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Marketing Definitions

Marketing
The creation and maintenance of satisfying exchange relationships
Marketing Concept
Using the needs of customers as the primary focus during planning, production, distribution, and promotion of a product or service
Market
The prospective customers a business wants to serve and the location of those customers
Marketing Mix
Blending the four marketing elements (product, distribution, price, and promotion) by the business.
Product
Anything offered to a market by the business to satisfy needs, including physical products, services, and ideas
Production
The business function that creates or obtains products or services for sale
Price
the actual amount customers pay and the methods of increasing the value of the product to the customers
Relationship Marketing
focuses on developing loyal customers who continue to purchase from the business for a long period of time
Distribution (place)
The locations and methods used to make the product available to customers
Bartering
Exchanging products or services with others by agreeing on their values without using money
Which marketing function involves designing and developing products and services?
Product/Service Management
Which marketing function establishes the value of products and services?
Pricing
Which marketing function develops procedures so customers are able to locate, obtain, and use products and services?
Distribution
Which business function involves activities that make products and services available to consumers and ensure that satisfying exchanges occur?
Marketing
Which business function involves developing, implementing, and evaluating the plans and activities of a business?
Management
Which business function represents the ongoing activities designed to support the primary function of a business and keep it operating efficiently?
Operations
Which marketing mix element includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction?
Promotion
Which of the following is an approach to customer service that gives employees the authority to solve many customer problems?
Employee empowerment
T/F Millions of businesses today have marketing as their main activity.
True
T/F Marketing activities today are completed in much the same way they have always been done.
False
T/F Developing marketing skills can actually help you be a more effective consumer.
True
T/F Credit card companies are directly involved in marketing
True
T/F Marketing activities can be categorized within four functions.
False
T/F Marketing activities are completed by profit making businesses but not by not-for-profit businesses.
False
T/F A business is involved in marketing when it communicates the value of products to prospective customers.
True
Successful businesses develop an approach to marketing planning that responds to
the needs of customers
By studying marketing, you will learn
how businesses use marketing to increase their effectiveness and profits
Distribution includes
determining the best procedure to be used so prospective customers can locate a product
Marketing-information management includes
Obtaining market information to improve decision making
T/F All business activities contribute in specific ways to the success of the business
True
T/F Marketing is particularly important when businesses produce a low-quality product.
False
T/F Specialization of labor results in the production of large quantities of a product.
True
T/F Self-sufficient people bartered for goods they needed.
False
T/F Marketing has existed since businesses began exchanging goods.
True
T/F A money system was developed to assist with the exchange process.
True
T/F A new or small business does not need to coordinate its business functions.
False
Self-sufficient people have to overcome
the need for a variety of goods and services to live
In order to barter, both parties
must want what the other party has
Central markets were usually located
where people frequently traveled
Operations includes
obtaining, transporting, and storing products, maintaining buildings and equipment, preparing and maintaining paperwork and computerized records.
T/F Marketing has always been an important part of business.
False
T/F The most successful businesses are the ones that consider customers’ needs as they produce and market their products and services.
True
T/F Today the biggest challenges facing most businesses is getting the products from the places where they are produced to prospective customers.
False
T/F The marketing concept works well for organizations such as colleges and hospitals as well as for businesses whose goal is to make a profit.
True
T/F A marketing mix is the blending of three marketing elements – product, distribution, and promotion.
False
T/F Companies that believe in the marketing concept cannot be concerned about the amount of profit they make.
False
T/F Price is the actual cost that a business incurred to produce and market the product.
False
As consumers increased their standard of living and had more money to spend, the demand for newer and better products
increased
In the past, businesses could be successful by
producing more products, increasing the amount of advertising, and increasing selling efforts for the products
Businesses that do not use the marketing concept
often rely on advertising and promotion
T/F During the production Era, production processes were very complex and many product choices were available.
False
T/F During the Sales Era, transportation systems were not well developed.
False
T/F During the Marketing Department Era companies increasingly relied on a variety of marketing activities to find ways to expand markets and sell more products
True
T/F There are some products that customers just won’t buy.
True
T/F After changing a great deal in the first half of the 20th century, the role of marketing in businesses has remained the same since that time.
False
T/F Marketing includes distribution, pricing, credit, and customer service.
True
T/F Marketing can help the business be more profitable by coordinating activities and controlling costs.
True
The development sequence of the philosophy of marketing:
Production Era, Sales Era, Marketing Department Era, Marketing Concept Era
During the Marketing Concept Era:
marketing became the work of more than one department
Relationship marketing focuses on
developing loyal customers who continue to purchase from the purchase from the business for a long period of time

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