Week_1_Overview of Marketing

Question 1

Marketing Definition

Answer 1

A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others

Question 2

The Value of Marketing

Answer 2

• Financial success often depends on marketing ability.
• Successful marketing builds demand for products
and services, which, in turn, creates jobs
• Marketing builds strong brands and a loyal customer base, intangible assets that contribute heavily to the value of a firm

Question 3

The evolution of marketing era

Answer 3

Product era
Sales era
Marketing era
Relationship marketing era

Question 4

Four Types of Utility

Answer 4

Form utility (包装）
Place utility
Ownership Utility
Time Utility

Question 5

Relationship between marketing and utility

Answer 5

Marketing provides utility

Question 6

Marketing Myopia

Answer 6

Short sightedness by business firms causing management to define their business too narrowly

Question 7

Company’s macro and mirco-enviroment

Answer 7

Top Management, Suppliers, Marketing Intermediaries, Customers, PublicCompetitors
Demographic, Economic, Natural, Technological

Question 8

Business Cycles

Answer 8

Prosperity, recovery, recession.

Question 9

Engel’s Laws

Answer 9

as family income rises:

• % spent on food declines
• % spent on housing remains constant - % spent on other categories increases