Intro To Marketing (Lecture 1.1,1.2)

Question 1

What is Marketing

Answer 1

Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably

Question 2

The Marketing Mix (Four Ps)

Answer 2

Product, Price, Place, Promotion

Question 3

Product

Answer 3

A product can be a good, service, an idea, a place, a person, or anything else an organisation or person offers for sale in the exchange

Question 4

Promotion

Answer 4

Promotion includes all the activities marketers undertake to inform consumers about their products and encourage them to buy

Question 5

Place

Answer 5

Place refers to the availability of the product to the customer at the desired time and location

Question 6

Price

Answer 6

The assignment of value or exchange rate to receive the offering

Question 7

Non Monetary exchanges

Answer 7

Internships, swap shops, Politician votes

Question 8

Marketing Concept

Answer 8

A management orientation that focuses on identifying and satisfying consumer needs while insuring long term profitability.

Question 9

Need

Answer 9

Difference between a consumers actual state vs desired (hungry, thirsty, bored)

Question 10

Want

Answer 10

The desire for a product to satisfy a need in a particular way (Public transport vs BMW)

Question 11

Demand

Answer 11

Desire + buying power

Question 12

A Market

Answer 12

All consumers who share a common need that can be satisfied by a particular product or service

Question 13

A Marketplace

Answer 13

Any Location or medium used to conduct the exchange

Question 14

Types of Utility (in terms of creating value)

Answer 14

Form, Place, Time, Possession

Question 15

Form Utility

Answer 15

Turning raw materials into finished goods

Question 16

Place Utility

Answer 16

Making products available where customers want them (convenience of distribution)

Question 17

Time Utility

Answer 17

storing products until they are needed and available at the right time. (Logistical/Delivery)

Question 18

Possession Utility

Answer 18

ability for consumers to own, store, and use products for current and future use.

Question 19

Who is marketing for?

Answer 19

Meeting the needs of the stakeholders.

Question 20

Stakeholder examples

Answer 20

Suppliers
Consumers
Employees
Investors
Broader Community
Governments

Question 21

Production Era

Answer 21

Mass production at the lowest cost (Early 20s)

Question 22

Sales Era

Answer 22

Aggressive selling with promotional techniques (40-70s)

Question 23

Relationship Era

Answer 23

Knowing needs and wants of the customers to better satisfy them. (80s-2010)

Question 24

The Triple-Bottom-Line Orientation

Answer 24

Building long term relationships with the customer

Question 25

The social marketing concept

Answer 25

Firms satisfying consumer needs in ways that will benefit society and be profitable.

Question 26

3 components of the The social marketing concept that need to be maximised

Answer 26

Financial, Social, Environmental

Question 27

Financial bottom line

Answer 27

Profit for Stakeholder (Profit)

Question 28

Social bottom line

Answer 28

contribute to local community ( People)

Question 29

environmental bottom line

Answer 29

sustainable, minimize damage to environment (Planet)

Question 30

Value Proposition

Answer 30

Communicating the entire benefits delivered by the company, not just the benefits of the product

Question 31

Customer Value Perspective

Answer 31

May not be the performance of the product, rather the image associated with owning it.

Question 32

Seller Value Perspective

Answer 32

Profit may not always be how value is judged, instead, customer loyalty, reputation and leadership may surpass it.

Question 33

How firms create value

Answer 33

by creating a competitive advantage

Question 34

Cost advantage

Answer 34

Lower cost than competition

Question 35

Differential Advantage

Answer 35

Different product to competitors

Question 36

Distinctive Competence

Answer 36

A firms superior capability to its competitors (Amazon)

Question 37

The Value Chain

Answer 37

All the activities involved in designing, producing, marketing, delivering, and supporting any product.