BUSINESS MARKETING

Question 1

why is marketing both a science and an art?

Answer 1

marketing is a science because we do research, gather and interpret data to understand more about our customers, the new trends in the market, the different marketing approaches, and to help our business gain profit. it is also an art because it needs creativity to attract customers

Question 2

what is marketing according to dr philip kotler

Answer 2

marketing is the science and art of exploring, creating, and delivering value to satisfy the target market

Question 3

marketing by american marketing association 2013

Answer 3

the activity, set of institutions, and processes for
creating, communicating, delivering and exchanging
offerings that have value for customers, clients,
partners, and society at large

Question 4

what is marketing

Answer 4

marketing is both a science and an art of satisfying customers wants and needs to gain profitability and a competitive advantage

Question 5

Aspirations that every company
would like to pursue

Answer 5

marketing goals

Question 6

strategies or implementation steps
to attain the identified goals.

Answer 6

marketing objectives

Question 7

differentiate marketing goals and objectives

Answer 7

marketing goals are the aspirations that the company wants to pursue while marketing objectives are the specific goals that can be measured in short term or long term and it should also be smart. smart stands for s (specific) m (measurable) a (attainable) r (realistic/relevant) t (time bound)

Question 8

example of marketing goals and objectives

Answer 8

goal: to boost brand awareness and image
obj: to achieve 10% brand awareness locally through online advertisement by the end of the month

Question 9

4P’s marketing mix

Answer 9

product (creative value)
price (capturing value)
place (delivering value)
promotion (communicating value)

Question 10

4-Step Approach to Reach Marketing Goals

Answer 10

ARAT
A (awareness)
R (repeat purchase)
A (availability)
T (trial)

Question 11

awareness

Answer 11

make target market know you by informing, persuading target customers

Question 12

repeat purchase

Answer 12

you need to create a good relationship with your customers through quality products and services that will satisfy their wants and needs

Question 13

availability

Answer 13

your products should be available to your target customers according to their purchase pattern

Question 14

trial

Answer 14

you need to promote your product to form an impression for example giving free tester products, money back guarantee

Question 15

philip kotler

Answer 15

marketing is not the art of finding clever ways to dispose what you make. it is the art of creating genuine customer value

Question 16

traditional marketing approaches

Answer 16

PPS MRS
Production Concept
Product Concept
Selling Concept
Marketing Concept
Relationship Marketing Concept
Societal Marketing Concept

Question 17

Production Concept

Answer 17

it focuses on mass production and distribution of products so there is lower production cost which results to lower price and it also focuses more on quantity
ex: fast food, production of paper, pencil

Question 18

what is market

Answer 18

interaction between customer and seller

Question 19

types of market

Answer 19

physical market, online platform, black market

Question 20

product concept

Answer 20

it focuses more on the product itself and its innovation, and it focuses more on quantity
example cellphones, computers, laptops, cars

(too much product quality may neglect customer’s needs)

Question 21

selling concept