Defining Marketing & Understanding the Process

Question 1

MASLOW’S HIERARCHY OF NEEDS

Answer 1

Theory of motivation which states that five categories of human needs dictate an individual's behavior:
○ Physiological
○ Safety
○ Love/Belonging
○ Esteem
○ Self-actualization

Question 2

NEED

Answer 2

Motivating force that compels action to satisfy the need.

Question 3

WANT

Answer 3

Form taken by a human need as shaped by culture and personality. (in terms of objects; shifting with time)

Question 4

DEMAND

Answer 4

Human need that is backed by buying power.

Question 5

MARKETING

Answer 5

The action or business of promoting and selling products or services, including market research and advertising.
○ Identifies Needs
○ Aims/focuses on Wants
○ Stimulates Demands

Question 6

BASIC PREMISE IN MARKETING

Answer 6

Create a difference between a company’s offering and that of its competitors in an attribute important for customers.

Question 7

HOW TO CREATE DIFFERENTIATION?

Answer 7

1. Segmentation
2. Targeting
3. Positioning

Question 8

HOW DO MARKETERS MAKE THE VALUE ADDED TANGIBLE?

Answer 8

Through the Marketing Mix (4 P’s)

• Product
• Price
• Place
• Promotion

Question 9

MARKETING MIX

Answer 9

Four variables that a company uses to pursue its marketing objectives:

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

Question 10

PRODUCT

MARKETING MIX

Answer 10

What is being sold.

Today, we sell solutions beyond product/service

Question 11

PRICE

MARKETING MIX

Answer 11

How much a potential customers pays. (How price is presented; what matters is perceived value)

Question 12

PLACE

MARKETING MIX

Answer 12

Where the product is sold.

Giving customers access through multiple channels; Omni-channel

Question 13

PROMOTION

MARKETING MIX

Answer 13

How the product is being sold; communicating & engaging. (Making customers part of the story)

Question 14

PRODUCT-ORIENTED CONCEPT

Answer 14

Focuses on product characteristics and features.

Question 15

CUSTOMER-ORIENTED CONCEPT

Answer 15

Describes the solution that the company is delivering.

Question 16

SEGMENTATION

Answer 16

Process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.

Question 17

TARGETING

Answer 17

Breaking the target audience into segments and then designing marketing activities that will reach the segments most likely to be responsive to your efforts.

Question 18

POSITIONING

Answer 18

Strategic process that involves creating an identity/image of the brand or product within the target customers’ mind.