Consumers are individuals who buy products or services for personal consumption. Since not all consumers are similar in terms of preferences, buying habits etc., marketers define their consumers’ characteristics through market segmentation based on demographic, psychographic, behavioristic and geographic criteria. The correct option is E.

UNESCO, Unicef, Kızılay and Greenpeace are nonprofit markets. They provide benefit to society and they are subject to different set of laws. Some educational institutions, charitable organizations and government agencies can be given as examples. However, McDonald’s is a global market. The correct option is D.

Cities, states, nations conduct marketing activities to attract tourists, investors, residents, and businesses. Many places want to build a new image of the place to replace negative images. Amsterdam city has been conducting a successful place marketing campaign. The city has changed its focus from attracting touristis to promoting city as an ideal location to do business, organize international conferences and meetings and locate or relocate company headquarters. “Iamsterdam” is Amsterdam’s hugely successful marketing slogan. Launched in September, 2004, the sign - at the back of the Rijksmuseum - has become one of the city’s most photographed icons. The correct option is A.

Understanding the market place and customer needs and want is the very first step of a marketing process. Similarly, Kotler and Armstrong29 listed five main steps for marketers to follow in their marketing processes as below: • Understanding the market place and customer needs and wants, • Designing a customer-driven marketing strategy, • Developing an integrated marketing program that delivers superior value, • Building profitable relationships and creating customer satisfaction, • Capturing value from customers to create profits and customer equity. The correct option is D.

A marketing system includes the company, its suppliers, competitors, marketing intermediaries and the consumers. The system is affected by major environmental forces. The correct option is C.

Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior value. Positioning is about developing a market offering to the target segments and achieving a position in the minds of the customers. Market offering is a mixture of products, services, information or experiences offered to a market to satisfy a need or want. Market segmentation is a process of dividing the market into smaller groups that the members of each group are similar to each other as well as their reactions to the marketing mix of the company. The correct option is B.

As one of the oldest concepts in business, production concept states that consumers will favor those products that are widely available and low in cost. So business is mainly concerned with producing as much as possible without emphasizing on quality and features. In this concept, the main aim of the company is to increase production level regardless of the demands of the consumers. Companies sell what they are good at producing. Generally, production-oriented businesses concentrate on more productivity level, low costs and mass distribution. This orientation is commonly used for markets where there is limited supply and few competitors. The correct option is C.

Selling concept favors that consumers will not purchase enough products of companies unless they can be supported by aggressive selling and promotional tools. Companies typically want to sell what they produce rather than what the consumers want and try to convince the customers to want what they produce. The correct option is C.

As a customer-centered philosophy, marketing concept originated in the mid 1950’s. Before the 1950’s the main aim of the marketers was to create customers for mass- produced products. The correct option is D.

Four main components of holistic marketing are:
Internal Marketing includes the internal management system, marketing department, and collaboration of other departments with the marketing departments.
Integrated Marketing involves the product strategy, pricing strategy, promotion strategy, and communication strategy and placing strategy.
Performance Marketing involves following activities like how to sell the product, what is brand and customer equity. Also, it considers the legal, ethical, social and environmental effects of marketing activities and programs.
The last one is Relationship Marketing that includes the relationship with customers, partners, employees and competitors.
The correct option is A.

Goods and services are transferred to the market where there is a collection of buyers. When an exchange takes place, buyers pay a certain amount of money in return. Industry with a collection of sellers communicates with the market through various integrated marketing communication tools including advertising, personal selling, public relations, sales promotion and direct marketing. Through such communication, sellers inform the market about their products, services, prices, main benefits, promotions, public relations of the businesses etc. Market also provides information to the industry as feedback. The feedback given may include sales amount, actual demand, negative or positive attitudes towards products and/or services.

Markets are mainly divided into four categories as; consumer markets, business markets, global markets and nonprofit and governmental markets.

Marketing mainly includes

• An evaluation of the market and estimates of sales
• Development of the marketing strategy,
• The planning and operation of the marketing function (internal and external) for maximizing sales,
• Conducting promotional activities,
• Setting budgets for the marketing activity
• The evaluation of results by reference to internal data and the results of market research.

Marketing activity mainly deals with ten types of entities, which are: goods, services, events, experiences, persons, places, properties, organizations, information and ideas.

