Exam 1: Marketing Principles and Practice

The core competencies of the marketer are to, champion the customer and hence customer focus, and develop marketing strategy.

As intangible services have increased in their importance the marketing mix, the 4Ps theory has been further developed to incorporate an additional 3Ps; creating the 7Ps of services marketing. These new 3Ps include:

The emphasis in B2B markets is strongly focused on the development and building of mutually satisfying relationships based on commitment and trust.

Companies employing a relationship marketing approach stressed ___________ rather than customer acquisition.

The focus of marketing in consumer goods context is on:

The behaviours of a customer and the behaviours of a consumer are the same.

The study of the effect that marketing processes, activities, and institutions have on the economy and society of a nation is known as …….

Circular economy is beyond the …….

Understanding buyer psychology is fundamental to the marketing function. Because marketing is about understanding customers' needs, empathy with customers is a prerequisite.

An organization that is characterized as developing a market orientation: will appoint a marketing person to its board of directors, or trustees in the case of a charity, or part of the executive team in a limited company or partnership..

The aggregate marketing system delivers to us a wide array of offerings, either directly or indirectly through business markets, to serve our wants and needs.

What is the way in which the offering is delivered to the customer?

____________ need to develop long-term customer relationships, including relationships with suppliers; potential employees; recruiters; referral markets influence markets and Internal markets.

Marketing is a one-way process as it's solely about the marketing organization doing the work.

In the ---------- of exchange, we have a manufacturer dealing directly with its customers. An example here would be Dell, the computer manufacturer, selling directly from its website and via the telephone.

B2B marketing is essentially the same as consumer marketing

Marketing plays an important role in developing and transforming society .

The consumer goods perspective has been dominant in the history of marketing. The concept is concerned with ideas of:

The Chartered Institute of Marketing (CIM) definition of marketing differs to the definition offered by the American Marketing Association (AMA) in that it focuses on 'satisfying customer requirements profitably' as opposed to 'delivery of value'?

The key difference between a customer and a consumer is that: a consumer purchases a product and a customer consumes it.