Chapter #1: Defining Marketing

Question 1

Difference between marketing and selling.

Answer 1

Marketing is the process that gets consumers to even consider buying.

• customer-centric
• human activity directed
• satisfies needs/wants through an exchange of something

Selling is the mere transaction.

• focuses on the seller
• turns products into cash

Question 2

What is marketing management?

Answer 2

analysis, planning, implementation and control of marketing programs.

Question 3

Marketing Management Process.

Answer 3

1-Adopt mission/philosophy
2-Develop strategy
3-Design Marketing Mix
4-Plan/Implement all of above

Question 4

Paid media, owned media, earned media

Answer 4

Paid media: Business is paying for it of their own accord. (TV, advertisements, promos)

Owned Media: Businesses have their own (Facebook, Twitter, website)

Earned Media: WOM, a Yelp post, media you are given because you deserve it because of how you operate

Question 5

Define segmentation.

Answer 5

Splitting customers into groups, based on demographics or profiles.

Question 6

Positioning:

Answer 6

Where the company seats itself amongst others and before customers.

Question 7

GRPs (impressions) =

Answer 7

Reach x Frequency

Reach = how many people are reached by TV per day
Frequency= how many days a week do they watch TB

Question 8

5 Marketing Concepts

Answer 8

PPSMS

Production: assumes that if it’s readily available and decent priced people will buy it. (Model T Car)
Product: assumes consumers favor the best quality of product and will buy the “right” product based on performance/features (Keeping up with the Joneses)
Selling: PUSHERS. Merely focuses on selling/seller’s needs. The mindset is that there are enough people to buy-just need to find them.
Marketing: Best one from a marketing standpoint. Firms to deliver desired satisfactions they must see the big picture and think CRM. (Must sell and market here)
Societal Marketing: Balance between profits and public interests. Focus is the needs of the buyers AND society.

Question 9

Marketing concept is made up of:

Answer 9

Selling concept AND Marketing concept

Question 10

Societal Marketing concept is made up of:

Answer 10

Selling, Marketing AND Societal Marketing concepts. Need them all to give back to the world.

Question 11

Holistic Marketing

Answer 11

EVERYTHING MATTERS.

Question 12

5 Features of IMC (Integrated Marketing Communications)

Answer 12

1-Start w/customer
2-360 Reach (use any/all relevant contact)
3-Speak with single voice (synergy)
4-Build relationships
5-Affect behavior (example: milk sales increased when commercial showed a HAND reaching into fridge to get milk)

Question 13

Internal Marketing

Answer 13

Hiring, training, and motivating able workers who WANT to serve customers well. Start in and expand outward

Question 14

4 things Holistic Marketing is made up of:

Answer 14

1-Internal Marketing
2-Integrated Marketing (IMC)
3-Performance Marketing
4-Relationship Marketing

Question 15

Marketing Mix

Answer 15

4 P's
Product
Price
Promotion
Place

Question 16

Short term goals/ambitions

Answer 16

Use the 5 concepts.

PPSMS

Question 17

Long term goals/ambitions.

Answer 17

Be wary of marketing myopia.

Question 18

What are business leaders myopic about?

Answer 18

When mission statements target wrong things like the product itself rather than the service/customer needs.

Question 19

Marketing Myopia:

Answer 19

when a business/company views marketing strictly from the standpoint of selling a product rather than fulfilling customer needs.

Question 20

Marketing vs Selling quick

Answer 20

Marketing creates a need.

Selling satisfies that need with a transaction/exchange.