Introduction to Marketing: What is Marketing
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Questions and Answers

What are the threefold goals of marketing?

  • To create superior customer value, attract new employees, and build strong relationships
  • To conduct research studies, identify company's weak points, and deliver superior value
  • To focus on strategic marketing, operational marketing, and market offerings
  • To attract new customers, drive long-term company profitability, and recapture value from satisfied and loyal customers (correct)

    • What are human needs according to the text?

  • States of deprivation excluding individual needs and social needs
  • States of deprivation excluding basic physical needs and social needs
  • States of felt deprivation including basic physical needs, social needs, and individual needs (correct)
  • States of deprivation including needs for knowledge and self-expression

    • What is the focus of strategic marketing?

  • Analytical aspects, research studies, and identification of company's weak and strong points (correct)
  • Putting operational marketing into practice
  • Creating superior customer value and building strong relationships
  • Focusing on market offerings and experiences

    • What is the definition of wants?

    <p>The form human needs take as they are shaped by culture and individual personality</p> Signup and view all the answers

    What are the core customer and marketplace concepts examined in the text?

    <p>Needs, wants, demands, market offerings, value and satisfaction</p> Signup and view all the answers

    What are the two main types of marketing discussed in the text?

    <p>Strategic marketing and operational marketing</p> Signup and view all the answers

    What is the act of obtaining a desired object from a person or organization by offering something in return?

    <p>Exchange</p> Signup and view all the answers

    In customer value-driven marketing strategy, what is the aim when customer expectation is equal to perception?

    <p>Customers are highly likely to buy again</p> Signup and view all the answers

    What is the oldest orientation that guides sellers, still useful in some situations, but can lead to marketing myopia?

    <p>Production concept</p> Signup and view all the answers

    What is the idea that consumers will favor products that offer the most quality, performance, and features?

    <p>Product concept</p> Signup and view all the answers

    What is the way a company differentiates from others by choosing a set of benefits or values it promises to deliver consumers to satisfy their needs?

    <p>Value proposition</p> Signup and view all the answers

    What does E > P signify according to the text?

    <p>Expectations are bigger than what customers get</p> Signup and view all the answers

    What is the philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do?

    <p>Marketing concept</p> Signup and view all the answers

    What can result from paying more attention to the specific products a company offers than to the benefits and experiences produced by these products?

    <p>Marketing myopia</p> Signup and view all the answers

    What does the text refer to as 'the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products'?

    <p>Marketing myopia</p> Signup and view all the answers

    What is it called when customer expectation is smaller than what they get?

    <p>The client is highly likely to buy again.</p> Signup and view all the answers

    What is the primary focus of strategic marketing?

    <p>Identifying the company’s weaknesses and strengths</p> Signup and view all the answers

    What is the difference between human needs and wants?

    <p>Needs are shaped by culture and individual personality, while wants are basic physical requirements</p> Signup and view all the answers

    In the marketing context, what does 'E > P' signify?

    <p>Customer expectation is less than what they actually receive</p> Signup and view all the answers

    What can result from paying more attention to the specific products a company offers than to the benefits and experiences produced by these products?

    <p>Marketing myopia</p> Signup and view all the answers

    What are the core customer and marketplace concepts examined in the text?

    <p>Needs, wants, demands, and satisfaction</p> Signup and view all the answers

    What is the oldest orientation that guides sellers mentioned in the text?

    <p>Sales orientation</p> Signup and view all the answers

    In customer value-driven marketing strategy, what is the aim when customer expectation is equal to perception?

    <p>To maximize customer satisfaction</p> Signup and view all the answers

    What does E > P signify according to the text?

    <p>Customers may end up disappointed</p> Signup and view all the answers

    What is the act of obtaining a desired object from a person or organization by offering something in return?

    <p>Exchange</p> Signup and view all the answers

    What are the two main types of marketing discussed in the text?

    <p>Product and selling concept</p> Signup and view all the answers

    What is the oldest orientation that guides sellers and can lead to marketing myopia?

    <p>Production concept</p> Signup and view all the answers

    What can result from paying more attention to the specific products a company offers than to the benefits and experiences produced by these products?

    <p>Marketing myopia</p> Signup and view all the answers

    What is the idea that consumers will favor products that offer the most quality, performance, and features?

    <p>'Product concept'</p> Signup and view all the answers

    What is the definition of wants?

    <p>'Desires for specific satisfiers of needs'</p> Signup and view all the answers

    Study Notes

    • Marketing: set of strategies and activities by companies to acquire and engage customers, build relationships, and create superior customer value
    • Threefold goals: attract new customers, help drive long-term profitability, recapture value from satisfied customers
    • Strategic marketing: analytical aspects, research and company analysis (DAFO)
    • Operational marketing: puts strategic marketing into practice
    • Five core customer and marketplace concepts:
      • Needs, wants, and demands: states of felt deprivation, shaped by culture and individuality, backed by buying power
      • Market offering: products, services, and experiences
      • Value and satisfaction: customers form expectations, marketers must meet or exceed them
      • Exchanges and relationships: obtaining desired objects in return for something
      • Markets: set of actual and potential buyers for a product or service
    • Customer value-driven marketing strategy:
      • Target audience: not about finding as many customers as possible but the right ones
      • Value proposition: unique benefits or values a company promises to deliver, differentiates brand
      • Expectations vs perception: what customers think vs reality, aim for expectations to equal perception
    • Marketing orientations:
      • Production concept: focus on product availability and affordability
      • Product concept: focus on high-quality, performance, and features
      • Selling concept: focus on large-scale selling and promotion efforts
      • Marketing concept: focus on knowing target market needs and wants, delivering desired value
      • Production concept can lead to marketing myopia, focusing too much on specific products rather than benefits and experiences.

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    Test your knowledge on the definition of marketing and its key goals. Explore the set of strategies and activities companies use to acquire and engage customers, build strong relationships, and create superior customer value.

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