Martketing Mix - lecture 1

Question 1

CIM definition of Marketing

Answer 1

“The management process responsible for identifying anticipating and satisfying customer requirements profitably”

Question 2

Definition of Marketing Key terms

Answer 2

Management - Responsibility of whole company

Process - Future Sales

Identifying - Understanding what they value

Satisfying - Now

Requirements - Needs

Profitability - Sustainable

Question 3

Marketing impact on consumers

Answer 3

• Marketing creates employment
• Helpful. in raising and maintaining the standard of living of the community
• Regardless of what career path you take, no business can survive without satisfying some group of customers

Question 4

Marketing Orientation

Answer 4

Integrated customer focus = Marketing Orientation = Long run profits through customer satisfaction

Question 5

Sales Orientation

Answer 5

Push!Sell! by promotion = Sales orientation = Short term gains in profit via sales increases

Question 6

Production Orientation

Answer 6

Production & assembly line refinement = Production Orientation = Profits through production controls

Question 7

The Marketing Concept

Answer 7

The achievement of corporate goals through meeting and exceeding customer needs and expectations better than the competition.

Question 8

Customer Orientation

Answer 8

Corporate activities are focused upon providing customer satisfaction

• Define the target market carefully and collect relevant information
• Find out customers’ needs and wants
• Produce quality products as per their expectations
• Establish and maintain long-term relations (Relationship Marketing)
• Provide relevant information when demanded
• Take care of consumers’ suggestions and tackle their complaints
• The overall point of customer orientation, both internal and external, is to raise profits and increase productivity

Question 9

Integrated effort

Answer 9

All staff accept the responsibility for creating customer satisfaction

Question 10

Goal achievement

Answer 10

The belief that corporate goals can be achieved through customer satisfaction

Question 11

Marketing Manager’s view

Answer 11

• Senior Management and staff commitment to marketing philosophy
• All staff to understand the importance of placing the customer are the centre of business activity
• Cross functional process
• Effective internal communications
• Effective and fully integrated MkIS

Question 12

The Marketing Mix

Answer 12

• it is a useful marketing tool for identifying the right balance for a brand’s product or service offering to ensure that the business sells the right product, at the right price, in the right place and the right time for its market.

Question 13

The 7Ps of the Marketing Mix

Answer 13

Price - Discounts, Credit Terms

Product/Service - Quality, design

Place - Locations, Inventory, Transport

Promotion - Advertising, direct marketing

People - Participants, staff

Process - Service blueprint, process design

Physical Evidence - 5 senses, Service environment

Question 14

Elements of New Marketing Thinking

Answer 14

The future is very uncertain - No place today for detailed and long term strategies, Pace of change is so fast. Technology driven. Intense competition

Almost all markets are international - Firms have to take into account international competitions

Customers expect more for less - Companies have to find new was to create customer preference

Strategies & propositions have to be sustainable - Organisations have to keep innovating to stay ahead

Environments are so complex - Ethical and Social Responsibility concerns