Introductory Lectures

Question 1

Marketing (American Marketing Association, 1948)

Answer 1

The performance of business activities that direct the flow of goods and services from producer to consumer

Question 2

Value (Zeitham, 1988)

Answer 2

Consumers’ overall assessment of the utility of a product based on perceptions of what is received and given

Question 3

Market Orientation

Answer 3

Organisation-wide generation, dissemination and responsiveness to market intelligence pertaining to current and future customer needs

Question 4

Strategy (Johnson et al, 2008)

Answer 4

The matching of the activities of an organisation to the environment in which it operates and to its own resource capabilities

Question 5

Marketing Planning (McDonald and Wilson, 2016)

Answer 5

A logical sequence and series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them

Question 6

Strategy vs Tactics

Answer 6

Strategy: Long-term direction about what the business wants to become
Tactics: Short-term actions required to put chosen strategy into action

Question 7

Strategic Fit

Answer 7

Market Needs/Conditions, Marketing Strategy and Organisational Resources

Question 8

Strategy Process (Hooley at al, 2017)

Answer 8

Business Purpose > Core Strategy (Company/Env Analysis) > Competitive Positioning (Competitive Advantage/Target Market) > Implementation > Marketing Mix

Question 9

Reasons to plan

Answer 9

Think ahead systematically
Clarify objectives
Develop awareness of strengths and weaknesses
Capitalise on opportunities and defend against threats
Effective allocation and use of organisational resources
Organisation-wide market focus orientation