Marketing 401 Exam 1|55 Questions with 100% Correct Answers | Verified | Latest Update

What is marketing? - ️️Official definition: an organizational function and a set of processes for creating, communicating and delivering value to the consumer and for managing customer relationships in a way that benefits the organizations and the all stakeholders. But also: advertising, promoting, selling products and services, building customer relationships- trust, loyalty, transparency researching communicating value developing the product or service What is marketing research? - ️️Research done by a company to see how their product or service will be received by the market. It allows companies to hear the voice of the consumer. Examples of companies who didn't do marketing research: Google Glass- not practical for the everyday person but google did not research that. Why is marketing research important? - ️️Gives us a method to communicate with the consumer and to understand what it is they want. It provides reliable information, minimizes market failures, allows organizations to revise their products and services, listen to what consumers are saying. Production Philosophy - ️️We make it, they'll buy it. Example of a company with that philosophy: Apple. Sales Philosophy - ️️we need to sell, no matter what. It's a buyer beware type of philosophy though