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Introduction-to-Marketing-PJNITE.pdf Flashcards
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Introduction-to-Marketing-PJNITE.pdf Flashcards
Introduction-to-Marketing-PJNITE.pdf Flashcards
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1
Question
What is the aim of marketing?
Answer
The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
2
Question
What is a market?
Answer
A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
3
Question
How does Kotler define marketing?
Answer
According to Dr. Philip Kotler, marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.
4
Question
What is a simplified definition of marketing?
Answer
Simply put, marketing is the delivery of customer satisfaction at a profit.
5
Question
What are the goals of marketing?
Answer
The goals of marketing are to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.
6
Question
What are core marketing concepts?
Answer
Core marketing concepts are the fundamental ideas that underpin the practice of marketing, including understanding customer needs, creating value, and exchanging products.
7
Question
What are needs?
Answer
Needs are defined as physiological necessities required for human survival, such as food, clothing, and shelter.
8
Question
What are wants?
Answer
Wants are desires for specific satisfiers of deeper needs; they are more psychological and indicate preferences that can improve the consumer's life condition.
9
Question
How are needs and wants related?
Answer
Needs are few, while wants are many.
10
Question
What are demands?
Answer
Demands are wants backed by the ability and willingness to buy.
11
Question
What is market demand?
Answer
Market demand is the total demand of all potential customers for a specific product or service over a specific period in a specific market area.
12
Question
What is potential demand?
Answer
Potential demand emerges when there is no demand yet for a particular product or service, but there exists a market with sufficient financial capability to purchase.
13
Question
What is latent demand?
Answer
Latent demand results when customers in a market are unable to satisfy specific desires because no product or service exists in the market that can satisfy them.
14
Question
What is current demand?
Answer
Current demand is defined as the number of people in a particular market at present that would actually purchase the product or service offered.
15
Question
What is a product?
Answer
A product is anything that can be offered to someone to satisfy a need or want.
16
Question
What are goods?
Answer
Goods refer to physical or tangible objects.
17
Question
What are services?
Answer
Services refer to intangible objects.
18
Question
What is an experience in the context of products?
Answer
Experience creates lasting impressions, shareable moments, and lifetime reminders.
19
Question
What is value?
Answer
Value is the customer's estimate of the product's capacity to satisfy a set of goals, needs, or wants.
20
Question
How is value calculated?
Answer
Value is the ratio between what the customer gets and what the customer gives.
21
Question
What does VBC stand for?
Answer
VBC stands for Value Based Customer; it indicates that the customer gets benefits and assumes costs.
22
Question
What is satisfaction?
Answer
Satisfaction is the measure of how well customer expectations from a purchased product or service have been met.
23
Question
What happens when customer expectations and performance are satisfied?
Answer
When customer expectation performance is satisfied, the customer is satisfied.
24
Question
What happens when customer expectations and performance are dissatisfied?
Answer
When customer expectation performance is dissatisfied, the customer is not satisfied.
25
Question
What does it mean when customer expectations and performance are highly satisfied?
Answer
When customer expectation performance is highly satisfied, it indicates a very positive response from the customer regarding the product or service.
26
Question
What is the definition of exchange?
Answer
Exchange is the act of obtaining a desired product by offering something in return.
27
Question
What are the 5 conditions that must be satisfied for exchange to take place?
Answer
The 5 conditions are: a) Two parties should be there; b) Each party must have something of value to the other; c) Each party is capable of communication and delivery; d) Each party is free to accept or reject the offer; e) Each party believes that it is appropriate to deal with the other party.
28
Question
What is a transaction?
Answer
A transaction is an agreement between a buyer and a seller to exchange assets for payment.
29
Question
What does a transaction involve?
Answer
A transaction involves at least two things of value, agreed upon conditions, a time of agreement, a place of agreement, and a legal system of contract to avoid distrust.
30
Question
How does a transfer differ from a transaction?
Answer
A transfer is one way, whereas a transaction involves an agreement between parties.