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8._________________ consists of a trade of values between parties.a)Sales c) exchangeb)Transactiond) relationships9.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 concept13. 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 Questions1.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 TWOTHE MARKETING ENVIRONMENTContents: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-environment2.5.Impact of the Environment on Marketing 2.6.Summary2.7.Self Assessment Questions Learning ObjectivesUpon the completion of the unit, students will be able to:define marketing environment identify the different types of business environment identify internal capabilities and resourcesidentify the major trends in the firm’s technological environmentexplain how changes in macro factors (such as demographic, economic, and political) affect marketing activitiesIntroductionThe 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 iscompulsory for marketing professionals to understand environmental factors that affectmarketing activities, the need for developing awareness of changes in the environment, andmechanisms used to cope up with these changes. The unit covers topics such as nature of