Podcast
Questions and Answers
According to Philip Kotler's definition, what is the primary aim of marketing?
According to Philip Kotler's definition, what is the primary aim of marketing?
- To maximize production efficiency and reduce costs.
- To create the most innovative and technologically advanced products.
- To explore, create, and deliver value to satisfy the needs of a target market at a profit. (correct)
- To dominate the market through aggressive advertising and sales tactics.
The American Marketing Association (AMA) defines marketing with a focus on delivering value. To whom is this value primarily directed?
The American Marketing Association (AMA) defines marketing with a focus on delivering value. To whom is this value primarily directed?
- Exclusively to shareholders and investors to maximize financial returns.
- Primarily to the company's employees to ensure job satisfaction and retention.
- To customers, clients, partners, and society at large. (correct)
- Only to government entities and regulatory bodies to ensure compliance.
Marketing, at its core, is solely about advertising and selling products to consumers.
Marketing, at its core, is solely about advertising and selling products to consumers.
False (B)
What is at the heart of the marketing process, representing the perceived worth or usefulness a customer derives from a product or service?
What is at the heart of the marketing process, representing the perceived worth or usefulness a customer derives from a product or service?
In the context of marketing, customer value is determined by the equation: Customer Value = Perceived Benefits - Perceived ______.
In the context of marketing, customer value is determined by the equation: Customer Value = Perceived Benefits - Perceived ______.
Which of the following is NOT considered one of the four types of customer value?
Which of the following is NOT considered one of the four types of customer value?
Match the type of customer value with its description:
Match the type of customer value with its description:
Dyson aims to provide value to customers based on which features?
Dyson aims to provide value to customers based on which features?
According to the content, it is normally possible for companies to effectively compete on more than one value dimension without creating confusion for consumers.
According to the content, it is normally possible for companies to effectively compete on more than one value dimension without creating confusion for consumers.
In the context of marketing, name one of the core ideas that includes basic physical requirements and needs for belonging?
In the context of marketing, name one of the core ideas that includes basic physical requirements and needs for belonging?
Principle 1 of Marketing states we should focus on the ______.
Principle 1 of Marketing states we should focus on the ______.
Which marketing principle emphasizes competing only in markets where a competitive advantage can be established?
Which marketing principle emphasizes competing only in markets where a competitive advantage can be established?
Match each of the marketing 'philosophies' with its underlying principle:
Match each of the marketing 'philosophies' with its underlying principle:
Which era in the Evolution of Marketing placed emphasis on understanding and catering to the customer's needs?
Which era in the Evolution of Marketing placed emphasis on understanding and catering to the customer's needs?
In the 21st Century, Service has become more important than Care regarding marketing variables.
In the 21st Century, Service has become more important than Care regarding marketing variables.
In marketing terms in the 21st century, what C refers to national marketers that must be affiliated to neighborhoods?
In marketing terms in the 21st century, what C refers to national marketers that must be affiliated to neighborhoods?
In the 21st century there is a C that refers to firms reassessing the diversity of offerings, what is it?
In the 21st century there is a C that refers to firms reassessing the diversity of offerings, what is it?
In response to challenges in the 21st century, marketers face the ongoing task of dealing with which core reality?
In response to challenges in the 21st century, marketers face the ongoing task of dealing with which core reality?
Match the brand objective with it's core marketing objective.
Match the brand objective with it's core marketing objective.
A company committed to incorporating ecological materials, social projects and economic justices into footwear is called:
A company committed to incorporating ecological materials, social projects and economic justices into footwear is called:
Bord na Móna focuses on scholarships, energy and other community initiatives.
Bord na Móna focuses on scholarships, energy and other community initiatives.
Adidas has put together what series of events to highlight sustainability with a focus on change?
Adidas has put together what series of events to highlight sustainability with a focus on change?
