The nature of marketing

Question 1

what is the marketing concept?

Answer 1

The achievement of corporate goals through meeting & exceeding customer needs better than the competition

Question 2

what is meant by customer orientation?

Answer 2

Focus upon providing customer satisfaction

Question 3

what is meant by integrated effort?

Answer 3

Marketing – responsibility of all staff & beyond

Question 4

what is meant by goal achievement belief?

Answer 4

Belief that corporate goals can be
achieved through customer satisfaction

Question 5

what are the perceived benefits of customer value?

Answer 5

• Product
  benefits
• Service
  benefits
• Image
  benefits

Question 6

what is value co-creation?

Answer 6

a joint, collaborative, concurrent, peer-like process of producing new value, both materially and symbolically, through the voluntary contributions of multiple actors resulting in reciprocal
well-being

Question 6

what are the perceived sacrifices of customer value?

Answer 6

Monetary costs
* Time costs
* Energy costs
* Psychological
costs
* Environmental
& social

Question 7

what is customer value proposition (CVP)/

Answer 7

clear statement of a differential benefits offered by a product or service.

Question 8

what does social marketing seek to do?

Answer 8

to develop and integrate marketing concepts with other approaches to influence behaviour that benefit individuals and communities for the greater social good

Question 9

social marketing practice is guided by what?

Answer 9

ethical principles

Question 10

what is a managerial perspective of marketing?

Answer 10

• Focus on functional activity of commercial organizations
• Philosophy puts customers
  at the centre

Question 11

what is a consumer perspective of marketing?

Answer 11

Consumers participate in
creating value

Question 12

what is a societal perspective of marketing?

Answer 12

Businesses and consumers alike are becoming increasingly aware of the need to consider the societal impact of commercial activities

Question 13

what are the components of the marketing concept?

Answer 13

-customer orientation
-integrated effort
-goal achievement belief

Question 14

customer value categorisation:

Answer 14

-price (cheaper than competitors e.g Ryanair)
-performance (functionality, convenience + quality e.g dyson)
- emotional (customer perceptions e.g Chanel=luxury)
-relational (strong relationship between customer + brand)