Exam 1 : Chapter 1

Question 1

Definition(s) of marketing

Answer 1

• Exchange

- Customer orientation/satisfaction

Question 2

Misconceptions about marketing

Answer 2

Marketing = advertising
Marketing = sales
Marketing= retailing
Not mathematical

Question 3

Brief history of marketing (1850-present)

Answer 3

1850: Department Stores
1900: Academic Studies
1930: Supermarkets
1950: Television, Malls
1980: Services
2000: Internet, Relationships

Question 4

Broad “eras” (4) of marketing. Oldest to newest. Learn in order

Answer 4

Production era
Sales era
Marketing Concept era
Market orientation era.

Question 5

4P’s framework

Answer 5

The Marketing Mix

1. Product: Features, Brand, Packaging, Service
2. Price: List price, Discounts, Allowances, Credit terms
3. Promotion: Advertising, Personal Selling, Public Relations, Sales promotion
4. Place: Outlets, Channels, Coverage, Transportation

Question 6

Relationship marketing

Answer 6

2000: Internet, Relationships

Relationship marketing à Keep the client, keep the loyalty. It’s more profitable.

Question 7

Videos: Walmart

Answer 7

Wal-Mart’s Public Image
a. Eco-Friendly Walmart
i. Solar powered, wind powered, recycling
b. Reaching out to their customers and acting on the feedback
c. Raising minimum wages, health care
2. A lot of anti-walmart campaigns
a. Hurts employees à Medical
Wakeup Walmart