MKTG week 1

Question 1

What are the 5 steps in the marketing process ?

Answer 1

1) understand customers and the market
2) create a customer-driven marketing strategy
3) create an integrated marketing program
4) foster long term sustainable customer relationships
5) capture value from customers

Question 2

define marketing

Answer 2

marketing is ‘The activity and processes for creating, communicating, delivering and exchanging offerings that have value for customers’

Question 3

what are the 5 marketing management orientations

Answer 3

1) Production concept - available and affordable
2) Product concept - quality, performance and innovative features
3) Selling concept - must undertake large-scale selling and promotion
4) Marketing concept - identify wants, needs & demands of target markets and delivering on it better than others.
5) Societal marketing concept - question the sustainability