PDF Notes: BBPM2103 TOPIC 1

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    What are the elements of the marketing mix?

    Includes product, price, place, and promotion.

    How do needs differ from wants in marketing?

    Needs are basic requirements; wants are specific desires for products.

    What is marketing management?

    Combines management and marketing to achieve organizational goals.

    What does the term 'marketing myopia' mean?

    Focusing too much on one marketing mix element, ignoring consumer satisfaction.

    What is the purpose of a business transaction in marketing?

    To exchange offers that maximize consumer satisfaction.

    What are the four major concepts of world trade development?

    Production, product, sale, and marketing.

    How does the marketing concept differ from earlier business philosophies?

    Focuses on consumer needs rather than producer assumptions.

    What are the additional elements in the 7Ps of marketing?

    Physical evidence, people, and process.

    What influences pricing decisions in marketing?

    Costs, consumer demand, and competitor pricing.

    What is the role of promotion in the marketing mix?

    To inform, persuade, and remind consumers about products.