17 Nature of Marketing Flashcards
1
Q
Marketing
A
Management of task of identifying & meeting the needs of customers profitably by getting the right product at the right price to the right place at the right time.
2
Q
Marketing involves
A
Marketing research
Product and packaging design
Pricing, advertising and distribution
Customer service
3
Q
Equilibrium Price
A
The price at which demand and supply are equal.
4
Q
Demand
A
Quantity of a product that consumers are willing and is able to buy at a given price at specific time periods.
5
Q
Supply
A
Quantity of a product that firms are prepared to supply at given price in specific time periods.
