marketing: key concepts

Question 1

what are the interlinked core marketing concepts

Answer 1

needs, wants, demands
product, service
value, satisfaction, quality
exchange, transactions, relationships
markets

Question 2

marketing myopia

Answer 2

• The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
• E.g. Singtel: telephone company vs communications company

Question 3

What is the modern marketing system?

Answer 3

suppliers -> company/competitiors -> marketing intermediaries -> final consumers

each adds value

affected by environmental factors (demographic, economic, natural technological, political, social, cultural)

Question 4

what is marketing management, dd management

Answer 4

implement programs to create exchanges with buyers to achieve goals

finding and increasing DD (reverse: demarketing)

Question 5

Marketing Management Concepts Philosophies

Answer 5

Production: Available and affordable; improve production and distribution

• Best when DD > SS
• May lead to: marketing myopia → focus on internal > customer r/s

Product: Quality, performance, innovative features
- Marketing myopia → consumers want innovation, not improvement

Selling: good promotion and selling of products > building r/s
- Starting point: factory, focus: existing products, means: selling and promotion: ends: profits through sales volume

Marketing: focus on needs of consumer
- Starting point: market, focus: customer needs, means: integrated marketing, ends: profits through customer satisfaction

Societal Marketing: consumer ST + LT wants, company’s requirements, society interests (lush)

Question 6

What is the marketing mix

Answer 6

• Product (customer solution), Price (customer cost), Place (convenience), Promotion (communication)

Question 7

What is the societal marketing concept

Answer 7

• Society (human welfare), Consumers (want satisfaction), Company (profits)