Marketing Theory Wk 2

Question 1

Marketing as a Science

Answer 1

Marketing employs research, data analysis, and evidence-based decision-making

Question 2

Marketing as an Art

Answer 2

Marketing requires creativity to develop compelling brand messages, advertising campaigns

Question 3

Kohtler Meaning of Marketing

Answer 3

Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit

Question 4

Macro Marketing

Answer 4

A broad, societal-level perspective focusing on the overall flow of goods and services from producers to consumers. It considers the entire industry and its impact on society

Question 5

Micro Marketing

Answer 5

A firm-level perspective focusing on the specific strategies and tactics used by individual businesses to market their products or services to target customers.

Question 6

Difference Micro and Macro

Answer 6

Scope Broad, societal level Narrow, firm level Focus Overall market efficiency, societal welfare Organizational objectives (sales, profit, etc.) Target Market Entire market or large segments Specific, well-defined segments Approach Standardized, mass marketing Personalized, targeted marketing Cost Typically higher Typically lower Examples Government regulations, industry-wide studies Individual company campaigns, pricing strategiesx