Class 2

Question 1

Prospect -

Answer 1

a potential customer, a person who fits a seller’s criteria

Question 2

a marketer -

Answer 2

someone who’s seeks a response from a prospect

Question 3

needs vs wants vs demands

Answer 3

needs - basic human requirements (water, air)
wants - needs directed to specific objects that might satisfy the needs
demands - wants for specific products backed up with an ability to pay

Question 4

value proposition -

Answer 4

a set of benefits that satisfy the needs of people
a combination of products, experience and info

Question 5

5 competing concepts of business

Answer 5

1. production (cheap, available)
2. product (quality)
3. selling (sell what they make rather than what market wants) insurance
4. marketing (not the right customer for a product, but a right product for a customer)
5. holistic (all parts of the business are alligned)

Question 6

4 components of holistic marketing

Answer 6

1. internal - employees are sharing company values
2. performance - wider understanding of marketing culture, caring about global good
3. relationship - creating long-term relationships with people and organizations who will positively affect the business
4. integrated - a set of marketing campaigns to produce, deliver and inform the value

Question 7

when do companies usually turn to holistic marketing concept?

Answer 7

when they are not satisfied: sales decline, competition increases…

Question 8

push&pull strategy

Answer 8

push when people don’t care about the name, prefer price:
the main focus is on production and supply

pull: when people are buying because of the quality, name
in brand markets like cosmetics, cars
focus on the branding campaign

Question 9

marketing 1.0 vs 2.0 vs 3.0 vs 4.0

Answer 9

1.0 - product-centred
2.0 - customer-centred
3.0 - human-centred (reflecting human values
4.0 embracing technological changes, trends, deepening human-centred marketing

Question 10

Marketing Mix (definition + 4P)

Answer 10

a combination of factors that can be controlled by a company to influence consumers to purchase its products.

1. Product
2. Price
3. Place
4. Promotion

Question 11

New marketing mix (5P)

Answer 11

1. People (who promote and consumers)
2. Process (creativity and structure brought to marketing management)
3. Performance (possible outcomes)
4. Physical environment (place for interaction - store layout)
5. Programs (old 4 P and all consumer-directed activities)

Question 12

how do economics, business and marketing interrelate?

Answer 12

Economics allocate resources, business produce services&goods, marketing improving business results