Chapter 1

Question 1

What is Marketing

Answer 1

The activity, set of institutions & processes for creating, communicating delivering & exchanging offerings that have value for customers, clients, partners and society at large

Question 2

What is the Marketing Mix & When was it developed?

Answer 2

Developed in 1960

Product, Price, Place & Promotion

Question 3

List the Evolution of Marketing

Answer 3

1.) Pre-Industrial Revolution
2.) Focus on Production and Products
3.) Focus on Selling
4.) Advent of the Marketing Concept
5.) Post Marketing Concept Approaches

Question 4

List the Marketing Approaches

Answer 4

1.) Differentiation
2.) Market-Orientation
3,) Relationship Orientation
4.) One to One Orientation

Question 5

What is Differentiation Orientation?

Answer 5

Communicating and delivering value in different ways to different customer groups.

Question 6

What is Market Orientation?

Answer 6

The implementation of the marketing concept based on an understanding of customers and competitors.

Question 7

What is relationship orientation?

Answer 7

Investing in keeping and cultivating profitable current customers instead of constantly having to invest in gaining new ones.

Question 8

What is one to one marketing?

Answer 8

Directing energy and resources into establishing a learning relationship with each customer and connecting that knowledge with the firm’s production and service capabilities to fulfill that customer’s needs as customary a manner as possible.