products and services

• Managing customer complaints

What are the core objectives of marketing mentioned in the text?

• Increase profits, expand globally, improve products

• Increase sales, build customer awareness and loyalty, acquire new customers

• Reduce costs, increase employee satisfaction, expand into new markets

• Enhance company reputation, develop new technologies, reduce environmental impact

Which of the following is NOT an element of marketing as mentioned in the text?

• Advertising

• Customer service

• Product manufacturing

• Public relations

What does PR stand for in the context of marketing?

• Personal Relations

• Public Relations

• Product Recognition

• Promotion and Recognition

What drives a company’s business according to Mark Cuban?

• Quality products

• Effective advertising

• Sales

• Customer service

What does a target audience refer to?

• The company’s employees

• Potential new customers

• Current customers and potential new customers

• Market competitors

According to Steve Jobs, what is the key to successful marketing?

• Creating innovative products

• Understanding customers’ needs

• Aggressive advertising

• Lowering prices

What is the purpose of focus groups in marketing?

• To gather qualitative data about customer perception

• To conduct large-scale surveys

• To sell products directly to customers

• To handle customer complaints

What is a common way for marketers to gather demographic and quantitative data about consumers?

• Focus groups

• Surveys

• Web analytics

• PR efforts

According to the text, what is a common mistake marketers should avoid when understanding their customers?

• Assuming that their thoughts align with their customers’

• Ignoring customer feedback

• Focusing only on current customers

• Using only quantitative data for analysis