Amanda Richards
Principles of Marketing – Chapter 1 Kerin review questions – Prof. B. Freeman
1 Define role of marketing in an organization.
Marketing is 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. This definition shows that marketing is far more
than simply advertising or personal selling. It stresses the need to deliver genuine
value in the offerings of goods, services, and ideas marketed to customers. Also,
notice that an organization’s marketing activities should also create value for its
partners and for society.
2 Discuss how marketing is about satisfying wants and needs.
Marketing seeks first to discover consumer needs through extensive research. It then
seeks to satisfy those needs by successfully implementing a marketing program
possessing the right combination of the marketing mix—the four Ps.
3 Why is marketing about exchange?
Marketing is about exchange because marketing occurs when the transaction takes
place and both the buyer and seller exchange something of value. Most of the time a
