Explanation should define and differentiate among
- marketing—the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers
- marketing concept—the way a business operates; it is based on the premise that businesses must satisfy customer needs and wants while generating a profit
- marketing mix—a combination of product, price, place, promotion, people (the five Ps of marketing).
Process/Skill Questions:
Thinking
- How do businesses know what customers want?
- What role does the marketing mix play in the marketing concept?
Communication
- How does a successful retail store use the marketing concept in its day-to-day operation?
- When has marketing influenced you?
Leadership
- What leadership skills are necessary to be successful in a marketing career?
- What leadership skills are necessary to satisfy disgruntled customers?
Management
- How can continuous evaluation and improvement of management skills enhance the profit of a business?
- What management characteristics are necessary to ensure the success of the marketing concept?