One of the primary objectives of Siemens in Ireland revolves around helping to build a sustainable ______. *
One of the primary objectives of Siemens in Ireland revolves around helping to build a sustainable ______. *
According to Sam Walton, who is the ultimate decision-maker capable of impacting a company's success or failure?
According to Sam Walton, who is the ultimate decision-maker capable of impacting a company's success or failure?
A company's branding and image are always considered part of the Product element within the marketing mix.
A company's branding and image are always considered part of the Product element within the marketing mix.
What is the term for the comprehensive plan that outlines an organization's aspirations, priorities, and courses of action?
What is the term for the comprehensive plan that outlines an organization's aspirations, priorities, and courses of action?
According to Deloitte, ______ has become essential, market-shaping tech.
According to Deloitte, ______ has become essential, market-shaping tech.
What key area does Deloitte suggest organizations prioritize as they pursue long-term success?
What key area does Deloitte suggest organizations prioritize as they pursue long-term success?
Match the element of the 4 Ps of marketing with its description:
Match the element of the 4 Ps of marketing with its description:
According to the diagram, the following is NOT a component of the Place P?
According to the diagram, the following is NOT a component of the Place P?
"The aim is to know and understand the customer so well that the product or service fits... and it sells itself" is a quote from Sam Walton.
"The aim is to know and understand the customer so well that the product or service fits... and it sells itself" is a quote from Sam Walton.
According to the American Marketing Association, what processes create offerings that have value for customers, clients, partners, and society at large?
According to the American Marketing Association, what processes create offerings that have value for customers, clients, partners, and society at large?
Four Types of Customer Value include Price value, Emotional value, Performance value and ______ value.
Four Types of Customer Value include Price value, Emotional value, Performance value and ______ value.
What may evolve over time and initially capture consumer market share?
What may evolve over time and initially capture consumer market share?
Match the company with their value offering
Match the company with their value offering
Flashcards
Marketing Definition (Kotler)
Marketing Definition (Kotler)
Marketing identifies unfulfilled needs and desires, quantifies market size and profit potential, and designs appropriate products and services.
Marketing Definition (American Marketing Association)
Marketing Definition (American Marketing Association)
Activity, institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value.
Marketing as Value Exchange
Marketing as Value Exchange
Marketing is a process of value exchange between two parties.
Customer Value
Customer Value
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Price Value
Price Value
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Performance Value
Performance Value
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Emotional Value
Emotional Value
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Relational Value
Relational Value
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The Production Concept
The Production Concept
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The Product Concept
The Product Concept
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The Selling Concept
The Selling Concept
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The Marketing Concept
The Marketing Concept
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The Customer Concept
The Customer Concept
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The Societal Concept
The Societal Concept
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The 4 Ps of Marketing
The 4 Ps of Marketing
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Needs
Needs
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Wants
Wants
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Demands
Demands
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Products & Services
Products & Services
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Exchanges
Exchanges
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Principle 1: Customer Focus
Principle 1: Customer Focus
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Principle 2: Solution Selling
Principle 2: Solution Selling
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Principle 3: Marketing Is Everyone's Job
Principle 3: Marketing Is Everyone's Job
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Principle 4: Seek Competitive Advantage
Principle 4: Seek Competitive Advantage
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Principle 5: Markets Are Heterogeneous.
Principle 5: Markets Are Heterogeneous.
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Principle 6: Embrace Change.
Principle 6: Embrace Change.
