Chapter 1 - Overview of Marketing

Question 1

What is marketing?

Answer 1

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

Question 2

Marketing entails an ____

Answer 2

Exchange

Question 3

What are market offerings?

Answer 3

product or service offered to satisfy a need or want

Question 4

What is Maslow Hierarchy of needs?

Answer 4

1) Physical needs
2) Safety needs
3) Love/belonging needs
4) Self-esteem needs
5) Self-actualization needs

Question 5

Marketing myopia

Answer 5

paying more attention to products of company over benefits or experiences from them

Question 6

What are the marketing goals?

Answer 6

• to attract new customers with promising value
• keep & grow customers with satisfaction

Question 7

Value =

Answer 7

benefits / cost

Question 8

What is the value proposition?

Answer 8

• unique value your product gives consumers
• why they should do business with you
• walmart vs target

Question 9

The 4 P’s of marketing

Answer 9

Promotion - communicating value
Product - creating value
Price - capturing value
Place - delivering value

Question 10

What does promotion do?

Answer 10

• communication by a marketer that informs, persuades and reminds potential buyers about a product or service

Question 11

B2B

Answer 11

Buyer 2 Buyer

Question 12

B2C

Answer 12

Buyer 2 Consumer

Question 13

C2C

Answer 13

Consumer 2 Consumer

Question 14

How can companies become market-driven?

Answer 14

1) Marketing analytics (what is working, how to improve)
2) Balancing benefits with costs
3) Building relationships with customers
4) Connecting w/ customers through social media