Experience marketing is defined as any type of customer-oriented marketing activity, which creates a connection to the customers.

Kotler and Armstrong listed five main steps for marketers to follow in their marketing processes as below:
• Understanding the market place and customer needs and wants,
• Designing a customer-driven marketing strategy,
• Developing an integrated marketing program that delivers superior value,
• Building profitable relationships and creating customer satisfaction,
• Capturing value from customers to create profits and customer equity.

Segmentation is important for companies to understand the main customer groups and to make a selection about the target market(s).

The main outcomes of creating customer value are;

• customer loyalty and retention,
  
• share of market,
  
• share of customer, and
  
• customer equity.
  

A marketing system includes the company, its suppliers, competitors, marketing intermediaries and the consumers. The system is affected by major environmental forces.

Supply chain management is defined as “the management of a network of relationships within a firm and between interdependent organizations and business units consisting of material suppliers, purchasing, production facilities, logistics, marketing, and related systems that facilitate the forward and reverse flow of materials, services, finances and information from the original producer to final customer with the benefits of adding value, maximizing profitability through efficiencies, and achieving customer satisfaction”.

Consumers are individuals who buy products or services for personal consumption. Since not all consumers are similar in terms of preferences, buying habits, marketers define their consumers’ characteristics through market segmentation based on demographic, psychographic, behavioristic and geographic criteria.
Consumer markets are where people buy their needs such as vegetables, fruit, flowers, meat, fish and groceries etc. Therefore, the correct answer is A.

Business markets function differently than consumer markets. Their buying processes are particularly different. These markets consist of organizations that buy products or services for use in their own businesses or to make other products.
Toyota Motor Company purchases parts to use for its final product from other parties in the business markets. Therefore, the correct answer is B.

Companies realizing that they saturated in their local market have started to look for new opportunities in other regions of the world. Toyota Motors, McDonald’s, Adidas, or Nestle can be given as examples having global presence for many years. In global markets, companies focus on the selection and exploration of global marketing opportunities and utilize resources around the world for achieving competitive advantage.
A company building factories in foreign countries, employing local labor and complying to that country’s cultural environment is in the global market. For example; Toyota Motors which started its business as a domestic marketer, exported its cars to regional markets, then shifted to multinational markets and now company is a true global marketer. Therefore, the correct answer is C.

Marketing activity mainly deals with ten types of entities, which are: goods, services, events, experiences, persons, places, properties, organizations, information and ideas.
The Olympic Games is a very big event for athlethes and it attracts millions of people from all around the world. This is basically events marketing, therefore the correct answer is D.

Marketing process is about the steps that marketers follow starting from understanding the marketplace until capturing value from customers. Firms firstly need to examine the main characteristics of the market they serve and determine the basic needs and want of the customers.
If the management or the owner of a hotel examines and determines the needs and wants of its guests and realises that there is a high demand between its guests to visit the local attractions and organises tours to make more profit, in terms of Marketing Process this is 'Understanding Needs and Want', therefore the correct answer is E.

Capturing value from customers to create profits and customer equity is the final step of a marketing process. This final step is about capturing value in return in the form of current and future sales, market share and profits. The main outcomes of creating customer value are;
• customer loyalty and retention
• share of market
• share of customer
• customer equity
Customer loyalty and retention, share of market, share of customer, customer equity are the main outcomes of creating customer value, however customer statistics is not related to it. Therefore, the correct answer is E.

Recommended Correction:
It is used to refer primarly to the place where goods were bought and sold. It can also refer to a geographic area such as Turkish market.
It is used to refer primarily to the place where goods were bought and sold. It can also refer to a geographic area such as Turkish market.
The term market can have a number of meanings. It is used to refer primarly to the place where goods were bought and sold. It can also refer to a geographic area such as Turkish market. In some occasions, “market” refers to the relationship between the demand and supply of a specific product. A market is the cluster of actual and potential buyers of a product or service. These actual and potential buyers have a specific need or want that can be satisfied through exchange relationships. In a typical market-place, buyers and sellers come together to conduct transactions for their mutual benefit. As can be understood from the information given, the correct answer is E. All statements related to market are correct.

