8._________________ consists of a trade of values between parties.
a)Sales c) exchangeb)Transactiond) relationships
9.Marketing occurs when people decide to satisfy needs and wants through:
10. The process of creating, maintaining, and enhancing strong, value-laden relationshipswith customers and other stakeholders is best described as being:
26
11. In a contemporary sense, a market is thought to be:
12. The ______________ holds that consumers will favor products that are available andhighly affordable.
a)product conceptb)production conceptc)selling conceptd)marketing concept
13. Marketing myopia or the tendency to focus too narrowly to the scope of one's business isa risk of which philosophy of business.
14. Which of the following concepts takes an inside-out" perspective?
15. ____________ holds that achieving organizational goals depends on determining theneeds and wants of target markets and delivering the desired satisfactions moreeffectively and efficiently than do competitors.
Part II: Essay Questions
1.The meaning of the term ‘marketing’ remains an area of confusion in the minds of many.Some dilute the meaning of marketing in some way, with the word selling. Show howmarketing can be distinguished from selling.
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
_____________________________________________________________________________
2.Mention the ten schools of marketing thought along with the main questions raised in each school.
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
27
______________________________________________________________________________
_____________________________________________________________________________
UNIT TWO
THE MARKETING ENVIRONMENT
Contents:
2.1.
Overview
2.2.
Complexity, Uncertainty, and Dynamism of the Business Environment
28
2.3.
Classification of
Business Environment
2.4.
The Company's Macro-environment
2.5.
Impact of the Environment on Marketing
2.6.
Summary
2.7.
Self Assessment Questions
Learning Objectives
Upon the completion of the unit, students will be able to:
define marketing environment
identify the different types of business environment
identify internal capabilities and resources
identify the major trends in the firm’s technological environment
explain how changes in macro factors (such as demographic, economic, and political)
affect marketing activities
Introduction
The firm is a creature of its environment. Its resources, its income, its problems, its opportunities,
and its very survival are generated and conditioned by the environment (
Igor Ansoff)
. Hence, it is
compulsory for marketing professionals to understand environmental factors that affect
marketing activities, the need for developing awareness of changes in the environment, and
mechanisms used to cope up with these changes. The unit covers topics such as nature of
