The Marketing Process

Question 1

What is the main purpose of a business?

Answer 1

To satisfy the needs and wants of customers.

Question 2

How is the satisfaction of the needs and wants of customers done?

Answer 2

Through marketing.

Question 3

What is marketing?

Answer 3

Marketing is a process that involves:

• identifying the needs and wants of chosen / selected customers;
• satisfying these customers’ needs and wants in ways that are better than the competitors’ with the right product, at the right price, at the right place using the right kind of promotion.

Question 4

What do the four Ps of marketing refer to?

Answer 4

• Product
• Price
• Place
• Promotion

Question 5

What are the 4Ps of marketing known as?

Answer 5

They are known as the tools of marketing or the marketing mix.

Question 6

What are the tools of marketing?

Answer 6

1. Product
2. Price
3. Place
4. Promotion

Question 7

What does the marketing mix include?

Answer 7

The marketing mix includes the 4Ps, i.e. product, price, place and promotion.

Question 8

What is the marketing mix commonly referred to?

Answer 8

As the 4Ps of marketing.

Question 9

What is the four-step model of the marketing process?

Answer 9

Know Your Customers

1. Identify potential customers (i.e. who are the potential customers of the business?)
2. Understand customers’ needs and wants (i.e. What are the customers’ needs and wants?)

Apply the Marketing Mix

3. Apply the marketing tools: 4Ps
   * (To be covered in Chapter 4)*
   a. What product can the business offer customers?
   b. What price does the business charge for this product?
   c. Where can customers get the product (place)?
   d. How can customers find out about the product (promotion)?
4. Satisfy customers’ needs and wants better than competitors, i.e. How can the business make its offer different from or better than its competitors’?