chapter 1: overview of marketing

Question 1

what is marketing?

Answer 1

marketing is a set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationship

Question 2

what are the core aspects of marketing?

Answer 2

-creates value
-satisfying consumer wants and needs
-entails an exchange
-requires product/price/place/promotion decisions
-performed by individuals and organizations

Question 3

What are the four P’s of product (creating value)

Answer 3

promotion of values: creates value
price: transacting value
place: delivering value
promotion: communicating value

Question 4

what are the four orientations of marketing

Answer 4

product:
companies focus on developing and distributing

sales:
companies try to sell as many products as possible, rather than prioritizing what consumers really want

market:
focus on what consumers want/need before designing/making/selling product

value based
focus on people (consumer want/needs), profits, and the planet (social/environmental responsibility)

Question 5

define goods and services

Answer 5

goods: items you can physically touch

services: lacks physical presence, customer benefits produced by people or machines and cannot separated from the producer

Question 6

define value cocreation

Answer 6

customers act as collaborators with a manufacturer or retailer to create a product or service

Question 7

define recreational orientation

Answer 7

a method of building a relationship with customers based on the idea that buyers and sellers should develop a long-term relationship

Question 8

define supply chain

Answer 8

group of firms and set of techniques and approaches firms use to make and deliver a given set of goods and services