Lecture 1

Question 1

What is marketing?

Answer 1

A management process responsible for identifying, anticipating and satisfying customer requirements profitably.

Question 2

What are the 4 p’s of the marketing mix?

Answer 2

Price, product, place and promotion

Question 3

What is exchange ?

Answer 3

Exhange is the trading of one item for another.
Exchange is fundamental to the study of economics, markets and market-oriented economics.

Question 4

List the 2 types of exchange and explain

Answer 4

The two types of exchange are transactional and relational.
Transactional is where each party offers up something of value to the other and who are prepared to enter the exchange process and relational exchange is the building of a long-term relationship between an organization and its customers.

Question 5

What is the concept of integrated marketing communication?

Answer 5

A concept of communication planning that recognizes the added value of a comprehensive plan that evaluates the strategic roles of a variety of communication disciplines and combines these disciplines to provide clarity, consistency and maximum communication impact.

Question 6

What is the marketing communication tools?

Answer 6

Advertising, sales promotion, public relations and publicity, personal selling and direct marketing.

Question 7

The concept of marketing communications

Answer 7

Communication is the transmitting, receiving and processing of information.
Marketing communication is a management process through which the organization engages its customers.
Valued marketing messages are transmitted by the organization and are received by its customers.

Question 8

What are the roles of marketing communication?

Answer 8

To inform and make potential consumers aware of organizational offerings
To persuade current and potential customers of entering an exchange relationship.
To reinforce the benefits of past transactions and retain current customers to enhancing profitability.
To differentiate the products and brands that they’re of the competition.

Question 9

What is the marketing concept?

Answer 9

The marketing concept focuses on the satisfaction of customers wants and needs while meeting organizational objectives.

Question 10

The development of marketing communication.

Answer 10

mass communication targeted communication
selective communication tools integrated marketing com
focus on consumer goods recognition of
importance of service
and b2b sectors
analogue/mechanical tools digital tools