Lecture 1

Question 1

What is Marketing in your understanding?

Answer 1

Marketing is the promotion of a product with the goal of attracting new customers and creating loyal customers

Question 2

What is the classroom definition of Marketing?

Answer 2

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Question 3

What is brand awareness/recognition?

Answer 3

It is when a brand is strongly associated with the particular business sector it participates in.

Question 4

What are two key factors that aid in the creation and maintenance of brand awareness?

Answer 4

Product standardization
Marketing adaptation

Question 5

What is a mass product or service?

Answer 5

It is a product or service that we use almost every day and/or on a regular basis

Question 6

What does marketing strategy aim to do?

Answer 6

It aims to appeal to the target market and a related marketing mix

Question 7

What is the target market?

Answer 7

The target market is the group whom a company wishes to appeal

Question 8

What is the marketing mix?

Answer 8

The marketing mix is the controllable variables the company puts together to satisfy the group

Question 9

What are the four Ps that make up the marketing mix?

Answer 9

Product
Price
Promotion
Place

Question 10

What are the four Cs, the mirror of the four Ps?

Answer 10

Customer Solution
Customer Cost
Convenience
Communication

Question 11

What perspective do the four Ps take?

Answer 11

They take the perspective of the producer

Question 12

What perspective do the four Cs take?

Answer 12

They take the perspective of the consumer

Question 13

What is a competitive advantage?

Answer 13

Competitive advantage is a set of factors such as skills, technologies, and resources that distinguish a company from the competition

Question 14

What is a mission statement?

Answer 14

A mission statement is a statement of the organization’s purpose; what they want to achieve

Question 15

Why should a mission statement be market oriented?

Answer 15

It should be market-oriented because it helps define the business in terms of what it provides to the consumer, allowing them to see the competitive advantage of the company much clearer than looking at it from a product-oriented position.

Question 16

Why is it important that a company have a mission statement?

Answer 16

It is important because it helps define the relationship between consumer and producer

Question 17

What does the company mission allow companies to do?

Answer 17

It allows them to define their objectives and goals

Question 18

What are company objectives?

Answer 18

They are business processes that sustain the company mission

Question 19

What should objectives be?

Answer 19

They should be quantitative and qualitative

Question 20

Why should a company objective be well defined?

Answer 20

It should be well defined because it will allow the company to better define which of the four Ps are required to meet said objective

Question 21

Why should goals be realistic?

Answer 21

They should be realistic as they should arise from concrete business analyses of the company and the market they are in.

Question 22

What are the 7 things that are marketed?

Answer 22

• Goods: physical goods (production and marketing effort)
• Services: intangible goods
• Events: time-based events are very useful for marketing as they can be used to market a product, company mission, etc.
• Experiences: some companies sell experiences such as Disney, airlines, hotels, etc.
• Persons: celebrity marketing is a major business as using celebrities can increase the popularity of a brand
• Places: tourist companies market places in an attempt to make them appealing to outsiders so they come and purchase their services
• Ideas: certain companies promote ideas such as a certain state of mind, etc.

Question 23

What has the information technology boom done for marketing?

Answer 23

It has allowed companies to reach a wider audience, giving them the opportunity to tap into a larger consumer base than ever before

Question 24

What has globalization done to marketing?

Answer 24

Marketing has changed greatly due to globalization as it has introduced a new way for companies to market their products due to the different cultures they now need to appeal to.