Meaning of Marketing
Marketing is life, this connotes that everything man does on earth revolves around marketing. When a man’s need is met with the exchange of what the partner possesses, then marketing has taken place. Marketing starts from and with the identification of felt need and satisfaction if such at a profit.
Scholar around the world has defined marketing as follows:
According to the American Marketing Association(AMA); “Marketing is the performance of business activities that direct the flow of goods and services from the producers to consumers or end-users”.
According to Boone and Kurtz “Marketing involves analysing customer needs, securing information needed to design and produce goods or services that match buyers expectations, and creating and maintaining relationships with customers and suppliers “.
According to the Institute of Marketing London “Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably”.
The principle of marketing is anchored on exchange and marketing creates the exchange process through the performance of the following activities: buying, selling, transportation, storing, financing, risk talking, standardisation and grading, obtaining market information.
The marketing concept is said to be based on three fundamental principles which are:
i. Identifying and satisfaction of consumer needs.
ii. Satisfaction of consumer needs through an integrative effort;
iii. Focus on long term objectives as opposed to short- term success.
It is essential to note that marketing is not the same as selling. Marketing is macro while selling is micro, that is, marketing begins at the period when a man decides to satisfy his needs and wants with an exchange.
Differences between Marketing and Selling
Sales and marketing are two business functions within an organization, they both impacts lead generation and revenue.
- The term, sales, refers to all activities that lead to the selling of goods and services. While marketing is the process of getting people interested in the goods and services being sold.
- Marketing informs and attracts leads and prospects to your company and product or service. Sales, on the other hand, works directly with prospects to reinforce the value of the company’s solution to convert prospects into customers.
- Salespeople are responsible for managing relationships with potential clients (prospects) and providing a solution for prospects that eventually leads to a sale. While Marketers use market research and analysis to understand the interests of potential customers.
- Marketing is one-to-many, while Sales is about one-to-one.
- Marketing tells the stories (of the company, product, etc.) to many people. While Sales is where the stories and brand come to life.
- Marketing analyses the big data, and also brings you the average result, not the specifics. While Sales analyses the behaviour of the prospects and customers whom they deal with on an individual basis.
Test : Marketing SSS3 First Term Final Assessment
- The Objectives and target of _ are to enhance and entice potential customers to purchase immediately?
Marketing mix
product
price
sales promotion
- __ is otherwise referred to as a distribution, time/possession utilities and there are conditions that enable consumers and business users to have products available for use when and where they want them?
Marketing mix
product
price
place
- _ has been described as a technique or method of informing the public or consumer of a company’s product or service with a view to generating interest and creating favourable public opinion through extensive commendatory notices in press and on-air?
publicity
product
price
place
- According to American Marketing Association (AMA, ” Sales promotion refers to those marketing activities other than personal selling, advertising and publicity that stimulate consumer purchasing and dealer effectiveness such as displays, shows and exposition, demonstrations and various non-recurrent selling efforts not in ordinary routine”?
True
False
- _ relates to all marketing efforts made to convince potential customers that the ‘right’ product is available at the ‘right’ place and at the ‘right’ price through publicity?
Marketing mix
product
price
promotion
- _ relates to the backward movement of goods from users to producers?
sakes channel
reverse channel distribution
facilitating channel
dual-channel distribution
- _ refers to the movement of products through more than one distribution channel to reach the same target consumers?
sakes channel
reverse channel distribution
facilitating channel
dual-channel distribution
- _ is part of the distribution which involves the buying, selling and transferring the title?
sakes channel
reverse channel distribution
facilitating channel
dual-channel distribution
- __ include public storage firms, insurance companies, finance companies, market research firms and several other types of firms also frequently participate as facilitating organisations in various marketing channels?
sakes channel
reverse channel distribution
facilitating channel
dual-channel distribution
- _ can be described “as an organized system of marketing institutions and their interrelationships that promote the physical flow of goods and services along with a title that confers ownership from producer to consumer or business user?
distribution
reverse channel distribution
facilitating channel
dual-channel distribution
- The least for the level of distribution channels are?
one level
two-level
three-level
four-level
- ________connotes the medium through which products pass from manufacturers to consumers?
wholesaling
channels of distribution
distributor
agent
- _ is a marketing intermediary who does not take title to the products that develop a marketing strategy and establishes contacts?
wholesaling
channels of distribution
distributor
agent
- __ involves the activities of those persons or establishments that sells to retailers and other organisational buyers for industrial, institutional and commercial use but do not sell in significant amounts to the final consumers?
wholesaling
channels of distribution
distributor
agent
- _ is a marketing intermediary who purchases products from the domestic firm and assumes the trading risks?
wholesaling
channels of distribution
distributor
agent
- _________is one of the most essential information elements that consumers use to simplify buying decisions and minimise purchase risk?
branding
merchandise
packaging
merchandising
- independent firms that purchase a product and resell it to other manufacturers, wholesalers or retailers but not to the final consumer?
branding
merchandise
packaging
merchandising
- __ is regarded as the most distinctive marketing effort performs by merchandising?
branding
merchandise
packaging
merchandising
- _ is the promotion of goods and/or services that are available for retail sale?
branding
merchandise
packaging
merchandising
- Brands include the product name, logo, slogans, trademark?
True
False
- The principle of marketing is anchored on the exchange?
True
False
- What is the full meaning of AMA?
Accordance Marketing American
American Marketing Association
Americans Marketing Association
Accordance Marketing Americans
- According to___________ “Marketing involves analysing customer needs, securing information needed to design and produce goods or services that match buyers expectations, and creating and maintaining relationships with customers and suppliers “?
Boone and Kurtz
AMA
Institute of Marketing London
Institute of Marketing Nigeria
- According to __ “Marketing is the performance of business activities that direct the flow of goods and services from the producers to consumers or end-users”.
Boone and Kurtz
AMA
Institute of Marketing London
Institute of Marketing Nigeria
- According to __ “Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably”.
Boone and Kurtz
AMA
Institute of Marketing London
Institute of Marketing Nigeria
- According to __ “Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably”.
Boone and Kurtz
AMA
Institute of Marketing London
Institute of Marketing Nigeria
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