Intro

Question 1

Marketing

Answer 1

a discipline of economics and management which aims at describing market and analyzing interactions between consumers and companies

Question 2

Marketing (academic def)

Answer 2

process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Question 3

Inside-out approach (sales)

Answer 3

existing product -> production -> sales and promotion -> profits generated by sales volumes

Question 4

Outside-in approach

Answer 4

market -> customers’ needs -> marketing levers -> profits generated by customer satisfaction

Question 5

CLV

Answer 5

customer lifetime value

Question 6

The marketing process

Answer 6

understand customers’ wants and needs; build unique value proposition; communicate firm’s different positioning; distribute firm’s products and services (retailing)

Question 7

The market- demand side

Answer 7

all current and potential buyers of a product/service; people sharing same need or want which could be satisfied through exchange relationship with our company

Question 8

Wine ‘market’- aggregate ex.

Answer 8

product category (table wine market); geography (USA wine market); segment-target (young-adult market); distribution channel (online market); value range (premium wine market)

Question 9

Wine ‘market’- firm specific ex

Answer 9

The market of Dom Perignon

Question 10

The marketing plan (1. strategic marketing (analysis and planning))

Answer 10

company’s mission definition; evaluation of firm’s strengths/weaknesses; analysis of marketing environment; competitors’ identification and mapping; consumer behavior analysis; segmentation and targeting; strategic aim definition