Session 1 9/10

Question 1

What is Marketing?

Answer 1

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

Question 2

Different Orientations in the History of American Business (Era’s +Graph)

Answer 2

Production Era
- Goods scarce
- Goods sold themselves
Sales Era 
- Production efficiency
- Increased competition
Marketing Concept Era
- Satisfying customers needs +wants
Marketing Orientation Era
1. Information on customer and competitor
2. Sharing with other departments
3. Creating customer value
- Customer Relationship Management (CRM).
- Ethical responsibility

Question 3

What is a need?

Answer 3

• Physiological basis.- person feels deprived

Question 4

What is a want

Answer 4

A felt need shaped by a person’s knowledge,
culture and personality.
- Marketing does not create a need, but shapes
wants.

Question 5

Articulated/ Unartic. Vs. Served/ Unserved Graph

Answer 5

I.e. Gluten free (unserved, articulated)

Question 6

In which quadrant do most new products appear?

Answer 6

Articulated, served

Question 7

Course Framework Graph

Answer 7

Identify marketing Opportunities: 3 C’s
Set Strategy: Segment target position
Formulate Marketing Program: 4 P’s

Question 8

1. Production Era

Answer 8

• Goods scarce

- Goods sold themselves

Question 9

2. Sales Era

Answer 9

• Production efficiency

- Increased competition

Question 10

3. Marketing Concept Era

Answer 10

• Satisfying customers needs +wants

Question 11

Marketing Orientation Era

Answer 11

1. Information on customer and competitor
2. Sharing with other departments
3. Creating customer value
   - Customer Relationship Management (CRM).
   - Ethical responsibility