Unit 1- Marketing and Strategy

Question 1

the activity, set of institutions, processes for creating, communicating, delivering, exchanging offerings that have values for customers, clients, partners, society

Answer 1

Marketing

Question 2

the want-satisfying power of a good or service

Answer 2

utility

Question 3

Marketing Mix

Answer 3

4 Ps: Price, Product, Place, Promotion

Question 4

Steps for Marketing (how marketing works) - 6 steps

Answer 4

1. Identify customer needs
2. Design products to meet needs
3. Communicate info about goods to buyers
4. Ensure availablity at right time, right place
5. Price items justifiably and for profit
6. Follow-up to ensure customer satisfaction

Question 5

What is creating utility based on?

Answer 5

Based on designing and marketing - want-satisfying

Question 6

Four types of Utility

Answer 6

1. Form
2. Time
3. Place
4. Ownership/possession

Question 7

Eight Universal Functions of Marketing

Answer 7

1. Buying
2. Selling
3. Transporting
4. Storing
5. Standardizing and Grading
6. Financing
7. Risk-taking
8. Securing Marketing information

Question 8

Groupings of eight universal functions

Answer 8

exchange
physical distribution
facilitating functions

Question 9

Exchange grouping

Answer 9

Buying and selling

Question 10

Physical distributing grouping

Answer 10

transportation and storing

Question 11

facilitating functions grouping

Answer 11

standardizing and grading
risk-taking
financing
securing marketing info