Question

1.Define marketing and identify the two primary goals of marketing

2.Explain how marketing discovers and satisfies consumer needs

3.Distinguish between marketing mix factors and environmental forces.

4.Explain how organizations build storng customer relationships and customenr value through marketing

Answer 1

1.Define marketing and identify the two primary goals of marketing

Marketing is an exchange relationship, its main aim is to satisfy customers, it is a medium in which one can promote their product and sell their product to customers. Marketing leads to profitability. Marketing is done keeping in mind 4 Ps they are product, place, promotions, and price. Marketing can be done online and offline, Marketing through tv ads emails, facebook come under the category of online marketing, via print media etc come under offline marketing;

The primary goal of marketing is to improve it Market share( any business comes up with a goal of increasing its sales and attain much higher profits) and Customer Retention (keeping customers happy and satisfied by their product would definitely lead to customer retention one has to properly market their goods and support customers).

2.Explain how marketing discovers and satisfies consumer needs??

Researching what consumer needs are ie extensive preliminary research and to Satisfy consumer needs by implementing a marketing program having the right combination of the marketing mix 4 P.

3.Distinguish between marketing mix factors and environmental forces.?

Marketing Mix factors are controllable factors as they are under control of marketing departments in an organization, the marketing mix factors include,

Product: The product should contain and USP and the features and benefits need to understand, it may be a tangible or intangible service that should satisfy the customer need.

Price: The price should be minimal, not higher or not too less if it is too less it may come under the underrated product and if it is too high product will be retained only for some group of people.

Promotion: Promoting is a medium through which your product sales increases if u promote much and the quality is good automatically sales increases.

Place: place also determine the marketing mix because the placement strategy will help assess what channel is the most suited to a product.

Environmental factors: These are uncontrollable factors they cannot be controlled by the organization.

1.social: People buy products which suit their social and cultural values habits. Knowing these factors of the target market, a manager can effectively design product- mix

2.Economic factors: consists of forces that affect company ’s revenues, and profits, and purchasing powers and willingness to spend on the product. economic forces include growth rate, inflation rate, interest rate.

3.Political factors: Every market is to be affected by political decisions, laws may create challenges for business to establish or run. A manager should be aware of the current government factors ie political reforms, and legal provisions that he has to observe while dealing with other parties.

4.Technological factors: These effect on product quality, cost-effectiveness every manager has to understand the new technology, Regulations affecting technological change/reforms.

4.Explain how organizations build strong customer relationships and customenr value through marketing?

Through marketing organization can build strong customer relationship as they can be in touch with customers mailing, calling them regarding the new offers and new products and new enhancements introducing, they can build a healthy relationship and which in turn improve their sales. Combination of offering the best price, best product and best service on time delivery and before and after sale service are the major factors to bring a strong relationship.