Marketing introduction

Question 1

what is marketing?

Answer 1

marketing is the activity, set of institutions and processes for creating, communicating delivering and exchanging offerings that have value for customers, clients, partners and society at large

Question 2

Everything starts with the customer - details

Answer 2

the primary source of the firm’s revenues and cash flow is customers

customers provide revenues and cash flow when they believe that the firm’s products and services offer better value than competitive alternatives

the only asset the firm really must have is paying customers

balance- sheet assets are only assets because they contribute to attracting, retaining and growing customers

Question 3

who are customers?

Answer 3

a customer is any person or organisation in the channel of distribution or decision (excluding competitors), whose actions can affect the purchase of the firm’s products and services

Question 4

what is marketed?

Answer 4

• goods
• services
• events
  -experiences
  -persons
  -places
  -properties
  -organisations
  -information
  -ideas

Question 5

what are customers looking for in a product?

Answer 5

Attributes and features: key characteristics of the product offer

benefits: what the attributes and features do for the customers

value: why the customer believes these benefits are important

Question 6

what is value?

Answer 6

customer’s perception of all the benefits of a product or service

weighed against costs of acquiring and consuming it

Question 7

list of benefits?

Answer 7

functional
economic
emotional

Question 8

types of needs:

Answer 8

stated
real
unstated
delight
secret

Question 9

Marketing mix - features associated with marketing

Answer 9

product
price
promotion
place

Question 10

marketing management tasks:

Answer 10

• develop market strategies and plans
• product concept
  -selling concept
  -marketing concept
  -societal marketing concept