Production Mgt & Marketing 1st MCQ Question With Answer. Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling the product or service. It is a critical business function for attracting customers. Marketing is the study and management of exchange relationships. The American Marketing Association has defined marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
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HSC Production Mgt & Marketing 1st Paper MCQ Question With Answer
Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School’s retired professor of marketing Theodore C. Levitt) “Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs.” In other words, marketing has less to do with getting customers to pay for your product as it does develop a demand for that product and fulfilling the customer’s needs.
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