What Do You Know About E-commerce Marketing? Trivia Questions Quiz

The statement accurately describes the concept of marketing. It explains that marketing involves a social and managerial process where individuals and groups fulfill their needs and desires by creating and exchanging products and value with others. This definition aligns with the fundamental principles of marketing, making the answer "True" the correct choice.

The statement is true because the goals of marketing are indeed to retain and expand the existing customer base by providing satisfaction and to attract new customers by offering greater value. This is achieved through various marketing strategies such as product development, pricing, promotion, and distribution. By delivering satisfaction to current customers, businesses can foster loyalty and repeat purchases, while promising greater value can attract new customers and expand the customer base.

The correct answer is "Understand the marketplace and customer needs and wants." This answer aligns with the first step of the marketing process, which involves gaining a deep understanding of the marketplace and identifying the needs and wants of customers. By understanding the marketplace, businesses can effectively position their products or services and create marketing strategies that meet customer demands. This step is crucial for attracting new customers by promising greater value, as it allows businesses to tailor their offerings to meet customer expectations.