Week 4- What and how is marketing?

Question 1

What is the marketing definition?

Answer 1

Marketing is an organisational function, a business philosophy, a set of processes and activities for delivering the desired and long term customer value better than competitors in a way that benefits the organisation.

Question 2

What does STDP stand for?

Answer 2

S- Segmentation
T- Targeting
D- Differentiation
P- Positioning

Question 3

What are some of the responsibilities of a senior marketing manager?

Answer 3

1- Conduct market research
2- Implement marketing strategies
3- Conduct performance analysis

Question 4

What are the 7P’s?

Answer 4

Product
Price
Place
Promotion
People
Process
Physical Evidence

Question 5

What are the 2 types of product?

Answer 5

1- Physical Products
2- Service Products

Question 6

What are the service characteristics?

Answer 6

1- Intangibility
2- Variability
3- Inseparability
4- Perishability

Question 7

What are some of the details of the service-dominant logic?

Answer 7

1- All economies are service economies

2- Goods are distribution mechanisms for service

3- People don’t buy objects, but performances

Question 8

What is the formula for customer value?

Answer 8

Customer value= Perceived benefits – Perceived sacrifice

Question 9

What is customer satisfaction?

Answer 9

A person’s judgement of a product/service’s perceived performance in relation to expectations.

Question 10

What are some of the ethical issues in marketing?

Answer 10

1- Advertising to children
2- Misleading advertising
3- Promoting anti-social behaviour
4- Advertising’s influence on society’s value