Intro To Marketing

Question 1

What is marketing

Answer 1

Delivering value to a customer for a profit

Question 2

Describe the nature of customer value

Answer 2

Price value
Emotional value
Performance value
Relational value

Question 3

Describe the difference between relational and performance value

Answer 3

Relational value is high trust and good quality Service
such as insurance and education

Quality of the product eg dyson

Question 4

What is price value

Answer 4

Reduced price of basic product
Forego extra features eg Aldi

Question 5

What is emotional value

Answer 5

Beyond performance
Branding and brands
Eg Chanel

Question 6

Describe the perceived benefits of associated with customer value ?

Answer 6

Image benefit
Product benefit
Relational benefit
Service benefit

Question 7

What are the prefixed sacrifices associated with customer value

Answer 7

Energy cost
Monetary cost
Psychological cost
Time cost

Question 8

Describe customer satisfaction

Answer 8

Products perceived performance vs customer expectations
The product must all meet of exceed customer expectation

Question 9

What are the types of orientation of organisations

Answer 9

Production
Sales and customer

Question 10

What steps are included in sales orientation

Answer 10

Products and service —— aggressive sales efforts —- customers

Question 11

What steps are included in production orientation

Answer 11

Product capabilities — manufacturing products — customers

Question 12

What are the steps involved in customer orientation ?

Answer 12

Customer needs
Potential marketing opportunities
Marketing Product and service.
Customer

Question 13

Differentiate between efficiency and effectiveness

Answer 13

Efficiency is doing things right butt it is cost focused

Effectiveness is doing things right but customer focused

Question 14

What is the marketing concept

Answer 14

Meeting corporate goals a by meeting and exceeding customer needs better than competition

Question 15

In relation to the. key components of marketing concept
What is Customer orientation

Answer 15

Cooperation actions focused on satisfying customers

Question 16

What is a integrated effort

Answer 16

Every staff take responsibility for providing customer satisfaction

Question 17

What is goal achievement

Answer 17

When a company believes their corporate goals can be achieved through customer satisfaction

Question 18

Outline 5 limitations associated with the marketing concept

Answer 18

1. Reliance on re marketing and browsing behaviours and influencers
2. Reliance on customers to guide new products manufacturing (tauber 1974)
3. Retro marketing -exclusivity , secrecy and amplification
4. Societal impact of collective individual purchases (Wesley,1990)

Question 19

How would you develop an effective marketing mix

Answer 19

Product - match customer needs
Price. - well balanced
Place match cooperate resources
Promotion- create competitive advantage

Question 20

What steps are involved in product marketing

Answer 20

Development
Management
Packaging
Branding

Question 21

What role does price have in the marketing mix

Answer 21

Costs
Profit
Value
Competitiveness

Question 22

Role of place in the marketing mix

Answer 22

Accesss to market
Channel structure
Channel management
Retailer image

Question 23

Describe promotion associates with the marketing mix

Answer 23

Sales
Sales promotion
Communication mix
Advertising

Question 24

Name 2 criticisms of the marketing mix

Answer 24

Oversimplifies the reality of the process (Booms and Bitner, 1981)
One way models and ignores relationships