lectures 1+2

Question 1

Businesses share 2 needs:

Answer 1

1. Stay in business
2. Make a profit

Question 2

3 Informal Definitions of Marketing

Answer 2

1. Building/managing profitable customer relationships
2. Creating/exchanging value
3. Identification of unmet needs/creation of solutions for those needs

Question 3

B2B vs. B2C

Answer 3

-B2C: satisfy needs of consumers; consumer is the ultimate endurer of a product/service
- B2B: satisfy needs of organizations; business/producer is the marketer of a product

Question 4

Need vs. demand vs. benefit

Answer 4

Need: difference between customer’s actual state and where they perceive they want to be (may be functional but often go beyond just simple fulfillment)
Demand: customer’s desire for products coupled with “resources to obtain them”
Benefit: the outcome sought that motivates consumer behavior

Question 5

Market

Answer 5

All the customers who:
- Share a common need
- That can be satisfied by a specific product
- Who have the RESOURCES to exchange for it
- Who are WILLING to make the exchange
- Have the authority to make the purchase
i.e. I am not in the market for beer because I am unable to purchase beer.

Question 6

Marketplace

Answer 6

Location/medium used to conduct an exchange

Question 7

Value

Answer 7

• Dictated by 2 parties
• Personal/individual decision which requires agreement between buyer and seller

Question 8

What can be marketed?

Answer 8

Anything!
- Tangible/physical goods
-Intangible products/services
- Ideas/concepts

Question 9

Consumer goods

Answer 9

Tangible goods purchased by individual consumers for “personal or family use”
- CPG: consumer packaged goods

Question 10

Services

Answer 10

Intangible products exchanged directly from producer to consumer
- We live in a service economy

Question 11

B2B marketing

Answer 11

Goods or services for A) resale, B) use in production of new goods, C) to support operations

Question 12

E-commerce

Answer 12

Sales of goods utilizing on line tech

Question 13

Not for profits

Answer 13

Non-taxable entities for charity, education, religious and community organizations

Question 14

Marketing Mix Tools (4 P’s of Marketing)

Answer 14

Combination of variables that a company uses to influence/meet needs of its target customers.
Product - ideas, goods, services (tangible/intangible)
Price - assessment of value (not just a number)
Place - when/where available (“distribution”)
Position - activities to inform/stimulate/incentivize a sale
* Sometimes: Promotion

Question 15

Promotional mix

Answer 15

combination of marketing methods to achieve a specific goal
- advertising, public relations, personal selling (1 to 1), sales promotion, direct mail, internet marketing

Question 16

Marketing Process

Answer 16

Series of steps a business takes to connect with its target audience and sell its products/services.
1. Plan –> execute the plan
2. Monitor –> assess what has been achieved
3. Review –> compare achievements against plan
4. Control –> specify any remedial action needed
BACK TO PLAN

Question 17

SWOT analysis

Answer 17

Strengths
Weakness
Opportunities
Threats

Question 18

Mass market

Answer 18

Product for everyone – “mass marketing” = marketing strategy targeted to everyone, no differentiation

Question 19

Segmentation

Answer 19

Segmentation of a market allows for more defined targeting

Question 20

Individualized marketing/micromarketing

Answer 20

Tend to a very specific group of target customers, or to each individual customer

Question 21

Stakeholders

Answer 21

Anyone that has a “vested interest” in the business: stockholders, employees, competitors, customers, suppliers, government, communities

Question 22

4 P’s of Marketing

Answer 22

• Product (ideas/good/services, tangible or intangible)
• Price (assessment of value)
• Place (when/where available)
• Position (where a company stands in company’s mind)

Question 23

Promotional mix

Answer 23

Methods of promotion –> includes advertising, PR, personal selling, direct mail

Question 24

Strategic planning hierarchy

Answer 24

Mission statement : leads to corporate objectives, first line in mktinig plan
Tactical plan: planning strategies/tactics to support strategies
Operational plan: detailed plans for day to day activities that suport tactical

Question 25

Marketing plan

Answer 25

Written document that:
-Describes the marketing environment
- Outlines marketing strategies/objectives
-Identifies tactics for course of action
- Identifies who is responsible for carrying tactics out

Question 26

Strategic plan steps

Answer 26

1. Defining the company’s mission statement
2. Setting company objectives and goals (strategic, tactical, operational)
3. Designing the company portfolio/business portfolio

Question 27

Value Proposition

Answer 27

Set of benefits or values a business promises to deliver to customers to satisfy their needs

Question 28

Market Offering

Answer 28

Some combination of products, services, information, or experiences provided to consumers to satisfy a need or want

Question 29

Customer relationship management

Answer 29

Manage detailed information about individual customers and carefully manage customer touchpoints to maximize customer loyalty

Question 30

Marketing mix

Answer 30

The set of tactical marketing tools—
product, price, place, and promotion—
that the firm blends to produce the
response it wants in the target market.