basics

Question 1

old view of marketing

Answer 1

as a “function”:
1. sell the product
2. lower cost
3. invest in sales & advertising

Question 2

new view of marketing

Answer 2

consumer-centric
1. integrate customer into the company
2. build relationships
3. create value to customers

Question 3

what are the 3 parts of the marketing plan?

Answer 3

1. situation analysis (3c’s)
2. strategy (stp)
3. tactics /marketing mix (4p’s)

Question 4

what is situation analysis (3c’s)?

Answer 4

customer ⟷ company ⟷ competition

Question 5

what are the 3 parts of STP?

Answer 5

1. segmentation
2. targeting
3. positioning

Question 6

what are the 4 parts of tactics /marketing mix (4p’s)?

Answer 6

product ⟷ price ⟷ promotion ⟷ place

Question 7

what reasons caused the failure of New Coke? (3)

Answer 7

1. market leader, not accustomed to competition
2. emphasized the needs of distributors
3. faulty research