GENERAL KNOWLEDGE

Detailed explanation-1: -Marketers have long realized the benefits of morphing long-term purchase-transaction exchanges into short-term relationship marketing. Some marketers think there is a big difference between marketing for goods and services, and other marketers think that it’s the same whether you’re marketing sandwiches or hotels.

Detailed explanation-2: -Search qualities are the attributes that may be evaluated prior to purchase, as the customer learns about the competitive offerings. For example, when you go to a department store to purchase socks, you can just look at a pair and know before buying them whether you’ll like them.

Detailed explanation-3: -What Is a Customer? A customer is an individual or business that purchases another company’s goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist.

Detailed explanation-4: -The first stage of the Consumer Decision Making Process, need recognition takes place when a consumer identifies an unmet need.

Detailed explanation-5: -Marketing is an exchange: the company offers something (e.g., a flight), and the customer offers something in return (e.g., a payment). Some customers will seek value and low prices, while others seek top quality.