Chapter 5 – Marketing
Midterm: 90 min long, Chap 1-5, 35 m/c 4 short answers ( 25 marks) = total 60
- Just because you can make something doesn’t mean the world wants it
- As marketing managers you have to figure out what people need and what they
- Marketing: finding out what customers want and need, and figuring out a way to
satisfy those wants
4 p of marketing:
1) Product : features they want?
2) Price: affordable?
3) Promotion: is product known?
4) Place: location?
- Marketing concept: notion that everyone in the business should be thinking
about what the customer want/need. Thinking about the customer and not about
“us” ( company) directed with serving customers
- Product focus: selling things you know how to make
- Marketing concept: find out what cust