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Unit 1 · 8 lessons

Introduction to Marketing

What marketing really is, how consumers make buying decisions, how businesses choose and position for a target market, how marketing research works, and how marketing changes for not-for-profits and global markets.

  • 80 practice questions
  • 75 flashcards
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Lessons

  1. 1What Is Marketing?Marketing is the whole process of finding out what customers need and want, then creating exchanges that deliver value to both the customer and the organization.9 questions
  2. 2Marketing and the Economy: Utility, Supply and DemandMarketing adds value by making products available at the right time, place and price, and every marketing decision is shaped by supply, demand, price sensitivity and the wider economy.11 questions
  3. 3Consumer BehaviourConsumers move through a five-step buying decision process, and personal, psychological, social, and situational influences shape every step.10 questions
  4. 4Customer Relationships, Loyalty and ServiceKeeping a customer is usually cheaper and more profitable than finding a new one, so businesses track customer lifetime value, run loyalty programs and train staff to recover when service goes wrong.11 questions
  5. 5Target Marketing and PositioningBusinesses divide a market into segments, choose the segment they can serve best, and position their offering in customers' minds against direct and indirect competitors.9 questions
  6. 6Marketing ResearchMarketing research gathers and analyzes information — primary or secondary, qualitative or quantitative — so businesses can make decisions based on evidence instead of guesses.10 questions
  7. 7Marketing Services: The Extended MixServices cannot be touched, stored or separated from the people who deliver them, so service marketers add people, process and physical evidence to the 4 Ps and manage quality and capacity with special care.11 questions
  8. 8Not-for-Profit and Global MarketingNot-for-profit organizations market causes, ideas, and events to donors, volunteers, and clients, while global marketers decide what to standardize and what to adapt for other cultures.9 questions