Luxury products, such as Rolex watches, are also known as Shopping product. Shopping products refer to items that the consumers purchase less frequently and compare with available alternatives in the market. Consumers need time, planning and efforts to take the final decision whether to buy the product or not.
Which of the following is the most recent stage of marketing evolution?
Productivity is NOT included as a basic idea in the definition of marketing concepts. The marketing concept is the belief that companies must assess the needs of their consumers first and foremost. Based on those needs, companies can make decisions in order to satisfy their consumers' needs, better than their competition.
Which of the following is NOT included in the marketing management process used by the marketing manager to achieve its objectives?
Raising funds to finance the marketing projects is NOT included in the marketing management process used by the marketing manager to achieve its objectives. The basic purpose of marketing management is to achieve the objectives of the business. A business aims at earning reasonable profits by satisfying the needs of customers.
Which of the following is NOT consistent with a manager having a marketing orientation?
Focus of advertising is on product features and how products are made is NOT consistent with a manager having a marketing orientation. Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products that satisfy them.