67 test questions and answers

Foundations of Marketing William Pride 9th edition 2021

9780357129463 

Pages book: 592

This summary: 47

Reading time: 150 min.

• important visuals
• 67 test questions and answers
• 15 new marketing trends and developments for 2025
• exam hack tips 1 / 4

• / 4

• / 4

Chapter 1 – Marketing Concepts What is Marketing?Marketing: the activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for customers, client’s partners and society at large -A business function that deals with customers -Marketing is managing profitable customer relationships -The two fold goal of marketing is to attract new customers by promising superior value, and to keep/grow current customers by delivering satisfaction -Marketing comes down to perception -A social/managerial process by which individuals/groups obtain what they need through creating and exchanging products and values with others Exchange: the act of obtaining a desired object from someone by offering something in return

Marketing is the management activity concerned with:

-Identifying the needs of the customer -Developing appropriate products -Offered to a specific group of consumers -Using a systematic plan to price, promote and distribute the product -Mutual gain of both the provider and consumer

Has four main premises:

1.Consumer orientation 2.Continuous market research 3.All organisational activities and strategies are integrated 4.Convert satisfied consumers into loyal customers Understand the marketplace and customer needs/wants Research customers and the marketplace Manage marketing information and customer data Design a customer- driven marketing strategy Select customers to

serve: market

segmentation and targeting Decide on a value

proposition:

differentiation Construct an integrated marketing program that delivers superior value Product and service

design: build strong

brands

Pricing: create real

value

Distribution:

manage supply and demand chains

Promotion:

communicate the value proposition Build profitable relationships and create customer delight Capture value from customers to create profits and customer equity Customer relationship

management: build

strong relationships with chosen customers Partner relationship

management: build

strong relationships with marketing partners Create satisfied loyal customers Capture customer lifetime value Increase share of market share and share of customer

• / 4