Marketing Overview (Lecture #2)

Question 1

def. marketing

Answer 1

all activities for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders and society at large

Question 2

What does marketing emphasize?

Answer 2

emphasis on delivering genuine benefits by offering goods, services, ideas or experience

Question 3

What are the 4 requirements for marketing to occur?

Answer 3

1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy these needs
3. Way for parties to communicate
4. Something to exchange

Question 4

What is a market (general)?

Answer 4

the people and orgs with desire to buy

Question 5

What occurs in social marketing?

Answer 5

org markets a cause and/or programs designed to influence the behaviour of individuals and benefit the society as a whole, but not the marketer

Question 6

What are the diverse factors influencing marketing activities? (5 general)

Answer 6

1. Society
2. Organizations
3. Suppliers
4. Buyers (customers)
5. Int’l Regulations

Question 7

What does marketing focus on?

Answer 7

discovering and satisfying prospective customers’ needs, wants, and experiences

Question 8

What is marketing’s important task?

Answer 8

discovering consumers’ needs and wants

Question 9

def. need

Answer 9

occurs when a person feels deprived of basic necessities

Question 10

def. want

Answer 10

a need that is shaped by a person’s info, knowledge, culture and personality

Question 11

What is marketing’s first task?

Answer 11

discovering needs

Question 12

def. marketing program

Answer 12

program that integrates the marketing mix to provide goods and services to satisfy prospective buyer’s needs and wants

Question 13

What is controllable in terms of marketing?

Answer 13

4 P’s (product, promotion, price, place(distribution))

Question 14

What is uncontrollable in terms of marketing?

Answer 14

Environmental factors

social, economic, technological, competitive, regulatory forces

Question 15

What are the 6 different eras in the North American business?

Answer 15

1. Production Era
2. Sales Era
3. Marketing Concept Era
4. Market Orientation
5. Customer Experience Management Era (CEM)
6. Social Media Marketing Era

Question 16

Describe the production era

Answer 16

goods were scarce, assumed products would sell themselves, buyers accept almost anything

**focus on manufacturing

Question 17

describe the sales era

Answer 17

focus on hiring salespeople to find new markets and customers for firm’s existing products

Question 18

describe the marketing concept era

Answer 18

idea that an org should:

1. strive to satisfy needs and wants of consumers
2. try to achieve org goals`

Question 19

describe the marketing orientation era

Answer 19

focus on:

1. continuously collecting info about customers’ needs and competitors’ capabilities
2. sharing this info across the department
3. using info to create customer value

Question 20

def. customer value

Answer 20

unique combination of benefits received by targeted buyers including quality, price, convenience, delivery all Before-sale, During-sale, and After-sale services (BDA)

Question 21

def. customer satisfaction

Answer 21

when there is a match between customer expectation and product’s actual performance (fail, match, exceed)

Question 22

def. customer relationship management (CRM)

Answer 22

the process of building and developing a long term relation by delivering value and satisfaction to customers

Question 23

describe the customer experience management era (CEM)

Answer 23

-means of managing the customers interaction with the org at all touch-points

**overall experience is more important than product experience alone

CRM needed but not sufficient

Question 24

describe the social media marketing era

Answer 24

• customer generated online marketing efforts to promote products and brands to their favourites and negatively impact others of which they are not a fan
• use of online tools to promote brands, products, programs

Question 25

def. societal marketing concept

Answer 25

org’s need to discover needs and satisfy them in ways they also improve society’s well-being

Question 26

def. macromarketing

Answer 26

looks at aggregate flow of nations goods and services to benefit society

Question 27

def. micromarketing

Answer 27

org’s directing its marketing activities and allocating its resources to benefit its customers