BSc Psychology: Core Marketing Concepts

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Questions and Answers

Which of the following best describes online marketing?

Traditional print advertising and direct mail campaigns.

Marketing solely focused on in-person events and sponsorships.

Marketing strategies exclusively conducted through television commercials.

Marketing via the internet using company websites, online advertising, email marketing, and social media. (correct)

What are the types of online marketing?

Websites and Branded Web Communities

Email marketing

Blogs and other online forums

All of the above (correct)

What is a product as defined in marketing?

A bundle of attributes capable of exchange or use, usually a mix of tangible and intangible forms.

What is the primary focus of the marketing concept?

Customer focus and value. Signup and view all the answers

These online _______ networks cater to the needs of smaller communities.

social Signup and view all the answers

The selling concept is primarily about building long-term relationships with customers.

False Signup and view all the answers

What are the four different value types considered in marketing?

Functional value, Monetary value, Social value, Psychological value. Signup and view all the answers

What is the goal of successful customer relationship management?

Creating profit from high customer equity. Signup and view all the answers

What is marketing?

A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Signup and view all the answers

What are the main functions of marketing?

Buying, Selling, Product Planning, Financing, Transportation, Storage, Market Information, Pricing, Branding, Packaging, and Salesmanship. Signup and view all the answers

Which of the following factors is NOT considered a function of marketing?

Manufacturing Signup and view all the answers

Marketing management is concerned with consumer happiness.

True Signup and view all the answers

The term 'market' is derived from the Latin word called ______.

marcatus Signup and view all the answers

What are some societal benefits of marketing?

Raises and maintains the standard of living, creates employment, and helps in the development of an economy. Signup and view all the answers

List the stages of evolution of marketing.

The Barter System, The New Stone Age, The Pre-industrial Period, The Industrial Period. Signup and view all the answers

What is the significance of pricing in marketing?

Pricing directly affects an organization's sales and profits. Signup and view all the answers

Which approach focuses on social welfare in marketing?

Societal Approach Signup and view all the answers

Study Notes

Marketing Concepts

Marketing concept involves analyzing customer needs using data to develop strategies that satisfy needs and achieve organizational goals.
Need: A state of felt deprivation, which can be physiological, learned, emotional, passive, or active.
Want: A desire for a specific satisfier of a need, shaped by social culture, social class, and individual personality.
Demand: A backed human want, indicated by the ability and willingness to buy.
Products & Services: Tangible products and intangible services; experiences received after utilizing them.

Marketing Mix (4 Ps)

Defined by Philip Kotler as the set of marketing tools used to pursue marketing objectives.
Product: A bundle of attributes, including both tangible goods and intangible services.
Price: The amount consumers pay for a product or service.
Place: The strategies for delivering products to consumers where they're most likely to purchase.
Promotion: Includes strategies such as advertising, public relations, and various promotional tactics across media.

Marketing Management Orientations

Focuses on strategies that engage target customers and build profitable relationships.
Production Concept: Emphasizes the availability and affordability of products, based on the idea of higher production leading to profitability.
Product Concept: Focuses on quality and innovation, driving continuous product improvements (Technology Push Model).
Selling Concept: Targets unsought goods, emphasizing transactions over long-term relationships.
Marketing Concept: Centers customer focus and value as keys to achieving sales and profits (sense-and-respond philosophy).
Societal Marketing Concept: Examines the potential conflicts between short-term consumer wants and long-term welfare.

Marketing Management Process

Understanding the Marketplace: Analyzing customer demographics, income, and purchasing behavior to understand marketplace dynamics.
Designing Customer Value-Driven Marketing Strategy: Developing strategies to effectively reach and convert prospective customers.
Constructing Integrated Marketing Programs: Delivering superior customer value through various types of value (functional, monetary, social, psychological).
Engaging Customers: Building profitable relationships, encouraging repeat business through positive customer experiences.
Capturing Value: Focusing on increasing customer loyalty, which leads to enhanced customer equity and financial success.

The New Digital Age

The digital age transforms customer perceptions of convenience, speed, pricing, and interactions with brands.
Digital Marketing Strategies: Includes online marketing, social media marketing, and mobile marketing.
Online Marketing: Involves various strategies such as:
- Websites and branded web communities for engaging customers.
- Online advertising, email marketing, online videos, and blogs.
Social Media Marketing:
- Advantages include targeted and personalized content delivery, interactivity for customer engagement, immediacy, cost-effectiveness, and strong sharing capabilities.
Mobile Marketing: Focuses on delivering marketing messages through mobile devices, enhancing customer engagement during the buying process.

Importance of Marketing Management

Marketing is a critical organizational function responsible for consumer satisfaction and business success.
Definition of Marketing (Philip Kotler): A social and managerial process where individuals and groups obtain needs through creating and exchanging products and value.

Evolution of Market

The term 'market' is derived from the Latin word 'marcatus,' indicating trade, merchandise, and places of business, highlighting the ancient roots of marketing practices.### Evolution of Marketing
Modern marketing shifted focus from exchange to satisfying human wants.
Key stages in marketing evolution include:
- The Barter System (6000 BC)
- The New Stone Age (10,000 years ago)
- Pre-Industrial period (1500-1700)
- Industrial Period (1700-1800)

Approaches to Marketing

Different approaches in marketing include:
- System Approach
- Societal Approach
- Managerial Approach
- Commodity Approach
- Institutional Approach
- Functional Approach

Functions of Marketing

Exchange Functions:
- Buying and Selling
Physical Supply Functions:
- Transportation
- Storage
Facilitating Functions:
- Financing
- Risk Bearing
- Market Information
- Pricing
- Branding and Packaging
- Salesmanship and Advertising
- Customer Support Services

Importance of Marketing

Benefits to Society:
- Raises and maintains standard of living.
- Creates employment opportunities.
- Aids in economic development.
Benefits to Companies:
- Facilitates transfer, exchange, and movement of goods.
- Acts as a source of income.
- Provides new ideas and innovations.

Scope of Marketing in Organizations

Key components of marketing scope include:
- Marketing Research: Identifies customer needs, preferences, and economic conditions.
- Pricing: Influences sales and profits directly, essential for strategy.
- Advertising and Sales Promotion: Critical for creating product awareness and driving sales amid competition.
- Channels of Distribution: Essential for facilitating exchange transactions based on social and cultural patterns.
- Financing: Involves budgeting for marketing, acquiring funds, and providing customer financial assistance.
- After-Sales Service: Vital for ensuring customer satisfaction post-purchase.

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Description

This quiz covers the fundamentals of marketing and consumer behavior, focusing on core marketing concepts and the marketing mix. By participating, you will enhance your understanding of how to analyze customer needs and the different types of marketing approaches. The quiz is structured to help solidify your knowledge and application of these essential marketing principles.