When an exchange takes place, buyers pay a certain amount of money in return. Industry with a collection of sellers communicates with the market through various integrated marketing communication tools including advertising, personal selling, public relations, sales promotion and direct marketing. Through such communication, sellers inform the market about their products, services, prices, main benefits, promotions, public relations of the businesses etc. As can be understood from the information given, the correct answer is E. The industry with a collection of sellers communicate with the market through all integrated marketing communication tools in the answer choices.

Markets are mainly divided into four categories as; consumer markets, business markets, global markets and nonprofit and governmental markets, so the correct answer is E. These markets are briefly explained:
Consumer Markets: Consumers are individuals who buy products or services for personal consumption. Since not all consumers are similar in terms of preferences, buying habits etc., marketers define their consumers’ characteristics through market segmentation based on demographic, psychographic, behavioristic and geographic criteria.
Business Markets: Business markets function differently than consumer markets. Their buying processes are particularly different. These markets consist of organizations that buy products or services for use in their own businesses or to make other products. For example, a dishwasher manufacturer might purchase steel, wiring, relevant equipment and so forth, as part of its final product from other parties in the business markets.
Global Markets: Companies realizing that they saturated in their local market have started to look for new opportunities in other regions of the world. Toyota Motors, McDonald’s, Adidas, or Nestle can be given as examples having global presence for many years. In global markets, companies focus on the selection and exploration of global marketing opportunities and utilize resources around the world for achieving competitive advantage. Toyota Motors started its business as a domestic marketer and then exported its cars to regional markets, then shifted to multinational markets and now company is a true global marketer building factories in foreign countries, employing local labor and complying to that country’s cultural environment. The companies in global markets face different requirements for buying and disposing of property, such as cultural, political differences as well as currency fluctuations.
Nonprofit and Governmental Markets: Nonprofit institutions are present for providing benefit to society and they are subject to different set of laws. Some educational institutions, charitable organizations and government agencies can be given as examples. For instance, Kızılay, Unicef or WWF offers different benefits to society. Kızılay provides aid for needy and defenseless people in disasters, Unicef specializes in promoting the practice of children’s rights. On the other hand, in governmental markets, the promised offering is reciprocated by tax offerings and other resources. Not only citizens, but also the stakeholders are influenced directly or indirectly by government legislation laws that are enacted.

Marketing mainly includes:

• An evaluation of the market and estimates of sales,
• Development of the marketing strategy,
• The planning and operation of the marketing function (internal and external) for maximizing sales,
• Conducting promotional activities,
• Setting budgets for the marketing activity.
• The evaluation of results by reference to internal data and the results of market research.

As can be understood from the information given, the correct answer is E.

Kotler and Armstrong listed five main steps for marketers to follow in their marketing processes as below:

• Understanding the market place and customer needs and wants,
• Designing a customer-driven marketing strategy,
• Developing an integrated marketing program that delivers superior value,
• Building profitable relationships and creating customer satisfaction,
• Capturing value from customers to create profits and customer equity.

As can be undwerstood from the information given, the correct answer is E. All steps in the answer choices are among the main steps listed by Kotler and Armstron for marketers to follow their marketing processes.
Understanding the market place and customer needs and want is the very first step of a marketing process. Firms firstly need to examine the main characteristics of the market(s) they serve and determine the basic needs and want of the customers.
The starting point for establishing a customerdriven marketing strategy is understanding the main customer groups (segments) and selecting target group(s) from these segments. Since the companies cannot serve all customers in every market, such efforts in segmenting the customers and choosing the target market(s) facilitate the development of customer-driven strategy.
Preparation of a marketing program that aims to deliver superior value to the customers requires hardwork. Such hardwork mainly includes the preparation of company’s marketing mix which consists of product/service decisions, promotion activities, place decisions, and activities.
Customer relationship management can be considered as the initial step in building profitable relationships with the customers. In today’s competitive marketing environment, where long-term relationships are important for achieving success, more is needed in order to satisfy customers over a long period of time.
Capturing value from customers to create profits and customer equity is the final step of a marketing process. This final step is about capturing value in return in the form of current and future sales, market share and profits.

