Chapter 1: Defining marketing and the marketin process

Question 1

The marketplace consists of:

Answer 1

1. customer needs, wants and demands
2. Market offerings
3. Customer value and satisfaction
4. Exchanges and relationships
5. Markets

Question 2

Two key questions to desgin a winning marketing strategy:

Answer 2

1. What customers will we serve (segmentation)?
2. How can we serve these customer best (value proposition)

Question 3

5 concepts that companies use to design and carry out their marketing strategies:

Answer 3

1. The production concept
2. Product concept
3. The selling concept
4. The marketing concept
5. The societal marketing concept

Question 4

Marketing mix (4Ps of marketing) from organization view.

Answer 4

1. product
2. price
3. place
4. promotion

Question 5

How do you engage with customers and manage customer relationships?

Answer 5

1. CRM
2. Todays digital, mobile and social media
3. Building customer equity

Question 6

Companies classify customers to their profitability and projected loyalty:

Answer 6

1. butterflies
2. true friends
3. barnacles
4. strangers

Question 7

Four major trends/developments that are changing the marketing landscape:

Answer 7

1. The digital age
2. The growth of non-for-profit marketing
3. rapid globalization
4. The call for more environmental and social sustainability