T1 - intro to mkt

Question 1

Definition of marketing (think: who, what, why)

Answer 1

• activity, set of institutions, processes
• for understanding, creating, communicating and delivering and exchanging offerings (goods and services) that have value
• for customers, clients, partners and society at large

Question 2

What is the marketing process? (UCCD)

Answer 2

• understanding
• creating
• communicating
• deliver

Question 3

What is value exchange?

Answer 3

• value is unique, determined by beneficiary (more than just buying the product. Lifetime value)
• total offering - after-sales as well, quality, price, features, lifespan of product
• value keeps evolving with each purchase, conversation, use
• customer’s overall assessment of the offering’s utility
• consider what they expected vs what they got

Question 4

Marketing mix - 4 Ps

Answer 4

• product
• price
• promotion
• place (distribution)

Question 5

Extended marketing mix - 7 Ps

Answer 5

• 4 Ps
• people
• process
• physical evidence

Question 6

Evolution of marketing

Answer 6

1. trade
2. late 1800s/early 1900s
   - production orientation
3. 1930s
   - sales orientation - increase profits
4. mid to late 1900s
   - market orientation
   - determine potential customers, then make products for them
5. 2000s
   - societal market orientation
   - ethics as well
6. future
   - service-dominant logic