W1 - Introduction to Marketing

Question 1

What is marketing fundamentally about?

Answer 1

Marketing is about satisfying consumer wants and needs that creates value for both parties

Question 2

What are the 4Ps?

Answer 2

Product
Price
Place
Promotion

Question 3

What is a brand and how does a brand succeed?

Answer 3

A brand is nothing more than a product wrapped in a story and a brand with the best story wins

Question 4

Why do different brands tell different stories?

Answer 4

The story that one brand actually tells is different to another to induce different values to different target markets to induce you to consume or not to consume

Question 5

What is the purpose of stories in marketing?

Answer 5

• Turn products into brands
• Create brand differentiation from competing offerings
• Simplify and energise
• Resonate with people to create consumption behaviour and brand preference

Question 6

What is the key idea of this course?

Answer 6

KEY: The key point of this course is that you are trying to unfold a story, trying to find a narrative that is unique but motivating to a target audience and you are using the marketing mix as a toolbox (4Ps) as a mechanism by which you are delivering you message to your target audience

Question 7

What does the marketing process consist of?

Answer 7

• Understand market and wants and needs
• Market strategy
• Marketing program
• Create customer relationships
• Capture value from customers

Question 8

Why is it important to build customer relationships?

Answer 8

More expensive to attract a new customer than retain an existing one, this is key

Question 9

What are needs?

Answer 9

Needs are states of felt deprivation. We seek to fulfil our needs to remove that deprivation

Question 10

What are wants?

Answer 10

Wants are the form human needs take, as shaped by culture and individual personality. They represent the specific choices we make in the goods and services we buy, to fulfil our need state

Question 11

What are different types of needs that we seek to fulfill?

Answer 11

• Physical needs
• Social needs
• Individual needs

Question 12

What is a market offering?

Answer 12

Some combination of goods, services, information or experiences offered to a market to satisfy and need or a want

Question 13

How do you calculate value?

Answer 13

Value = Benefits - Costs

Question 14

How should value be measured?

Answer 14

Not through price alone as it could measure convinience too for example

Question 15

How can we design a customer-driven marketing strategy?

Answer 15

• Select the customers to serve (target market)
• CHoose a value proposition

Question 16

What are the three different types of customers?

Answer 16

• New customers
• Repeat customers
• Lapsed customers

Question 17

What is a value proposition?

Answer 17

A value proposition is the set of attributes and benefits a brand promises to deliver to customers to satisfy their needs. A value proposition is a promise to a customer

Question 18

Where is value derived from in a product?

Answer 18

Value is derived for similarities to and unique differences from competitors

Question 19

How do Points of Parity add value?

Answer 19

Expected offering (similarities)

Question 20

How do Points of Difference add value?

Answer 20

Differentiation, why a better solution

Question 21

Break down the marketing mix in terms of value?

Answer 21

Product - Creates value
Price - Captures value
Place - Delivers value
Promotion - Communicates value

Question 22

What additional 4Ps can be added if you are a service?

Answer 22

• Placement logistics
• Promotion
• Process
• Physical evidence

Question 23

What is a customer relationship management?

Answer 23

It is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Question 24

What are the two building blocks for profitable customer relationships?

Answer 24

• Customer perceived value
• Customer satisfaction

Question 25

What is customer-perceived value?

Answer 25

The customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

Question 26

What is customer satisfaction?

Answer 26

The extent to which a product’s percieved performance matches or exceeds a buyers expectations

Question 27

How do we capture value from customers?

Answer 27

• Creating loyalty and retention
• Growing share of customer
• Building customer equity
• Building the right relationship