Marketing Basics
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Questions and Answers

What is marketing about?

  • Identifying business opportunities and creating products.
  • Meeting human and social needs profitably. (correct)
  • Creating products and services for business opportunities.
  • Identifying and creating human and social needs.

    • What happens when human wants are backed by purchasing power and willingness to buy?

  • They become demands. (correct)
  • They become needs.
  • They become exchanges.
  • They become satisfactions.

    • What is an example of a company that demonstrated marketing savvy?

  • Omnikick
  • IKEA (correct)
  • eBay (correct)
  • Intandemcommunications

    • What are unlimited and specific?

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

    What is not created by marketing people?

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

    What is an example of a marketing offer?

    <p>Not mentioned in the content</p> Signup and view all the answers

    What is the result of identifying and meeting human and social needs?

    <p>A profitable business opportunity</p> Signup and view all the answers

    What is the focus of the chapter?

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

    What is exchange in the context of marketing?

    <p>The act of obtaining an object by offering something in return</p> Signup and view all the answers

    What refers to the different groups of consumers for a product or service?

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

    What is the primary goal of marketing function?

    <p>To bring about profitable exchange relationships</p> Signup and view all the answers

    What is marketing management?

    <p>The art and science of choosing target markets and building profitable relationships</p> Signup and view all the answers

    What is included in marketing activities?

    <p>All of the above plus communication, sales promotion, searching for customers</p> Signup and view all the answers

    What is the primary focus of the production concept?

    <p>Product quality and features</p> Signup and view all the answers

    What is the ultimate goal of marketing management?

    <p>To get, keep, and grow customers</p> Signup and view all the answers

    What does managing demand involve?

    <p>Managing customer relationships</p> Signup and view all the answers

    What is the primary purpose of the marketing mix?

    <p>To produce the desired response in the target market</p> Signup and view all the answers

    What is included in the 'Product' variable of the marketing mix?

    <p>Goods and services offered by a company to satisfy needs and wants</p> Signup and view all the answers

    What is the 'Price' variable of the marketing mix?

    <p>The money value that the consumers have to pay to buy the product or service</p> Signup and view all the answers

    What is the primary purpose of the 'Promotion' variable of the marketing mix?

    <p>To communicate product benefits and attributes to target consumers to persuade them to purchase</p> Signup and view all the answers

    What is included in the 'Place' variable of the marketing mix?

    <p>Physical distribution activities, logistics, warehousing, transport, etc.</p> Signup and view all the answers

    What role does the marketing mix play in marketing strategy?

    <p>It plays an important role</p> Signup and view all the answers

    What does the company do with the marketing mix variables according to the environmental variables?

    <p>It chooses, alters and controls its marketing mix variables</p> Signup and view all the answers

    What is the marketing environment composed of?

    <p>Internal and external forces</p> Signup and view all the answers

    The marketing environment consists of how many components?

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

    What are the forces that shape opportunities and pose threats to the company?

    <p>Macro Environment</p> Signup and view all the answers

    Which of the following is NOT a component of the micro-environment?

    <p>The Government</p> Signup and view all the answers

    What is the main difference between micro-environment and macro-environment?

    <p>Micro-environment is controllable, macro-environment is uncontrollable</p> Signup and view all the answers

    Which of the following is a component of the micro-environment?

    <p>The Public</p> Signup and view all the answers

    What is the primary role of the micro-environment?

    <p>To affect the company's ability to serve its customers</p> Signup and view all the answers

    What is the primary task of marketing?

    <p>To create value and deliver it</p> Signup and view all the answers

    What is a customer need?

    <p>A basic necessity for survival</p> Signup and view all the answers

    What is the largest share of marketing offers?

    <p>Physical products</p> Signup and view all the answers

    What is customer value?

    <p>The difference between the worth and cost of a product</p> Signup and view all the answers

    What happens when customer expectations are fulfilled?

    <p>Customer satisfaction</p> Signup and view all the answers

    What is a marketing offer?

