Module 1

Question 1

Marketing

Answer 1

creating, communicating, delivering, and exchanging offerings, that have value for customers

Question 2

What are two core marketing concepts

Answer 2

Value and exchange

Question 3

What are the five conditions that need to be present for an exchange to take place?

Answer 3

There must be at least two parties
Each must have something that might be of value to the other
Each can communicate and deliver what they are offering
Each is free to accept or reject the offer
Each party trust/respects the other sufficiently to take the exchange seriously

Question 4

Identify the key characteristics of production orientation companies

Answer 4

Maximization for production capacity through improvements in products and production activities without much regard for what is going on in the marketplace.

Question 5

Identify the key characteristics of sales orientation companies

Answer 5

Heavy reliance on promotion activity to sell products/services
Aggressive selling tactics

Question 6

What specific shifts did businesses see before the advent of the marketing concept

Answer 6

Pent up demand for a consumer goods and services
Euphoric focus on family in the need for normality
Opening up of production Capacity
Advent of readily available mainframe computing capability and more sophisticated market research

Question 7

What are the post-Marketing concept approaches?

Answer 7

Differentiation, the market, relationships and one to one marketing

Question 8

What is the Big M approach in marketing?

Answer 8

Strategic marketing, business’s overall game plan for reaching prospective consumers and turning them into customers of their products/services.

Question 9

Summarize 5 points that are relevant to big M marketing

Answer 9

Make sure everyone in the org understands the concepts of customer orientation, customers are the basis of everything the org does.
Align internal org processes and systems around the customer
There needs to be consistent championing from the top of the firm
Basis on which an org approaches its whole enterprise
Study market and competition

Question 10

What is the little m approach in marketing?

Answer 10

Tactical marketing, looks at the very near future to determine actions to support both the short term and long term goals. i.e. generating leads, creating ads, updating social media, optimizing website etc

Question 11

ethical decisions of product

Answer 11

• Find market segments that don’t discriminate
• Develop safe products/materials
• Clearly define and honor warranties/service agreements

Question 12

ethical decisions of price

Answer 12

• Disclose full price before purchase
• No unethical pricing practices
• Fully disclose bundled pricing before purchase

Question 13

ethical decisions of distribution

Answer 13

• Unfair pressure should not be put on channel members
• Channel members should not use manipulative sales techniques on other channel members
• Data privacy confidentiality
• No channel members should pressure customers to make purchase on products

Question 14

ethical decisions of Marketing communications

Answer 14

• No deception or misrepresentation

- No high pressure or manipulative sales technique

Question 15

define stability

Answer 15

People, planet, profit aka triple bottom line. Balancing business needs and social needs over the long term and doing the right thing.

Question 16

14. What might be included in a company’s Triple Bottom line (TBL) report?

Answer 16

It’s a metric for evaluating financial results of the company, broader social equity, economic, and environmental considerations.
People, government, customers, local communities, stockholders, suppliers, society as a whole, employees