Intro to Marketing (Ch.1)

Question 1

What is Marketing

Answer 1

Communicating the value of a product, service or idea to another party

Question 2

What are the 4 Ps?

Answer 2

Product, Place, Price and Promotion

Question 3

Briefly describe Product

Answer 3

not just a physical product, it can be a city, idea, or service

Question 4

Briefly describe Place

Answer 4

logistics, making sure the product is in stock for consumers

Products must be in the right place, at the right time and in the right quantity

Question 5

Briefly describe Price

Answer 5

it’s not black or white and it can change depending on the location, mood or demand

Question 6

Briefly describe Promotion

Answer 6

public relations, communicating info to consumers, advertising, coupons and rebates

Question 7

Needs vs. Wants

Answer 7

Needs: when people are deprived of basic necessities
Wants: are needs shaped by culture and individual personality

Question 8

Name examples of Needs and Wants

Answer 8

Needs:
- I’m hungry, I’m lonely, I want to feel good about myself
Wants:
- Gelato vs. Ice Cream
- Jeans vs. Chinos
- Espresso vs. Green tea

Question 9

Needs and wants become demands when…

Answer 9

they are backed by money $$$

Question 10

Segmentation vs. Targetting

Answer 10

SEGMENTATION: divides the market into groups of customers with varying needs and wants
TARGETING: selects the right segment to nurture (old vs. young, rich vs. poor, athletic vs. non-athletic)

Question 11

Production Era/Concept

Answer 11

customers like available and affordable products, no market segmentation/targeting, mass production

Question 12

Product Era/Concept

Answer 12

consumers like quality & performance & innovation, marketing managers were going crazy with unncecessary features

Question 13

Sales Era/Concept

Answer 13

consumers resist non-essential or unsought goods/services, personal selling and advertiser’s job is to convince them to buy
(Sham-Wow Salesman)

Question 14

Marketing Era/Concept

Answer 14

Shift from sellers’ to buyers’ market, satsifying customers’ outside in
- Focus is on profit, and not customer welfare (lawyer, hair salon, 7/11)

Question 15

Societal/Corporate Social Responsibility Marketing Era/Concept

Answer 15

Long term relationship with consumers, balancing social welfare with consumer wants and company profit to serve LONG RUN WELFARE
- Centered around repeat purchases

Question 16

Marketing Myopia

Answer 16

sellers pay more attention to the product, rather than the benefits and experiences that come with them
- Focuses on wants instead of needs and is too narrow minded