Concept explainers
To discuss: The term marketing and the term marketing myopia and the ways to avoid it.
Marketing refers to the set of institution, activity, and process of communication, creating, exchanging offerings, and delivering which has the values of clients, customers, society and partners at larger.
Explanation of Solution
The term marketing:
The important outcome in marketing is exchange. It has five conditions to be satisfied.
- The exchange must have at least of two parties
- They must be communicable and capable of delivery
- They both should have something of value to exchanged
- The parties are free to accept and reject the proposal
The term marketing myopia refers to the mistake or error a company that it pays the attention more to the particular products it offers than giving to the experiences or benefits the products produces.
This can be avoided by way of focusing the primary customers’ needs which is met by the product.
Want to see more full solutions like this?
Chapter 1 Solutions
Principles of Marketing, Student Value Edition (16th Edition)
- Principles Of MarketingMarketingISBN:9780134492513Author:Kotler, Philip, Armstrong, Gary (gary M.)Publisher:Pearson Higher Education,MarketingMarketingISBN:9781259924040Author:Roger A. Kerin, Steven W. HartleyPublisher:McGraw-Hill EducationFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
- Marketing: An Introduction (13th Edition)MarketingISBN:9780134149530Author:Gary Armstrong, Philip KotlerPublisher:PEARSONContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning