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Questions and Answers
What is the primary focus of the marketing concept?
What is the primary focus of the marketing concept?
How are 'wants' defined in the context of marketing?
How are 'wants' defined in the context of marketing?
What does the production concept suggest about consumer behavior?
What does the production concept suggest about consumer behavior?
According to Kotler, what is a critical aspect of marketing?
According to Kotler, what is a critical aspect of marketing?
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What is the difference between needs and demands in marketing terminology?
What is the difference between needs and demands in marketing terminology?
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What role does the marketing environment play in marketing strategies?
What role does the marketing environment play in marketing strategies?
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Which of the following is NOT true about the production concept?
Which of the following is NOT true about the production concept?
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What was a key factor that contributed to the success of the Ford Model T?
What was a key factor that contributed to the success of the Ford Model T?
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What does the production concept emphasize in marketing?
What does the production concept emphasize in marketing?
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Which statement correctly represents the product concept?
Which statement correctly represents the product concept?
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What is a characteristic of the selling concept in marketing?
What is a characteristic of the selling concept in marketing?
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What is the focus of the marketing concept?
What is the focus of the marketing concept?
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What unique aspect does the societal marketing concept prioritize?
What unique aspect does the societal marketing concept prioritize?
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How do organizations adhering to the product concept typically operate?
How do organizations adhering to the product concept typically operate?
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In which of the following concepts is large-scale selling and promotion considered crucial?
In which of the following concepts is large-scale selling and promotion considered crucial?
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Which concept suggests that success comes from meeting customer needs better than competitors?
Which concept suggests that success comes from meeting customer needs better than competitors?
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What is an example of a product created by a social entrepreneur in the content?
What is an example of a product created by a social entrepreneur in the content?
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Which of the following accurately describes the internal marketing environment?
Which of the following accurately describes the internal marketing environment?
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What does the external marketing environment include?
What does the external marketing environment include?
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Which term best describes the factors such as customers, suppliers, and competitors in a marketing context?
Which term best describes the factors such as customers, suppliers, and competitors in a marketing context?
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Why is it important for marketing managers to be aware of the marketing environment?
Why is it important for marketing managers to be aware of the marketing environment?
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What distinguishes the microenvironment from the macroenvironment?
What distinguishes the microenvironment from the macroenvironment?
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What is the primary focus of external marketing environments?
What is the primary focus of external marketing environments?
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Which of the following is NOT a component of the internal marketing environment?
Which of the following is NOT a component of the internal marketing environment?
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Which of the following is NOT a component of the PESTLE acronym used to describe the macro marketing environment?
Which of the following is NOT a component of the PESTLE acronym used to describe the macro marketing environment?
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In a consumer market, what is a common reason for increased demand for goods from suppliers?
In a consumer market, what is a common reason for increased demand for goods from suppliers?
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Which factor is NOT typically considered by consumers when making purchases in a B2C market?
Which factor is NOT typically considered by consumers when making purchases in a B2C market?
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What type of market involves companies selling goods or services directly to consumers?
What type of market involves companies selling goods or services directly to consumers?
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Which type of market is characterized primarily by businesses selling to each other?
Which type of market is characterized primarily by businesses selling to each other?
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What is an example of a behavioral trait that may be analyzed during market research?
What is an example of a behavioral trait that may be analyzed during market research?
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Which of the following types of products would NOT typically fall under consumer markets?
Which of the following types of products would NOT typically fall under consumer markets?
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Which factor is essential in understanding geographical characteristics during market research?
Which factor is essential in understanding geographical characteristics during market research?
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Study Notes
Applied Marketing - Lesson 1
- Today's Lesson: Definition and Concept of Marketing, Marketing Environment, Consumer Market, Business Market
What is Marketing?
- Marketing is a social and managerial process where individuals and groups obtain what they need and want by creating and exchanging products and value with others.
- Kotler and Armstrong define marketing as the process companies use to create value for customers and build strong relationships to capture value from customers in return.
- Kotler defines marketing as the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
Marketing Concept
- The marketing concept is when a business plans and acts to maximize profit by increasing sales, meeting customer needs, and outperforming competitors.
- The goal is a plan that benefits both customers and the business.
- The core of the marketing concept is anticipating and meeting customer desires and needs more effectively than competitors.
Needs, Wants, and Demands
- Needs are fundamental requirements that fulfill basic necessities.
- Wants are requests for specific items or types of items.
- Demands are requests for particular products that buyers are willing and able to purchase.
5 Marketing Concepts
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Production Concept: Consumers favor available and affordable products. The focus is on maximizing production efficiency to lower costs.
- Example: Ford Model T's mass production
- Example: China's production using abundant labor
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Product Concept: Consumers favor quality, performance, and innovative features. The focus is on product enhancements.
- Example: iPhones showcasing improvements in design and features
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Selling Concept: Consumers will not buy enough unless there's a significant effort in selling and promotion. The focus is on aggressive sales and promotion.
- Example: Advertising campaigns promoting products or services
-
Marketing Concept: Organizational success depends on knowing and meeting target market needs better than competitors do. The focus is on customer satisfaction.
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Societal Concept: Marketing strategies should deliver value to customers while promoting social good. The emphasis on pleasing customers and maintaining society's well-being.
- Example: Social entrepreneurship like Mijeno's saltwater lamp
Marketing Environment: Micro and Macro Environments
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Marketing Environment: Actors and forces affecting a firm's ability to build and maintain relationships with customers.
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Internal Environment: Factors within a company's control (strengths, weaknesses, competencies)
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External Environment: Factors beyond a company's control (political, economic, social, technological, legal, environmental)
- Microenvironment: Directly affecting marketing activities (customers, suppliers, competitors, partners, etc.)
- Macroenvironment: Broad forces influencing the entire macro environment (PESTLE factors: Political, Economic, Social, Technological, Legal, Environmental)
Consumer Market
- A consumer market is where businesses sell directly to consumers (B2C).
- Consumers usually pay the prevailing price, though discounts and coupons are possible.
- Increased consumer demand often leads to suppliers increasing production.
Types of Consumer Markets
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Food and beverage products
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Consumer products
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Transportation products
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Retail products
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Consumers consider many factors when making purchases including peer pressure, personal preferences, marketing efforts, and economic conditions.
Characteristics of Consumer Markets
- Geographical: Size, climate, and density of the target area
- Demographics: Age, gender, occupation, income, educational background, and ethnicity.
- Behavioral: Customer types (light, medium, heavy users), frequency of purchases
Business Market
- A business-to-business (B2B) market is where companies sell to other businesses.
- Business markets involve mutually beneficial relationships between buyers and sellers.
- Various business markets exist: B2B, B2C, industrial, services, professional services.
Assignment #1
- Define marketing using your own words.
- Differentiate between selling concept and marketing concept.
- Describe the differences between consumer and business markets.
- Choose a business concept you'd use and explain why.
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Description
Explore the foundational concepts of marketing in this first lesson. Learn about the definition of marketing, its environment, and key differences between consumer and business markets. This lesson sets the stage for understanding how to create value and build strong customer relationships.
