M1S1 Quiz 1 (Part 1)

Question 1

is a central function and set of processes essential to any enterprise.

is a key part of every business. its a group of activities and methods that are crucial for the business to succeed.

Answer 1

Marketing

Question 2

“there is only one valid definition of business purpose: to “(1)_____“…. the business enterprise has two and only two business functions: “(2)_______” and “(3)______” - Peter Drucker

Answer 2

1. to create a customer
2. Marketing
3. Innovation

Question 3

”‘(1)___________” is so basic that it cannot be considered a separate function (separate skill of work) within the business it is the “(2)________” seen from the customer’s point of view” -Peter Drucker

Answer 3

1. Marketing
2. Whole Business

Question 4

Give At least 5 Marketing Misconception

Answer 4

Confirm if the 5 you remembered is here:

1. Catchy and entertaining advertisement
2. Pushy Salespeople
3. Spam to your emails for phone
4. famous brands and their celebrity spokespeople
5. product claims that turn out to be overstated or just plain false
6. Marketing departments “own” the marketing initiative
7. Marketing is all about advertising
8. Marketing is all about Selling
9. Marketing is all about sizzle
10. Marketing is inherently unethical and harmful to society
11. only marketers market
12. marketing is just another cost center in a firm

Question 5

Marketing is highly Visible by nature (EXPLAIN)

Answer 5

• Advertising and promotion can be seen by all
• Marketing Metrics: Gauging performance to drive results
• “If you can’t measure it, you can’t manage it.”

Question 6

Marketing is more than buzzwords (EXPLAIN)

Answer 6

• often viewed as a “Necessary Evil”
• too many quick approaches

Question 7

(EXPLAIN EACH)
1. Marketing’s Stakeholders
2. Internal Stakeholders
3. External Stakeholders

Answer 7

1. are people or groups who have an interest in the marketing activities of business.
2. people inside the company, like employees and Managers.
3. people outside the company, like customers, suppliers and investors.

Question 8

(EXPLAIN)
Societal Marketing

Answer 8

-member of society at large are stakeholders.
-considers the well-being of society as a whole as important

Question 9

(EXPLAIN)
Green Marketing

Answer 9

• promoting products that is good for the environment

Question 10

is a ratio of the bundles of benefits a customer receives from an offering compared to the cost incurred by the customer in acquiring that bundle of benefits.

• it means how much benefits a customer gets from a product/service compared to how much they have to pay for it.

Answer 10

Value

Question 11

occurs when people give up something of value to them for something else the desire to have. “______” usually involves money but can involve trade or barter of time, skill, expertise, intellectual capital.

Answer 11

Exchange

Question 12

• Product were customized
• one to one Marketing

Answer 12

Pre-industrial Revolution

Question 13

Beyond the Marketing Concept (4)

Answer 13

1. Differentiation Orientation
2. Market Orientation
3. Relationship Orientation
4. One-to-One Marketing

Question 14

Differentiation Orientation (EXPLAIN)

Answer 14

-clearly communicates how the firm’s product from competitors
-means a company focuses on making its product/service standout from competitors.

Question 15

Market Orientation (EXPLAIN)

Answer 15

• Implementation of Marketing Concept
• Includes Customer Orientation: the customer is at the core
• the company focuses on what customers wants and needs.