A marketing system is mainly defined as an environment where main players, such as suppliers, companies, competitors, marketing intermediaries, and consumers come together, so the correct answer is E.
Companies work with their suppliers in order to supply the needed parts, raw materials, services needed in their production processes. Suppliers can have a significant influence on a manufacturer’s performance, through their contributions to cost reduction, new product design and enabling the constant improvement of quality. In today’s increasingly competitive environment, it is no longer enough to understand customers in the marketing system of the companies. Firms must pay close attention to their competitors and need to constantly compare their products, prices, channels, and promotional efforts with their competitors. The main role of marketing intermediaries is to make goods available and accessible to target markets by offering more effectiveness and efficiency than the selling company could achieve on its own. This is realized through their contacts, experience, specialization, and scale of operation.All the parties in the marketing system are affected by major environmental forces such as economic, political/ legal, demographic, physical, technological, and social/cultural forces.

Differences in customers’ buying habits, differences in their responses to the marketing mix of the companies direct companies to segment their markets according to the criteria specific for consumer and business markets. Hence, market segmentation is a process of dividing the market into smaller groups that the members of each group are similar to each other as well as their reactions to the marketing mix of the company, so the correct answer is A. The information about the other answer choices as follows: Following the segmentation process, companies need to select one or more market segments to serve as their target markets. Otherwise, it would be ineffective for companies to try reaching every market. For each target market, the company develops a market offering through positioning the product or service in the minds of the customers.
Market offering is defined as a mixture of products, services, information, ideas or experiences offered to a market in order to satisfy a need or want. Market offerings can be both products and services. From a broader perspective, persons, places, information, ideas and experiences can also be considered as market offerings.
Brand is defined as “a name, term, sign, symbol or design, or a combination of these”. Brand is perceived as an important component of a product or a service since it reflects the characteristics of the company and the product.

Supply chain management is mainly the broader concept including the series of companies including suppliers, customers, and logistics service providers that work together to deliver a value package of goods and services to the endcustomer. Supply chain management is an important concept in today’s business systems due to its increasing importance in connecting and managing the related parties within the overall supply chain of a company. Supply chain management is defined as “the management of a network of relationships within a firm and between interdependent organizations and business units consisting of material suppliers, purchasing, production facilities, logistics, marketing, and related systems that facilitate the forward and reverse flow of materials, services, finances and information from the original producer to final customer with the benefits of adding value, maximizing profitability through efficiencies, and achieving customer satisfaction” As can be understood from the information given, the correct answer is A. The information about the other answer choices are as follows:
Exchange is the habit of achieving a desired object from someone by offering something in return.
A marketing network includes the company and its supporting stakeholders (i.e. customers, employees, suppliers, distributors, university scientists, and others) with whom it has built mutually profitable business relationships.
Marketing channels are classified into three groups as; communication channels, distribution channels and service channels
Distribution channels primarily focus on the movement of goods and services from the business to the consumers. Products and services need to be transported to the consumption points, namely to the customers. In the early stages of trade, the local markets where sellers and buyers come together and interact face-toface were existent. Such local markets are still available in various countries. However, together with the globalization, developments in logistics and supply chain systems and increasing levels of sophistication in products and services, need for intermediaries ensuring the products and the services reach the consumer at the right time, place and price that has emerged.

Rigby defined omni-channel retailing as: “an integrated sales experience that melds the advantages of physical stores with the information-rich experience of online shopping”, so the correct answer is A. The information about the orther answer choices are as follows:
The term bricks and mortar refers to the physical retail stores. Brick and click retailers are the retailers that operate both online store (the clicks) and offline the physical retail stores.
Distribution channels primarily focus on the movement of goods and services from the business to the consumers.
A marketing network includes the company and its supporting stakeholders (i.e. customers, employees, suppliers, distributors, university scientists, and others) with whom it has built mutually profitable business relationships.

Differences in customers’ buying habits, differences in their responses to the marketing mix of the companies direct companies to segment their markets according to the criteria specific for consumer and business markets. Hence, market segmentation is a process of dividing the market into smaller groups that the members of each group are similar to each other as well as their reactions to the marketing mix of the company. Following the segmentation process, companies need to select one or more market segments to serve as their target markets. Otherwise, it would be ineffective for companies to try reaching every market. For each target market, the company develops a market offering through positioning the product or service in the minds of the customers
Market segmentation is a process of dividing the market into smaller groups that the members of each group are similar to each other as well as their reactions to the marketing mix of the company. Therefore, the correct answer is B.

