Topic 1

Question 1

What is marketing ?

Answer 1

• The Activity, set of instructions, and processes for creating, communicating and delivering and exchanging offerings that have value for consumers and society.

(AMA 2013)

Question 2

What is the purpose of marketing?

Answer 2

To contribute to maximising shareholder value and marketing strategies must be evaluated. (Doyle 2008)

Question 3

What is the marketing concept?

Answer 3

Holds that achieving organisational goals depends on deciding the needs and wants of target markets and delivering more efficiently than competitors.
(Kotler 1996)

Question 4

What are the 5 orientations for marketing strategy?

Answer 4

1. PRODUCTION ORIENTATION
   
   • Belief that consumers will favour products that are affordable and available
2. PRODUCT orientation
   
   • Belief that consumers will favour products that are quality
3. SELLING ORIENTATION
   
   • Belief that consumers will not buy sufficient volumes
4. MARKETING ORIENTATION
   
   • Belief that profits flow from customer satisfaction
5. SOCIETAL ORIENTATION
   
   • Belief that marketing decisions should consider society’s long-term interests

Question 5

5 Marketing orientation components?

Answer 5

1. Customer Orientation
   • vital to understand customer needs
2. Competitor Orientation
   • awareness of the short and long-term
3. Focus on long-term
   • profit
4. Interfunctional Coordination
   • Using all company resources to create value for target customers
5. Market led Organisational Culture
   • must be a central concern for all people in the organisation