Unit 5: Marketing

Question 1

What is marketing according to the social definition?

Answer 1

Marketing is societal process by which individuals or groups obtain what they need and want through creating, offering, exchanging products and services of value freely with others

Question 2

What is marketing according to the American Marketing Association?

Answer 2

Marketing (management) 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 3

What is marketed?

Answer 3

Marketing people are involved in marketing 10 types of entities: goods, services, experiences, events, persons, places, properties, organizations, information, and ideas

Question 4

What is marketing network?

Answer 4

It consists of the company and its supporting stakeholders (customers, employees, suppliers, distributors, retailers, ad agencies, university scientists, and others) with whom it has built mutually profitable business relationships.

Question 5

What is the operating principle of marketing network?

Answer 5

build an effective network of relationships with key stakeholders, and profits will follow

Question 6

What is the marketplace?

Answer 6

The marketplace is physical, such as a store you shop in

Question 7

What is market?

Answer 7

Market is condition that permits buyers and sellers work together

Question 8

Marketspace

Answer 8

Marketspace is digital, as when you shop on the Internet

Question 9

What are core marketing concepts?

Answer 9

(1) Needs, Wants, and Demands
(2) Market Segmentation
(3) Brands and Trademarks
(4) Value and Satisfaction
(5) Marketing Channels

Question 10

What are needs and wants in marketing concepts?

Answer 10

Needs are the basic human requirements.
People need air, food, water, clothing, and shelter to survive.
People also have strong needs for recreation, education, and entertainment.
These needs become wants when they are directed to specific objects that might satisfy the need

Question 11

What are demands in marketing concept?

Answer 11

Demands are wants for specific products backed by an ability to pay.
Companies must measure not only how many people want their product, but also how many would actually be willing and able to buy it

Question 12

What are 4 basic methods for segmenting a market?

Answer 12

(1) Product-related: comfort, safety, luxury, good value-for-money, convenience, durability

(2) Demographic: age, gender, education, family life cycle, income

(3) Psychographic: attitudes, lifestyle, opinions, values, self-image

(4) Geographical: region, postcode

Question 13

What is a brand?

Answer 13

Brand is a name, symbol or design (or some combination) that identify a product

Question 14

What is a trademark?

Answer 14

Trademark is a name or symbol that cannot be used by another producer

Question 15

Which stages does brand loyalty pass through?

Answer 15

(1) Brand awareness

(2) Brand reference

(3) Brand insistence

Question 16

What is value in marketing concept?

Answer 16

Value reflects the sum of the perceived tangible and intangible benefits and costs to customers. It’s primarily a combination of quality, service, and price called the “customer value triad”

Question 17

What is the satisfaction in marketing concept?

Answer 17

Satisfaction reflects a person’s judgments of a product’s perceived performance in relationship to expectations.

Question 18

If the performance falls short of expectations, the customer is dissatisfied and?

Answer 18

disappointed

Question 19

If the performance matches expectations, the customer is?

Answer 19

satisfied

Question 20

If the performance exceeds expectations, the customer is?

Answer 20

delighted

Question 21

What are communication channels?

Answer 21

Communication channels deliver and receive messages from target buyers and include newspapers, magazine, radio, television, mail, telephone, billboards, posters, fliers, CDs

Question 21

What are 3 marketing channels?

Answer 21

(1) communication channels

(2) distribution channels

(3) service channels

Question 22

What are distribution channels?

Answer 22

Distribution channels display, sell, or deliver the physical products or service(s) to the buyer or user. They include distributors, wholesalers, retailers, and agents

Question 23

What are service channels?

Answer 23

Service channels to carry out transactions with potential buyers. Service channels include warehouses, transportation companies, banks, and insurance companies that facilitate transactions

Question 24

What is marketing mix?

Answer 24

It is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
It is classified these tools into 4 broad groups that he called the four Ps of marketing: product, price, place, and promotion

Question 25

4Ps?

Answer 25

• Product
• Price
• Place
• Promotion

Question 26

4 Cs?

Answer 26

• Customer solution
• Customer cost
• Convenience
• Communication

Question 27

7 Ps

Answer 27

• product
• price
• place
• promotion
• process
• people
• physical evidence

Question 28

total product offer

Answer 28

• value-for-money: relationship between quality and price
• brand name and image
• packaging
• convenience of sales channel
• store surroundings
• service
• speed of delivery
• guarantee

Question 29

What are stages of product life cycle?

Answer 29

• Introduction
• Growth
• Maturity
• Decline

Question 30

What is introduction stage?

Answer 30

• the most expensive for a company launching a new product
• the size of the market for the product is small, which means sales are low, although they will be increasing
• However, the cost of things like research and development, consumer testing, and the marketing needed to launch the product can be very high, especially if it’s a competitive sector

Question 31

What is the growth stage?

Answer 31

It is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production, the profit margins, as well as the overall amount of profit, will increase.

This makes it possible for businesses to invest more money in the promotional activity to maximize the potential of this growth stage.

Question 32

What is maturity stage?

Answer 32

During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up.

This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake.

They also need to consider any product modifications or improvements to the production process which might give them a competitive advantage.

Question 33

What is the decline stage?

Answer 33

Eventually, the market for a product will start to shrink, and this is what’s known as the decline stage.

This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product.

While this decline may be inevitable, it may still be possible for companies to make some profit by switching to less-expensive production methods and cheaper markets.