What Is Marketing

Question 1

Def of marketing

Answer 1

Marketing is where companies create value for customers and build stronger relationships with the customers in order to capture value from customers in return

Question 2

The marketing process

Answer 2

Understand the marketplace, customer wants and needs

Designan a customer driven marketing strategy

Develop an integrated marketing program that delivers superior value

Build profitable relationships and create customer delight

Capture value from customers to create profits and customer equity

Question 3

Customer needs wants and demands

Answer 3

Needs- stars if deprivation-(physical, individual, social)

Wants - form that needs take as they are shaped by culture and individual personality

Demands- wants backed by buying power

Question 4

Market place and customer needs

Answer 4

Market offerings - combination of products,services, information l, or experiences offered to a market to satisfy a need or want.

Market myopia is focusing only on existing wants and losing sight of underlying consumer needs

Question 5

Customer value and satisfaction expectations

Answer 5

Marketers set the right level of expectations

Not too high or too low

Customers

Value and satisfaction

Question 6

Marketing mix

Answer 6

Product- anything that is capable of satisfying consumer needs

Price- a well chosen price should do 3 things:

• Achieve financial goals of the company (profit)
• Fit the realities of the market place (will they buy it)
• Support a products positioning and be consistent with the other variables in the marketing mix

Place-distribution or methods and locations for your products or services

Promotion-advertise let consumers know what you are selling

Question 7

Brand

Answer 7

Gives a product a distinctive identity through the creation of a name, design or the combination of the two

Consumers perceptions and preferences affected by brand names

Barrier to competition 
High market share and profits 
Base for brand extensions 
Quality certification 
Trust 
Transactions between offer and demand

Question 8

Marketing management

Answer 8

The art and science of choosing target markets

And building profitable relationships with them

Who do we serve and how best to serve them

Question 9

Target market

Answer 9

Consists of a set of buyers who share common needs or characteristics that the company decides to serve

Question 10

Requirements for effective segmentation

Answer 10

Measurable
Accesible
Substantial differentiable
Actionable

Question 11

Segmenting consumer markets

Answer 11

Geographic segmentation
Demographic
Psychographic segmentation
Behavioural segmentation

Question 12

Selecting segments to serve

Answer 12

Market segmentation - refers to dividing the markets into segments of customers

Target marketing- refers to which segments to go after

Question 13

Choosing a value proposition

Answer 13

Value proposition is a set of benefits or values a company promises to deliver to customers to satisfy their needs

Question 14

Changes

Answer 14

Uncertain economic environment
New consumers frugality
Market focus on value for the customer

Digital age
People are connected continuously to people and information world wide

Marketers have great new tools to communicate with customers

Internet+mobile communication devices create environment for online marketing