Study Guide Marketing Management Mba
Study outline schema question in preparation for final Exam
MBA 531
1. What is marketing? Discuss the components of marketing?
Marketing is the managerial function responsible for identifying and anticipating and satisfying customer requirements profitably.
It is a multi-disciplinary subject. The best way to gauge its scope is to know the components of it. There are four components of
Marketing:
The offer
The market,
The system and
The forces.
The offer: An offer is the outcome of marketing activities of the firm. An offer includes product or service and allied conditions of offer precisely, it includes “what”, “who” and “why” and through
“whom” of the purchase.
The Market: Market is the aggregate of forces or conditions within which buyers and sellers make decisions that result in the transfer of goods and services. In other words, it is the aggregate demand of the potential buyers for a commodity or service.
The System: Marketing is concerned with the flow of goods and services from the points of production to the points of consumption. There is a systematic arrangement of these functions of marketing to move the goods and services to the needy persons. The forces: The final component of marketing is to do with environment in which marketing takes place. It is taken as the final component because, environmental forces influence the nature and character of the “offer”, “market” and the “system”.
Environmental forces contribute to every aspect of change and adjustment in a marketing network.
2. What are the major Functions of Marketing? Explain
Marketing functions: Marketing function is an act or operation or service by which original product and the final consumers are linked together. The functions of marketing are “eyes and ears” of the business. Marketing is responsible for keeping the business in close contact with its environment and informed of events that influence its operations. Marketing functions are performed by
MBA 531
1. What is marketing? Discuss the components of marketing?
Marketing is the managerial function responsible for identifying and anticipating and satisfying customer requirements profitably.
It is a multi-disciplinary subject. The best way to gauge its scope is to know the components of it. There are four components of
Marketing:
The offer
The market,
The system and
The forces.
The offer: An offer is the outcome of marketing activities of the firm. An offer includes product or service and allied conditions of offer precisely, it includes “what”, “who” and “why” and through
“whom” of the purchase.
The Market: Market is the aggregate of forces or conditions within which buyers and sellers make decisions that result in the transfer of goods and services. In other words, it is the aggregate demand of the potential buyers for a commodity or service.
The System: Marketing is concerned with the flow of goods and services from the points of production to the points of consumption. There is a systematic arrangement of these functions of marketing to move the goods and services to the needy persons. The forces: The final component of marketing is to do with environment in which marketing takes place. It is taken as the final component because, environmental forces influence the nature and character of the “offer”, “market” and the “system”.
Environmental forces contribute to every aspect of change and adjustment in a marketing network.
2. What are the major Functions of Marketing? Explain
Marketing functions: Marketing function is an act or operation or service by which original product and the final consumers are linked together. The functions of marketing are “eyes and ears” of the business. Marketing is responsible for keeping the business in close contact with its environment and informed of events that influence its operations. Marketing functions are performed by