Question

Define Marketing?

Define what an exchange is and list the five conditions of an exchange?

List and define the Four Marketing Management Philosophies?

What is a Marketing Plan and what is the purpose of a marketing plan?

List and define the four elements of the marketing mix “Four Ps.”

Explain what the two types of products are and provide an example of each.

List the seven steps in the New Product Development Process.

Discuss briefly the four major stages of the Product Life Cylce.

Explain what Supply Chain and Supply Chain Management are.

Discuss the Benefits of Supply Chain Management.

What are the two channel intermediaries and briefly discuss the most prominent difference separating the two channel intermediaries.

List the three types of Channel Relationships.

List and explain what the Four Tasks of Promotion are.

Briefly discuss the two types of Advertising and their purpose.

Explain what the Role of Public Relations is.

Answer 1

Marketing

Marketing refers to the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people.

Marketing is everything a company does to gain customers and maintain relationships with them. The goal of marketing is to match a company's products and services to the people who need and want them to ensure profitability.

The Four P's of Marketing are Product, Place, Price and Promotion

Product refers to an item or items a business intends to sell. When examining a product, a company should ask questions such as, "what product is being sold?," "what differentiates the product from its competitors?," "can it market the product with a secondary product?" and "are there substitute products in the market?"

Price refers to how much the company will sell the product for. When establishing price, companies must give considerations to the unit cost price, marketing costs and distribution expenses.

Place refers to distribution of the product. Key considerations include whether the company will sell the product through a physical storefront, online or through both distribution channels?

Finally, promotion refers to the integrated marketing communications campaign. Promotional activities may include advertising, personal selling, sales promotions, public relations