Marketing Has Been Defined as a Function and Set of Processes

question 53

Multiple Choice

Marketing has been defined as a function and set of processes for creating,communicating,and delivering value to customers,and for managing customer relationships in ways that benefit the organization and its stakeholders.Marketing managers must have information in order to determine values desired by customers and how to build customer relationships.This explanation shows:

• A)why marketing research is a part of marketing;that is,marketing research provides information to allow marketing managers to understand values desired by customers.
• B)why marketing is a part of marketing research;that is,marketing processes are used to generate marketing research information that is needed to determine customers' desired values.
• C)why the uses of marketing research do not include creating,communicating,and delivering value,but include identifying opportunities and problems.
• D)why marketing and marketing research are not indirectly correlated.

---

Definitions:

Income Statement Accounts

Accounts found on the income statement, which report a company’s financial performance over a specific period, including revenues, expenses, gains, and losses.

Temporary Accounts

Accounts in accounting that are used to track transactions within a financial period, which are then transferred to permanent accounts at the end of the period.

Interest Expense

The cost incurred by an entity for borrowed funds, which may include the cost of bonds, loans, convertible debt, and lines of credit.

Interest Payable

The amount of interest expense that has been incurred during a period but not yet paid to creditors.