Week 1 - Unit overview and introduction to strategic marketing

Question 1

Define Marketing.

Answer 1

Marketing is about value-creation
for the customer (“the market”), and
if marketing offerings fail to make
customers happier (and improve
their lives), then we fail as
marketers.

Question 2

Value creation via the 4 Ps

Answer 2

1. Product
2. Price
3. Place
4. Promotion

Question 3

Define Product.

Answer 3

A product is seen as an item that satisfies what a consumer demands. It is a tangible good or an intangible service.

Question 4

Define Place.

Answer 4

…usually referred to as distribution; it is about the question of how to deliver products at the right time and place.

‘Place’ is also about exploring material and information flows between business
partners (B2B).

Question 5

Define Promotion

Answer 5

Promotion is about marketing communications. All of the methods of communication that a marketer may use to provide information about
a product.

Question 6

Define Price.

Answer 6

…refers to the amount a customer is willing to pay for a product.

Price determines not only companies’ profits but also customers’ perceived value.

Question 7

How does Product deliver value?

Answer 7

1. functional
2. psychological
3. social
4. transactional

Question 8

Summarise Marketing.

Answer 8

Marketing is much more than advertising. Marketing is about the creation of value for consumers (both in a B2B and B2C context).

The 4 Ps represent a guiding framework that underpins the marketing strategy development process—the central focus of our
unit.