Intro to 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 at large.

Question 2

What are perceived benefits?

Answer 2

products benefits, services, benefits, relationships and image benefits

Question 3

What are perceived sacrifices?

Answer 3

monetary costs, time costs, energy costs, psychological costs

Question 4

What are the 4ps of the marketing mix?

Answer 4

1. Product (creating value) - includes features such as new product development, product management, product features/benefits, branding packaging.
2. Price (capturing value) - includes features such as costs, profitability, value for money, competitiveness, incentives.
3. Place (delivering value) - includes features such as: access to target market, channel structure, channel management, retailer image, logistics.
4. Promotion (communicating value) - includes features such as developing communication mixes, advertising management, sales promotion management, direct and digital marketing.

Question 5

What is the production concept?

Answer 5

Consumers will favour products that are available and affordable. Management should focus on improving production and distribution efficiency e.g. Lidl, Primark

Question 6

What is the product concept?

Answer 6

consumers will favour products that offer the most in quality, performance and innovative features. Marketing strategies focuses on making continuous improvements such as Apple.

Question 7

What is the selling concept?

Answer 7

Consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort. (inside out view, sell what company makes)

Question 8

What is the marketing concept?

Answer 8

Customer focus and value are key, achieving organisational goals depend on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors (outside in view, focus on satisfying customer needs as a path to profit)

Question 9

What is the societal marketing concept?

Answer 9

idea that a company marketing decisions should consider consumer wants, company requirements, consumer long run interests and society’s long run/interest

Question 10

What is Ben and Jerry’s 3 part ‘linked prosperity’ mission?

Answer 10

• Make fantastic ice cream - product mission
• Manage the company for sustainable financial growth - economic mission
• Use company’s innovative ways to make the world a better place - social mission