WEEk 1

Question 1

What does marketing involve?

Answer 1

Marketing involves a mutual exchange
e.g. you pay for a product and get the values you expected in return

Question 2

What is marketing?

Answer 2

Marketing is the management process which identifies, anticipates, and supplies customers requirements efficiently and profitably

Question 3

What are the misconceptions of marketing

Answer 3

• manipulation
• mind controlling
• exploitative
• wasteful

Question 4

What is marketing vs Selling?

Answer 4

marketing does have some aspect of selling in it - you are trying to promote your goods or service.

• take buying a flat - how did you find about the flat? someone somewhere would have helped you find ones that are appealing to you which will help you view that accommodation online and then move in

estate agent is going through pure selling bit

Question 5

What is the buyer seller exchange?

Answer 5

buyer gives money
seller gives them in return product/service

Question 6

What is employee transaction?

Answer 6

employee gives labour/service
employer gives them money or wage

Question 7

What is voter transaction?

Answer 7

Candidate makes promise
voter votes

Question 8

What is charity transaction

Answer 8

donor donates something (money, blood etc)
charity thanks and praises donor

Question 9

In marketing we need to be mindful of the needs, wants and demands of customers…why?

Answer 9

because everyone has needs (food water shelter etc). Once those have been met, then sociocultural factors helps shapes the consumers wants. Consumers decide what we want to have. These wants are backed by buying power. Depending on this buying power it can create demand for a product/service.

Question 10

What is a need?

Answer 10

• food, water, shelter

Question 11

What is a want

Answer 11

• backed by sociocultural or personal factors a want is something a consumer wishes to have.
• new house, burger, bike

Question 12

What is demand?

Answer 12

Backed by the consumers buying power
its a consumers wants backed by their willingness or ability to pay

Question 13

What is a market?

Answer 13

a market is a group of consumers with a demand
–> marketing is the process in which you work with your groups of consumers who are going to be demanding your particular goods or services

Question 14

What is the evolution of marketing

Answer 14

1. PRODUCTION ORIENTATION: production and assembly line refinement, profit through production controls (looks at what companies are good at making (1920’s)
2. SALES ORIENTATION: push + sell + promotion, short-term gains in profit via sales increase (era of hard sales and more competition coming in which means greater need for promoting products) (1930-1940’s)
3. MARKETING ORIENTATION: integrated customer focus, long-run profits through customer satisfaction. (people had so many choices of things and different styles of things which meant companies had to anticipate how consumers’ needs and wants would change and how to appeal to consumers so they buy their company product over another company) 1960s
4. SOCIETAL MARKETING ORIENTATION: information revolution, ethical concerns. (we have access to so much info which means companies must do more than just sell products, they need to be socially responsible) (2000s)

Question 15

What is the process of the production orientation era of marketing?

Answer 15

1. Production capabilities
2. Manufacture product
3. Aggressive sales effort
4. customers

Question 16

What is the process of the marketing orientation era of marketing?

Answer 16

1. Customer needs
2. Potential market opportunities
3. Marketing product and services
4. Customers

Question 17

What is the wider definition of marketing?

Answer 17

Marketing is to establish, maintain, and enhance
relationships with customers and other partners,
at a profit, so that the parties involved are met. This is achieved by mutual exchange and fulfilment of promises