Marketing plays an important role by creating value for the society and by helping companies determine what and how to produce. As markets have changed, companies needed to deal with the marketplace in different ways. According to the theory of company orientation towards the marketplace, businesses orientate themselves into five categories: production concept, product concept, selling concept, marketing concept, and holistic marketing concept.
Company should choose its orientation towards marketplace with five main categories; the production concept, the product concept, the selling concept, the marketing concept and the holistic marketing concept. Answer A 'the buying concept' is not true, it should be given as 'the selling concept', therefore it is the correct answer.

As one of the oldest concepts in business, production concept states that consumers will favor those products that are widely available and low in cost. So business is mainly concerned with producing as much as possible without emphasizing on quality and features. In this concept, the main aim of the company is to increase production level regardless of the demands of the consumers. Basic principle is that ‘’as the production level increases, the cost of production decreases’’. So consumer will be able to purchase a product much cheaper. Generally, production-oriented businesses concentrate on more productivity level, low costs and mass distribution.
In the production concept the basic principle is to increase the production level and decrease the cost of production to offer consumers a chance to purchase a product much cheaper. Therefore, the correct answer is D.

Holistic marketing approach can be considered as a strategy that allows the businesses to look at their marketing efforts as a “whole’’. So this approach can help them develop an overall or a ‘holistic marketing’ plan. If a business wants to use the holistic approach in its marketing structure, every aspects of the business, such as consumer interactions with the product, advertising materials, websites, etc. must be carefully considered. Holistic marketing recognizes that ‘everything matters’ with marketing and that a broad, integrated perspective is necessary to attain the best solution.
In holistic marketing approach, all the marketing efforts should be considered as a ‘single entity’. Relationship marketing considers customers, partners, employees, and financial community. Therefore, the correct answer is A.

Marketing Management - Terms and Definitions , Market: Definition and Types
Market is “a cluster of actual and potential buyers of a product or service”. These actual and potential buyers have a specific need or want that can be satisfied through exchange relationships.

Marketing Management - Terms and Definitions , Market: Definition and Types, Market Types
Nonprofit and Governmental Markets: Nonprofit institutions are present for providing benefit to society and they are subject to different set of laws. Some educational institutions, charitable organizations and government agencies can be given as examples. For instance, Kızılay, Unicef or WWF offers different benefits to society.

Marketing Management - Terms and Definitions, Marketing and Marketing Management
Marketing theorist Theodore Levitt concentrated on the difference between the selling and the marketing concepts and stated that selling focuses on the needs of the seller; but marketing on the needs of the buyer.

Marketing Management - Terms and Definitions, Marketing and Marketing Management
Marketing management, on the other hand, is “the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior value”. A marketing manager considers some important questions given below:

• Who is our target market?


• What customers will we serve?


• How can we serve these customers best?


• What is our value proposition?

Marketing Management - Terms and Definitions, Marketing and Marketing
Marketing activity mainly deals with ten types of entities, which are: goods, services, events, experiences, persons, places, properties, organizations, information and ideas.

Persons Marketing Management - Terms and Definitions, Marketing Process
Marketing process is about the steps that marketers follow starting from understanding the marketplace until capturing value from customers. McDonald and Wilson suggested the following steps for a marketing process:

• Defining the markets,


• Quantifying the value by various segments within these markets,


• Communicating the value to every employee in the organization responsible for delivering it,


• Communicating the value to the customers and consumers,


• Measuring the value delivered to the customers and consumers.

Marketing System ; Segmentation, Targeting and Positioning
Market segmentation is a process of dividing the market into smaller groups that the members of each group are similar to each other as well as their reactions to the marketing mix of the company.

Changing Marketing Landscape; Omni-channel Retailing
The term bricks and mortar refers to the physical retail stores. Brick and click retailers are the retailers that operate both online store (the clicks) and offline the physical retail stores.

Company Orientation Towards the Marketplace ; Production Concept
In the production concept, companies sell what they are good at producing. As one of the oldest concepts in business, production concept states that consumers will favor those products that are widely available and low in cost. Business is mainly concerned with producing as much as possible without emphasizing on quality and features.

Company Orientation Towards the Marketplace ; Holistic Marketing Concept
Holistic marketing recognizes that ‘everything matters’ with marketing and that a broad, integrated perspective is necessary to attain the best solution. In holistic marketing approach, all the marketing efforts should be considered as a ‘single entity’.