Lecture 4

Question 1

What is marketing?

Answer 1

Marketing is an organisational function, a business philosophy, a set of processes and activities for delivering the desired and long-term customer value better than competitors in a way that benefits the organisation (or at least not harm it)

Question 2

What is marketing not?

Answer 2

Not synonymous with “sales” or “advertising”

Question 3

What changes have there been to marketing over the last few decades?

Answer 3

1. Technological changes with the development of social media, AI automation, VR/AR. etc
2. Globalisation
3. Social responsibility (ESG, CSR, ethics, environment)

Question 4

What are features of B2B marketing?

Answer 4

Lower volume, higher prices, education, efficiency, interpersonal relationships, logic and features, long-term goals, longer sales cycles

Question 5

What are the features of B2C marketing?

Answer 5

Higher volume, lower prices, entertainment, convenience, lifestyle, Transactional relationships, desires, benefits, short-term goals, shorter sales cycles

Question 6

What do marketers do?

Answer 6

Conduct market research, Implement marketing strategies, Conduct performance analysis

Question 7

What are core skills of marketers?

Answer 7

Knowledge of markets, research, computer skills, budget and cost analysis, project management experience, knowledge of social media

Question 8

What changes have there been concerning marketers’ skills?

Answer 8

More balanced between data and creativity, More use of data, Highly controversial, fuelling rational vs emotional debate

Question 9

Despite brand strategy changing rapidly what has remained constant for marketing?

Answer 9

Trends have more longevity than strategy.

Question 10

What are the 4 original P’s of marketing?

Answer 10

Product - customer needs and wants
Price - cost to user
Place - convenience
Promotion - Communication

Question 11

What are the additional 3 P’s in the 7 P’s of marketing?

Answer 11

People - Employees, management, culture, attitude and training
Process - Time, efficiency, effectiveness
Physical Evidence - atmosphere and environment

Question 12

What is marketing push?

Answer 12

Where the business takes the product/service to the customer

Question 13

What is marketing pull?

Answer 13

Where there is an increased demand for a product and businesses need to meet the demand for the product/service

Question 14

How can you categorise products that companies market?

Answer 14

Physical and virtual products and service products.

Question 15

What are characteristics of services?

Answer 15

Intangible, variable, inseparable, perishable

Question 16

What do services help provide?

Answer 16

Companies use services to provide experiences, which are essential for the customer buying process and experience of interacting with the brand. This can add value and differentiate

Question 17

What is consumer satisfaction?

Answer 17

A person’s judgement of a product/service’s perceived performance in relation to expectations

Question 18

How can you measure performance as an equation?

Answer 18

Performance < expectations -> disappointed

Performance = expectations -> satisfaction

Performance > Expectations -> delighted

Question 19

What are examples of value that products/services can have?

Answer 19

Functional value, social value, emotional value, epistemic value, conditional value

Question 20

What are the top trends for digital marketing in 2023/4?

Answer 20

1. AI
2. Social commerce
3. Interactive marketing
4. Social responsibility
5. Signal-based marketing

Question 21

Where is the focus of marketing budgets in recent years?

Answer 21

1. Internet
2. TV
3. Newspapers
   Shifted away from billboards, radio, and magazines due to increase in use of the internet.

Question 22

What are some of the dark sides of marketing?

Answer 22

Often viewed negatively as a lens through which to critique capitalism and may be seen to encourage the system

Question 23

What are ethical issues in marketing?

Answer 23

• Advertising to children
• Misleading advertising
• Promoting anti-social behaviour
• Advertising’s influence on society’s
  -There were times when owing a luxury car would show how much a person earns today may signal the depth of their credit