Chapter 1: Intro to marketing

Question 1

What is marketing?

Answer 1

Transaction - an exchange - intended to satisfy human needs between two partners

Question 2

4 factors essential for Marketing

Answer 2

1. Two or more parties with unsatisfied needs
2. Desire and ability on their part to be satisfied
3. A way for parties to communicate, and transact
4. Something to exchange

Question 3

Customer Values

Answer 3

• Net benefit from purchasing/consuming a product/service
• Offering products such that
  1) Value of our product> value of not purchasing at all
  2) Value of our product> Value of purchasing from competition

Question 4

3 Customer value drivers

Answer 4

• Benefits (and quality)
• The costs
• Other competitive offers

Question 5

3 Fundamental principles of marketing

Answer 5

1. Customers don’t value products or their attributes. They value BENEFITS (Desirability)
2. Can we offer something that consumers really value (Feasibility)
3. Do we really offer value better than others? (Viability)

Question 6

Which branch of management studies consumers?

Answer 6

Marketing

Question 7

Marketing Review (3C-4P Analysis)

Answer 7

3Cs (Strategy)
1. Customer
2. Competition
3. Company

4Ps (tactics)
1. Product
2. Pricing
3. Place
4. Promotion