Marketing is defined as producing, promoting, and selling products.
Answer the following statement true (T) or false (F)
False
Marketing means more than just producing, promoting, and selling products. It is a philosophy that stresses customer relationships as well as benefiting the organization and its stakeholders.
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If a supplier has high power, what can it do to influence its industry?
A. Shift costs to industry participants. B. Charge higher prices. C. Limit quality or services. D. All of these.
What is the first and most important question to ask when evaluating product-market opportunities?
A. "How far along is our research and development effort in this area?" B. "How much do we need to invest in this product?" C. "How much profit will we make this year?" D. "What is the sales forecast for this product?" E. "How does it fit with our objectives and resources?"
Dominic is the founder of an innovative "impromptu catering" business that provides elegant, healthy party food and decorations on less than 24 hours' notice. The company has grown by over 150 percent in the past year. Dominic credits some of the company's success to studying the strategies of prominent social entrepreneurs, such as Wikipedia's Jimmy Wales. What can Dominic do to exemplify the social entrepreneurship model?
A. Provide free weekly catered meals for the homeless. B. Seek investments from venture capitalists. C. Launch a social media platform for food lovers. D. Buy out his closest competitors to ensure a competitive advantage.
An independent businessperson who is paid a commission to sell complementary products of different producers in an assigned territory without actually taking title of the merchandise is a(n)
A. sole intermediary. B. manufacturers' agent. C. producers' broker. D. industrial distributor. E. channel facilitator.