Lecture 1

Question 1

what is marketing as a philosophy

Answer 1

Putting the customer at the centre of all you do

Question 2

What is marketing

Answer 2

the process of identifying and profitably satisfying customers’ wants and needs

Question 3

what is strategy

Answer 3

set of plans, actions and goals outlining how a business will compete in markets

Question 4

what is the goal and how to get there?

Answer 4

market forces -> change management -> profitable growth

Question 5

what are 2 types of change management

Answer 5

market driven changes and market driving changes

Question 6

what are market driven changes

Answer 6

responding to existing needs and market conditions

Question 7

what are market driving changes

Answer 7

share consumer preferences and create new market opportunities

Question 8

what is a different goal and how to get there (sustainable)

Answer 8

market forces -> change management -> shared value

Question 9

what are financial benefits of shared value

Answer 9

enhanced firm reputation
stakeholder endorsement
risk mitigation
improved innovative capacity