Theory question 102
Marketing Concept(a)(i) What is marketing? (ii) Outline six functions of marketing. (b) List and explain four marketing concepts.
Show the model answer
(a)(i) Marketing is the process of identifying customers' needs and wants and satisfying them profitably through the creation and exchange of goods and services.
(a)(ii) Any six: buying; selling; transportation; storage; standardisation and grading; financing; risk bearing; marketing research/information; promotion; pricing.
(b) Any four, explained: production concept (cheap, widely available products); product concept (best quality and features); selling concept (aggressive selling and promotion); marketing concept (identify and satisfy customers' needs better than competitors); societal marketing concept (customer satisfaction plus society's long-term welfare).
Give each point as a full sentence, with an example where possible.