MKTG Concepts Ch 4: The Basics of Marketing

Most companies are now developing marketing information systems that collect and store info.

First step in the consumer decision-making recognizes that a ______ exists

It is not important for marketers to pay attention to the effectiveness of their mix element

Understanding and meeting consumer needs is relatively easy bc most peoples needs are the same

Following the marketing concept requires a total commitment to satisfying consumer's needs

Promotion element of the marketing mis is communication link between the sell and buyer

<p>Spending money to improve marketing usually results in increased profit</p>

In the past, marketing was used basically as a problem-solving tool, way to reduce invetory.

When buisnesses regard marketing as a provider of oppurtunities, they look for what

<p>Marketing consist of only a few basic activities such as promotion and distribution.</p>

Service buisnesses face unique marketing challeneges because its difficult to assure consistent

In monopoly, situations, buisnesses face which type of competition

It is impossible to set a product or serviceprice based on concepts of supply and demand

The marketing mix elelments all act independently