What does the term marketing encompass?

• A. Measuring sales performance
• B. Anticipating customer needs
• C. Designing business products
• D. Setting product prices

Answer: (B)

The term marketing encompasses the process of anticipating customer needs, which plays a crucial role in the overall marketing strategy. It involves understanding and predicting what consumers want, which can influence product development, branding, pricing, and promotional strategies. By effectively anticipating customer needs, businesses can create products and services that meet or exceed consumer expectations, leading to increased customer satisfaction and loyalty.

This approach enables businesses to position themselves effectively in the market, ensuring they address gaps and opportunities that competitors might overlook. Anticipating customer needs often involves market research, consumer feedback analysis, and trend monitoring, allowing companies to stay relevant and responsive to changing market demands.

While measuring sales performance, designing business products, and setting product prices are all important aspects of marketing and business strategy, they are generally tactical actions that stem from a solid understanding of customer needs and preferences. Therefore, anticipating customer needs is a foundational element of effective marketing.