Introduction

Question 1

Definition of market

Answer 1

Market is the place where supply meets demand and where prices are formed

Question 2

Objectives of marketing

Answer 2

Companies strive to actively exert a controlled influence on the behaviour of both the customers – or potential customers – as well as competitors to the benefit of the company and its stakeholders.

Question 3

reference for marketing

Answer 3

…define the framework for marketing practiced by companies, customers, competitors and other stakeholders are the major factors that determine the scope of marketing activities.

Question 4

Influential stakeholders on market activities

Answer 4

1. Buyers
2. Companies
3. Lobbyists
4. Sales partners
5. Public institutions

Question 5

Draw maslow’s pyramid of needs

Answer 5

1. Seld actualisation (pursue dreams)
2. Self-esteem (recognition, respect)
3. Belonging (friends, family, spouse)
4. Safety needs (stability)
5. Physiological needs (food, water, shelter)

Question 6

Criteria to classify markets

Answer 6

1. Types of goods sold
(Consumers, B2B goods, Services)
2. Degree of internationality 
(Local, regional, international, global)
3. Distribution of power
(Buyer's, Seller's)

Question 7

Types of markets

Answer 7

1. Companies (pharmaceutical market; all companies producing pharma products)
2. Products
   (market for healthcare activities; all products relevant)
3. Buyers
   (markets of price-sensitive students)
4. Needs
   (market for mobility/agility)

Question 8

A market enables exchanges, marketing ____

Answer 8

manages those exchanges

Question 9

Definition of marketing

Answer 9

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 10

History of marketing

Answer 10

1940s: PRODUCTION ORIENTATION
1950s: PRODUCT ORIENTATION
1970s: SELING ORIENTATION
1990s: CONSUMER AND MARKET ORIENTATION

Focus on consumer has been increasing. Consumer influence has been increasing.

Question 11

Proactive customer orientation

Answer 11

Capability to continuously probe
customers‘ latent needs and uncover
future needs

Question 12

Formal definition of marketing according to Kotler

Answer 12

Marketing is a customer focus that permeates organizational functions and processes and is geared towards making promises through value propositions, enabling the fulfilment of individual expectations created by such promises and fulfilling such expectations though support to customers’ value-generating processes, thereby supporting value creation in the firm’s as well as its customers’ and other stakeholders’ processes.

Question 13

Marketing aims….

Answer 13

at creating positive connections in consumers’ minds.

Question 14

Marketing stimuli

Answer 14

Products & Services
Price
Distribution
Communication

Question 15

Other stimuli

Answer 15

Economic
Technological
Political
Cultural

Question 16

What’s the main marketing mix?

Answer 16

4 Ps
PRODUCT
PRICE
PROMOTION
PLACE

Question 17

What’s the extended marketing mix?

Answer 17

1. PHYSICAL EVIDENCE/LAYOUT
2. PEOPLE
3. PROCESS

Question 18

What is international marketing?

Answer 18

International marketing refers to design and realization activities on the part of a company, directed at its customers and potential
customers located in more than one country.

Question 19

What does international marketing concern?

Answer 19

International Marketing is concerned with the planning and conducting of transactions across national borders to satisfy
the objectives of individuals and organizations.

Question 20

Hoftstede’s cultural dimensions

Answer 20

1. Invidualism
2. Power distance
3. Masculinity
4. Uncertainty avoidance
5. Long-termism
6. Indulgence vs restraint

Question 21

Marketing risks for international marketing

Answer 21

1. The company might not understand foreign preferences and could fail to offer a competitively attractive product or service.
2. The company might not understand the foreign country’s business culture even if they are geographically close.
3. It might underestimate foreign regulations and incur unexpected costs.
4. The company might lack managers with international experience.
5. The foreign country might change its commercial laws, devalue its currency or undergo a political revolution and expropriate foreign property.

Question 22

What are potentials reasons for a company to go international?

Answer 22

1. International markets present higher profit opportunities than the domestic market
2. The company needs a larger customer base to achieve economies of scale
3. It wants to reduce its dependence on any one market
4. The company decides to counterattack global competitors in their home markets
5. Customers are going abroad and require international service.