Lecture 2 - Marketing Environment

Question 1

What are the two main categories of products?

Answer 1

Goods (Tangible) & Services (intangible)

Question 2

What are “other” products a marketer manager can market?

Answer 2

Places, ideas, companies, people, experiences

Question 3

How do we get the things we want?

Answer 3

Self-production, begging, exchange

Question 4

What is an exchange?

Answer 4

The act of obtaining a desired product from someone by offering something in return

Question 5

What do marketers do?

Answer 5

Make careful analysis of what other parties might want and decide what they might offer

Question 6

What is a potential market?

Answer 6

All potential customers who share a particular need who might be willing to engage in an exchange to statisfy that need or want

Question 7

What is marketing?

Answer 7

A social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others

Question 8

What is marketing management

Answer 8

The analysis, planning, implementation and controlling of programs designed to create, build and maintain beneficial exchanges and relationships with target markets for the purpose of achieving an organization’s goals.

Question 9

What does a marketing manager control?

Answer 9

Product, Price, Promotion, Place

Question 10

4P’s: Product is referring to…

Answer 10

Designing products, positioning products

Question 11

4P’s: Price is referring to…

Answer 11

Setting prices

Question 12

4P’s:Promotion is referring to:

Answer 12

How to communicate with others

Question 13

4P’s: Place is referring to

Answer 13

How to get the product to the customers

Question 14

What are other P’s in marketing?

Answer 14

People - consumers and employees
Process - planning, decision making
Programs - orig 4 p’s and all consumer directed activities
Performance - Measuring profits, brand/consumer equity

Question 15

Different marketing philosophies

Answer 15

Production concept
Product concept
Sales Concept
Marketing concept

Question 16

What is production concept?

Answer 16

Consumer wants products that are widely available at a low cost

Question 17

What is product concept?

Answer 17

Consumers want products that offer the most quality, performance, and features

Question 18

What is sales concept?

Answer 18

Consumers will ordinarily not buy enough products if left alone. So must aggressively sell and promote products

Question 19

What is marketing concept?

Answer 19

Determine the needs/wants of target markets and deliver a product that satisfy those needs and wants
-More effectively/efficiently than competition

Question 20

What is social marketing concept?

Answer 20

adding to marketing concept but also done in a way that preserves or enhances consumers and societies well being

Question 21

Name types of markets in our society

Answer 21

Manufacturer markets
Resources markets
Intermediary Markets
Consumer markets
Government Markets