Introduction of Marketing - Question and Answers
1. Define marketing in your own words.
2. Explain what is meant by customer's demands. How do these
differ from needs?
3. Why is it important for the marketer to develop a long-term
relationship with consumers?
4. List and briefly explain th...
Marketing Introduction Questions and Answers
1. Define marketing in your own words.
The Chartered Institute of Marketing (CIM) has defined marketing as
follows:
'Marketing is the management process responsible for identifying,
anticipating and satisfying customer requirements profitably.' The
emphasis here is on satisfying customer requirements and needs. The
satisfied customer will come back again and as a result the organization
will have a future source of profits.
The action words in the CIM definition of marketing:
o Identifying: finding out who exactly your customers are, and what
their needs and wants are.
o Anticipating: trying to forecast future needs and wants of your
existing and potential customers. Predicting customer expectations
and demand for a product or service and making sure it is available.
o Satisfying: providing products and services at a price and at a time
and place that satisfies the needs and wants that you identified.
o Profitably: all commercial organisations need to trade profitably in
order to survive, but in non-profit-making organisations the
emphasis would also be on providing customer satisfaction within
the budget allocated as efficiently as possible.
2. Explain what is meant by customer's demands. How do these
differ from needs?
, People have many wants and needs, but they have limited resources to
provide for these needs. Therefore, they will choose products that they
value and that give them satisfaction for their money. When people have
buying power, their wants and needs become demands. In other words,
they will choose a product that gives them the best package for their
money.
3. Why is it important for the marketer to develop a long-term
relationship with consumers?
A long-term relationship will ensure that the consumer continues to use
the product and remains loyal to that product.
4. List and briefly explain the core marketing concepts.
Needs, wants and demands of customers a need is a feeling of
deprivation. A want is shaped by an individual's culture and personality.
Demands are needs and wants that are backed by buying power.
Products you offer a product is anything offered to a market for use,
attention, acquisition, or consumption that might satisfy a want or a
need. It includes goods, services, people, places, organizations and ideas.
Value, satisfaction and quality Choice of products is very varied, and a
customer puts a value to a product. Value means not only the monetary
cost of the product but also the 'value' of owning the product. A
customer who buys a product will weigh up the benefits and value and,
if satisfied with the product, may possibly buy it again. Customers look
for quality, in other words they assess the degree to which the product
or service conforms to requirements and is free of faults.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller reigntutorstc90. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