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Study Notes
Defining Marketing
- Peter Drucker said marketing aims to understand the customer so well that the product or service fits and sells itself
- Sam Waton said the customer can fire everyone in the company by spending their money elsewhere
- Philip Kotler defines marketing as the science and art of creating, delivering value to satisfy a target market at a profit
- Marketing identifies unfulfilled needs and desires
- Marketing measures the size of the identified market and profit potential
- Marketing pinpoints which company segments are capable of serving best
- The American Marketing Association (AMA) defines marketing as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large, this definition was approved in 2017
The Marketing Process
- Marketing is a process of value exchange
- Marketing is the delivery of value to customers at a profit, according to Fahy & Jobber (2019)
The 4 P's of the Marketing Mix
- Product: Functionality, Brand, Packaging, and Services
- Price: List Price, Discounts, Bundling, and Credit Terms
- Promotion: Advertising, Sales force, Publicity, and Sales promotion
- Place: Channel, Inventory, Logistics, and Distribution
- Target market is the center of the four P's
Customer Value
- Customer Value = Perceived Benefits - Perceived Sacrifices
- Perceived benefits include product, service, relational, and image benefits
- Perceived sacrifices include monetary, time, energy, and psychological costs
Four Types of Customer Value
- Price Value: Basic products at low prices and foregoing extra features
- Performance Value: Innovative features and perceived quality
- Emotional Value: Differentiation beyond performance attributes and branding & brand image
- Relational Value: Quality of service and high levels of trust
- It is not normally possible for companies to compete on more than one dimension as to do so would mean presenting a confusing message in the marketplace
- However, a value proposition evolve over time as demonstrated through the example of Innocent Drinks
Examples of Customer Value
- UK electronics manufacturer, Dyson, has a team of 420 engineers and scientists
- Dyson aims to provide value to customers based on functionality and performance features of their products and services
- University of Limerick graduate, Olivia Humphreys, won the 2024 James Dyson Award for her hair-loss prevention device, Athena, for chemotherapy patients
Core Marketing Concepts
- Needs, Wants, and Demands
- Products and Services
- Exchanges
Principle Fundamentals of Marketing
- Focus on the customer
- Customers do not buy products
- Marketing is too important to leave to the marketing department
- Only compete in markets where you can establish a competitive advantage
- Markets are heterogeneous
- Markets and customers are constantly changing
The Evolution of the Philosophies of Marketing
- The Production Concept
- The Product Concept
- The Selling Concept
- The Marketing Concept
- The Customer Concept
- The Societal Concept / Sustainable marketing
The Evolution of Marketing in Practice
- 1950s: Sales orientation, the marketing mix, product life cycle, brand image, and market segmentation
- 1960s: Customer orientation, The 4 Ps, Marketing Myopia, and Lifestyle Marketing
- 1970s: Targeting/Positioning, Strategic Marketing, Service Marketing, Social Marketing, and Macro-Marketing
- 1980s: Marketing Warfare, Global Marketing, Local Marketing, Mega Marketing, Direct Marketing, Customer Relationship Marketing, and Internal Marketing
- 1990s: Emotional Marketing, Experiential Marketing, Internet Marketing, Sponsorship Marketing, and Marketing Ethics
- 2000s: ROI Marketing, Brand Equity Marketing, Customer Equity Marketing, Social Responsibility Marketing, Social Media Marketing, and Tribalism
- 2010s: Tribalism, Authenticity Marketing, Co-creation Marketing, and Service Dominant Logic
Critical marketing variables in the 21st Century
- Care: Has replaced service in importance, firms must care about the way they treat customers and put customers number 1
- Choice: Firms must reassess the diversity and breath of their offerings into a manageable good-better-best selection;
- Community: National marketers and firms must affiliate and attach to neighbourhoods wherever they operate stores
- Challenge: The ongoing task of dealing with the reality of changing demographics
Sustainable Brands
- Veja sneakers has been creating sneakers in a different way:
- Since 2005 it has been mixing social projects, economic justice, and ecological materials
- VEJA uses Brazilian and Peruvian organic cotton for the canvas and laces, Amazonian rubber for the soles, and various innovative materials conceived in recycled plastic bottles or recycled polyester.
- VEJA sneakers are produced in high-standard factories in Brazil
- Part of VEJA's logistics is managed by Log'ins, a professional and social inclusion
Next Week : WK2
- Topic 2: The Global Marketing Environment
- Register with core Text through Sulis and read Chapters 1 and 2
- Doodle poll for tutorial selection will be available via Brightspace link from Friday 31st at 9 AM
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