Lecture 1

Question 1

Evolution of Marketing

Answer 1

1980-1930s: Production (Goods sold themselves but were scarce; Focus on productivity)
1910-1950s: Product (Greater Competition; Focus was to design superior products)
1920-1960s: Selling (Focus was to sell more than made, consumers were not buying enough if left alone)
1960-1990s: Customer (Focus to meet customer’s needs)
1990s: Holistic Marketing (Everything matters! Broad integrative perspective)

Question 2

Marketing

Answer 2

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

-Concisely put: Creating and serving needs effectively

Question 3

What can be marketed?

Answer 3

Goods
Services
People
Organizations
Experiences & Events
Places & Properties
Information & Ideas

Question 4

Framework of Marketing: Market Strategy

Answer 4

Customer Company Competitor
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Segmentation, Targeting, Positioning

Question 5

Framework of Marketing: Market Tactics

Answer 5

To implement market strategy you need:
Product
Place
Price
Promotion