Chapter 1: Marketing Overview

Question 0

What activities does marketing involve?

Answer 0

Creating
Communicating
Delivering
Exchanging offerings

Question 1

What is marketing?

Answer 1

It is an activity

Question 2

Marketing is about

Answer 2

Delivering benefits

Question 3

Who benefits in marketing?

Answer 3

Customers
Organisation
Stakeholders
Society

Question 4

Why is marketing an activity?

Answer 4

It is a conscious effort
Requires both
Art (creativity and innovation)
Science (logic and processes)

Question 5

What is created?

Answer 5

Value

Question 6

How is value created?

Answer 6

By matching consumers with products and services

Question 7

Marketers need to communicate to

Answer 7

Raise awareness

Let consumers know about P&S offered to them

Question 8

Marketers need to deliver

Answer 8

Value

Question 9

How do marketers deliver value?

Answer 9

Ensure P&S are as useful as promised

Question 10

What does exchanging involve?

Answer 10

Physically meeting with consumers
Exchanging things of value
Pass products or services
Get payment

Question 11

What are offerings?

Answer 11

P&S that will be valuable to the consumer

Question 12

Offerings satisfy

Answer 12

The needs that the consumer has

Question 13

How do customers benefit?

Answer 13

Satisfaction of needs

Question 14

How does the organisation benefit?

Answer 14

P&S sold in return for cash

Increase company profits

Question 15

Who are stakeholders?

Answer 15

Government
Public
Shareholders

Question 16

How do stakeholders benefit?

Answer 16

Government:
Taxes

Public:
Profits given to needy

Shareholders:
Profits

Question 17

How does the society benefit?

Answer 17

Research and development brings knowledge
Operations will add more employment
Revenues earned contribute to economy

Question 18

Marketing is all about

Answer 18

Discovering and satisfying needs

Question 19

A need occurs when an individual is

Answer 19

Deprived of basic necessities

Question 20

A want is a

Answer 20

Preference for specific objects to satisfy want

Question 21

Marketing is limited to shaping wants it cannot

Answer 21

Create need

Question 22

What are the requirements for marketing to occur?

Answer 22

2 or more parties with unsatisfied needs
Both parties have desire and ability
There is a way for communication
Both parties can make an exchange

Question 23

Challenges of marketing include

Answer 23

Consumer not knowing what he wants or needs

Meet consumer needs and earn profit at same time

Question 24

To find out about what consumes need or want, marketers conduct

Answer 24

Market research

Question 25

What is a market?

Answer 25

Made up of potential consumer | Having desire and ability to buy a specific product

Question 26

People who do not make the market include

Answer 26

People who do not have time, authority and money Those unaware of their needs Those who are unaware of product

Question 27

What is a target market?

Answer 27

One or more specific groups of potential consumers towards which An organisation directs its marketing program

Question 28

Why do companies need to target?

Answer 28

Different consumers have different needs | Company does not have enough resources to satisfy all

Question 29

What are the 4Ps in marketing?

Answer 29

Product Price Place Promotion

Question 30

What is product?

Answer 30

Good service idea | satisfy consumer need

Question 31

Price is what is

Answer 31

Exchanged for the product

Question 32

Promotion is the

Answer 32

Means of communication between buyer and seller

Question 33

Place is referred as

Answer 33

Distribution | Getting product to consumer where exchange can take place

Question 34

What are the forces affecting marketing decision?

Answer 34

``` Environmental Social Economic Technological Competitive Regulatory ```

Question 35

Marketing aims to create a marketing program that connects with customers. They build

Answer 35

Long-term customer relationships

Question 36

How are customer relationships built?

Answer 36

They deliver customer value

Question 37

Strategies to deliver customer value include

Answer 37

Best price Best product Best service

Question 38

How did customer relationship change?

Answer 38

Production era Sales era Marketing era Customer relationship era

Question 39

Consumers benefit from marketing utilities such as

Answer 39

Form utility Place utility Time utility Possession utility

Question 40

What is form utility?

Answer 40

Value to customer that is from production or alteration of good and service

Question 41

What is place utility

Answer 41

Value of having g&s available when needed

Question 42

What is time utility

Answer 42

Value of having g&s when needed

Question 43

What is possession utility?

Answer 43

Value of making g&s easy to purchase so that consumers can use it