Class 1: The meaning of marketing

Question 1

Define marketing

Answer 1

The process of planning and executing the conception, pricing, promotion and distribution of ideas and services to create exchanges that satisfy the individual and the organization. It is the process of buying and selling

Question 2

What are the 3 prerequisites for marketing

Answer 2

1. Two or more parties with unsatisfied needs (patient & healthcare provider)
2. The desire for one party to meet the needs of the other
3. A means to communicate

Question 3

What are the 4 activities of marketing

Answer 3

1. creating value
2. communicating value
3. delivering value
4. exchanging value

Question 4

What are the 4 Ps of marketing

Answer 4

Price - transacting value
Place - delivering value e.g through retailers
Promotion: communicating value e.g advertising
Product: creating value e.g the product or brand

Question 5

what is a marketing strategy

Answer 5

it is the development of a response in the marketplace that is underpinned by the 4 Ps

Question 6

what is the difference between a want and a need?

Answer 6

A need is a deficiency or a pain point requiring relief. A want is a desire for something. In healthcare meeting needs is a primary concern. Ask who is the customer

Question 7

What is the evolution of marketing and what does each Era focus on

Answer 7

1. Production era: product quality focus
   2: Sales era: Generating volume
   3: Marketing era: satisfying needs and wants - focus on customer satifaction

Question 8

What is a marketing-oriented culture?

Answer 8

It is customer-focused, results-oriented and has an awareness of the competition

Question 9

Explain the planning process of non-market-driven

Answer 9

Driven by the organization’s mission, projects itself onto the market instead of determining the market needs. Lacks focus on research, and involves an internal to external approach—E.g Pomodoro Jackson, start-up businesses.

Question 10

Explain the market-based planning approach

Answer 10

It addresses the target market and their needs, rooted in strategy, utilizes testing such as a pilot to determine fit. it involves an external to internal approach

Question 11

What are the distinct hallmarks of marketing oriented culture?

Answer 11

Customer focused, results oriented, awareness of the competition

Question 12

What environmental factors affect marketing strategy?

Answer 12

Regulatory bodies, social, technological, economic, competition, STAKEHOLDERS, and society at large

Question 13

Define stakeholder, primary and secondary

Answer 13

A stakeholder is any group who can affect an organization.
Primary: have continued interaction
Secondary: do not engage in organizational transactions