    <p>A combination of products, services, and information</p> Signup and view all the answers

    What is the result of customer satisfaction?

    <p>Customers buy the product again and recommend it to others</p> Signup and view all the answers

    What is the result of customer dissatisfaction?

    <p>Customers switch to a competitor's product and discourage others from buying</p> Signup and view all the answers

    Study Notes

    Marketing

    • Marketing is about identifying and meeting human and social needs.
    • A good definition of marketing is "meeting needs profitably."
    • Two examples of demonstrating marketing savvy are:
      • eBay creating an online auction clearinghouse to meet people's needs of finding items they desired most.
      • IKEA creating knockdown furniture to meet people's needs of good furnishings at substantially lower prices.

    Core Marketing Concepts

    Needs, Wants, and Demand

    • Needs: basic requirements of any individual, not created by marketing people.
    • Wants: described in terms of products that will satisfy needs, while human needs are limited and general, wants are unlimited and specific.
    • Demand: when human wants are backed by purchasing power and willingness to buy, they become demands.

    Marketing Offers

    • A combination of products, services, information, or experiences offered to a market to satisfy a need or want.
    • The largest share of marketing offers consists of physical (tangible) products, which include non-durable goods (fast-moving consumer goods or FMCG) and consumer durables.

    Customer Value and Satisfaction

    • Customer Value: the difference between the worth the customer gains from buying and using a product and the cost of buying the product.
    • The main task of marketing becomes value-creation and value delivery.
    • Customer Satisfaction: when customer expectations are fulfilled, resulting in customers buying the product again and telling others about their good buying experiences.

    Exchange, Transactions, and Relationships

    • Exchange: the act of obtaining an object one needs from another by offering some other thing in return.
    • Market: refers to the different groups of consumers for a product or service, and is the set of actual and potential buyers of a product.

    Marketing Function

    • Marketing as a function: a process by which individuals or groups obtain what they need and want by creating and exchanging products and values with others.
    • Managing markets to bring about profitable exchange relationships by creating value and satisfying needs and wants.
    • Marketing activities:
      • Searching for customers
      • Product development
      • Market research
      • Communication
      • Sales promotion
      • Distribution channel management
      • Service

    Marketing Management

    • Marketing management: the art and science of choosing target markets and building profitable relationships with them.
    • It involves getting, keeping, and growing customers through creating, delivering, and communicating superior value.
    • Marketing management involves managing demand, which in turn, involves managing customer relationships.

    Marketing Management Orientations or Concepts

    • 5 concepts:
      1. Production Concept
      2. Product Concept
      3. Selling Concept
      4. Marketing Concept
      5. Marketing Mix (Four P's of Marketing)

    Marketing Mix (Four P's of Marketing)

    • 4 variables:
      1. Product: goods and services offered by a company to the target market to satisfy needs and wants.
      2. Price: the money value that consumers have to pay to buy the product or service.
      3. Promotion: activities of personal selling, advertising, and communicating product benefits and attributes to target consumers to persuade them to purchase.
      4. Place: physical distribution activities through which the product moves from the factory to the customer.

    Role of Marketing Mix in Marketing Strategy

    • Marketing mix has an important role to play in marketing planning and marketing strategy.
    • The organization can choose, alter, and control its marketing mix variables according to environmental variables.
    • The marketing mix is the most visible part of the marketing strategy of an organization.

    Scanning the Marketing Environment

    • Marketing activities do not take place in a vacuum, isolated from all external forces.
    • A company's marketing environment consists of internal and external forces that affect management's ability to build and maintain successful relationships with target customers.

    Micro-environment

    • Consists of the following controllable actors close to the company that affect its ability to serve its customers:
      1. The Company
      2. The Suppliers
      3. The Marketing intermediaries
      4. The Customer markets
      5. The Competitors
      6. The Public

    Macro Environment

    • Forces that shape opportunities and pose threats to the company.

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    Introduction to Business Chapter 3 PDF

    Description

    Learn about the core concepts of marketing, including identifying and meeting human and social needs, and understanding the difference between needs, wants, and demand.

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