Week 1

Question 1

what is marketing

Answer 1

set of business practices designed to plan and present a product or service

Question 2

wants VS needs

Answer 2

wants are something you desire (new iphone) needs are things you need for survival (water, food)

Question 3

customer value proposition

Answer 3

unique combination of benefits that will satisfy targeted consumers needs (point of differentiation)

Question 4

target market

Answer 4

specific group (or segment) of existing and potential consumers to which marketers direct their marketing efforts

Question 5

marketing mix

Answer 5

the 4Ps: product, price, place, promotion

Question 6

three elements of relationship marketing

Answer 6

1. social media
2. customer relationship management
3. corporate social responsibility

Question 7

ethics

Answer 7

moral principles and values