1. What is marketing?
Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging productsand value with others.
2. What is a need?
A state of felt deprivation.
3. What is a want?
The form taken by a human need as shaped by culture and individual personality.
4. What are demands?Human wants that are backed by buying power.
5. What is a product?
A product is anything that can be offered to a market to satisfy a want or need.
6. What is a service?
Activities orbenefits offered for sale that are essentially intangible and do not result in the ownership of anything.
7. What is customer value?
Is the difference between the values the customer gains from owningand using a product and the costs of obtaining the product.
8. What is customer satisfaction?
Depends on a product`s perceived performance in delivering value relative to a buyer`s expectations.9. What is an exchange?
The act of obtaining a desired object from someone by offering something in return.
10. What is a transaction?
Consists of a trade of values between two parties thatinvolves a least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.
11. What is a market?
The set of actual and potential buyers of a product.
12. What isDemarketing?
Demarketing may be required to reduce demand temporarily or permanently.
13. Draw and explain the contrast between the selling and the marketing process.
Starting FocusMeans Ends
The selling concept
The marketing concept
14. Explain the difference between physical and non-physical markets. Giveexamples.
Physical Markets are the market in which you buy and sale tangible products for example when someone is buying clothe or books in the library. The non-physical Markets are those markets...