W2 Lecture 1

Question 1

What is marketing? (CIM)

Answer 1

Marketing is the management process responsible for identifying, anticipating, satisfying customer requirement profitably.

Question 2

Value of marketing?

Answer 2

1. Financial success
2. builds demand => creates jobs
3. strong brands and a loyal customer base=> value of a firm

Question 3

What is marketed?

Answer 3

Goods
Services
Experiences
Events
Persons
Places
Properties
Organizations
Information
Ideas

Question 4

What is needs?

Answer 4

Basic human REQUIREMENTS such as food, drink, shelter, clothing, …

Question 5

What is wants?

Answer 5

SPECIFIC objects that might SATISFY the needs

Question 6

What is demand?

Answer 6

Wants for specific products that is backed by an ability to PAY

Question 7

Marketers

Answer 7

seek a response from another party, called the prospect

Question 8

Scope of marketing

Answer 8

1. Building a=profitable customer rela
   - Attracting
   - Retaining
   - Building customer lifetime value

Question 9

Key customer market

Answer 9

• B2C market
• B2B market
• Global market
• NGO & NPO market

Question 10

The production concept

Answer 10

Focuses on production and distribution

Question 11

The product concept

Answer 11

Focuses in quality, performance and innovation

Question 12

The selling conceot

Answer 12

Undertake the large-scale selling and promotional efforts

Question 13

The marketing concept

Answer 13

Determining needs and wants of the target market

Question 14

The societal marketing concept

Answer 14

Determining needs, wants and interests of the target markets
 Delivering desired satisfactions more effectively & efficiently than competitors
 Maintaining or improving consumer’s and society’s well being

Question 15

Satisfaction

Answer 15

a person’s judgment of a product’s perceived performance in relationship to expectations

Question 16

Marketing alternative def

Answer 16

fulfilling the promise to customer

Question 17

A New Perspective of mar:

Service-Dominant (S-D) Logic

Answer 17

A move to considering everything as service
and focusing on value-in-use
- Considers goods simply as a means to deliver
service to the customer
– http://www.zipcar.com/how/
- Focus on collaboration with customers and
partners to jointly co-create value
- Emphasis on experiences and relationships

Question 18

3 major key of changes

Answer 18

• Tech
• Globalization
• Social Responsibility

Question 19

2 key market outcomes

Answer 19

• New consumer capabilities

- New company capabilities

Question 20

4 fundamental pillars of holistic marketing

Answer 20

• Relationship mark
• Integrated mar
• Internal mar
• Perfomance mar