First Lecture

Question 1

How has rising inflation impacted marketing?

Answer 1

Quality of goods has either gone up or down

Question 2

What is marketing?

Answer 2

A process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing helps to create exchanges and gain customer trust and profit

Question 3

What are needs?

Answer 3

States of felt deprivation

Question 4

What are wants?

Answer 4

The form humans needs take as they are shaped by culture and individual personality

Question 5

What are demands?

Answer 5

Human wants that are backed by buying power

Question 6

Marketing process definition

Answer 6

By creating value for customers, marketers capture value from customers in return.

Question 7

Marketing offerings

Answer 7

some combination of products, services, information, or experiences offered to market a statistic need or want

Question 8

Marketing experiences

Answer 8

a customer focused mission

Question 9

Marketing myopia

Answer 9

focusing only on existing wants and losing sight of underlying consumer needs.

Question 10

What are the three factors customer value is dependent on?

Answer 10

Quality, Service, and Price

Question 11

1st question for every marketing question

Answer 11

What customers will we serve?

Question 12

2nd question for every marketing question

Answer 12

How can we best serve these customers?

Question 13

Value proposition

Answer 13

Set of benefits or values it promises to deliver to customers to satisfy their needs

Question 14

What are the 5 value propositions that can be used to drive customers

Answer 14

production, product, selling, marketing, societal concept

Question 15

Production concept

Answer 15

consumers will favor products that are available and highly affordable

Question 16

product concept

Answer 16

consumers will favor products that offer the most quality

Question 17

selling concept

Answer 17

consumers will not buy enough of the firm’s products unless it has a large scale sales and promo

Question 18

Marketing concept

Answer 18

achieving sales goals depends on knowing the needs and wants of target markets and delivering satisfaction

Question 19

Societal marketing

Answer 19

companies marketing decisions should consider consumers wants, companies requirements, and consumer long-run interests

Question 20

Marketing mix

Answer 20

Production, Price, Promotion, and Place

Question 21

Integraetd marketing

Answer 21

a comprehensive plan that delivers and communicates intended value through all tools