UNIT 6: MARKETING

Question 1

EVOLUTION OF CONCEPT MARKETING: Production concept

Answer 1

The goal was the increase production and distribution efficiency with low prices

Question 2

What is product concept?

Answer 2

Focusing on producing high quality products but gives low attention to customers’ needs.

Question 3

Selling concept:

Answer 3

The customers need to be aware of what they’re buying, need to develop a long term connection with the client

Question 4

Marketing concept:

Answer 4

Business approach that focuses on producing goods that are designed to meet the wants and needs.

Question 5

Society concept

Answer 5

Focuses on sustainability and environmental consciousness

Question 6

What is the supply approach?

Answer 6

When the demand is bigger than the supply

Question 7

What is the demand approach?

Answer 7

When the supply is bigger than the demand

Question 8

Paradigms of market orientation: identify the 4

Answer 8

Needs, the satisfier, quality and value

Question 9

Needs: identify the types also

Answer 9

Functional: directly linked with the physical features: analyses the NEED

Symbolic: refers to those aspects that the customers or buyers feel when buying products. THE WISH

Sensorial: linked to the sensorial aspects of the purchase: taste, smell, auditive aspects THE DEMAND

Question 10

The satisfier: explain what that means

Answer 10

Customers do not pay for the product itself but for the problem it is solved with buying the product.

We should create segments and select our target group: find our relevant market

Question 11

Quality: define the 2 types

Answer 11

Technical quality: is related to the features of the product (objective)

Perceived: related to the fit between the customers’ expectations and what they feel when receiving the product (subjective)

Question 12

What is value and how it is connected with marketing?

Answer 12

It is the amount of money that a person is willing to pay for a good or a service.
It is the measure of satisfaction

Question 13

Define the quantitative function

Answer 13

Gathered by measuring and counting, statistical analysis
For example: turnover, margin, market share

Question 14

Define the qualitative function

Answer 14

Analysed by grouping it in terms of meaningful categories or themes.
Brand image, brand recognition

Question 15

Strategic decisions in marketing?

Answer 15

1. Define the market: target market, satisfy their needs
2. Segmentation: dividing the market into groups
3. Positioning

Question 16

Operational decisions in marketing: marketing mixxx

Answer 16

Deciding how we add value to the customers
Promotion: a mix of: advertising, selling, sales promotions
Place: channel of distribution, location logistics
Product: decide between differentiation strategy and low cost strategy
Price: decide between skimming and penetration

Question 17

What does product contain?

Answer 17

Quality, design, features, packaging, size, service, brand-trade mark

Question 18

What does price contain?

Answer 18

List price, discounts, payment periods

Question 19

What does place contain?

Answer 19

Point of sale, channels, coverage, places, logistics

Question 20

What does promotion contains?

Answer 20

Offline and online communication, sales promotion, sales force, sponsorship, direct marketing