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Questions and Answers
What is marketing as defined in the social process?
What is marketing as defined in the social process?
Marketing is a social process by which individuals and groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others.
Which of the following are true about marketing as an organizational process? (Select all that apply)
Which of the following are true about marketing as an organizational process? (Select all that apply)
Value is defined as the Cost-Benefit trade-off.
Value is defined as the Cost-Benefit trade-off.
True
Customer perceived value is calculated as: Expected Benefit - Perceived ____ = Perceived Value.
Customer perceived value is calculated as: Expected Benefit - Perceived ____ = Perceived Value.
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What are the four components of holistic marketing?
What are the four components of holistic marketing?
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What are the three types of media included in the POEM framework? (Select all that apply)
What are the three types of media included in the POEM framework? (Select all that apply)
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Define societal marketing philosophy.
Define societal marketing philosophy.
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Holistic marketing recognizes that only specific marketing activities matter.
Holistic marketing recognizes that only specific marketing activities matter.
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What is the focus of internal marketing?
What is the focus of internal marketing?
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Study Notes
Introduction to Marketing Management
- Marketing occurs when customers recognize value in products or services.
- Defined as both a social process and an organizational function.
Marketing as a Social Process
- Involves individuals and groups obtaining needs through exchanges of valuable offerings.
- Defined by Kotler et al. (2013) emphasizing voluntary participation in exchanges.
Exchange Process
- Requires at least two parties, each possessing value.
- Both parties must be able to communicate and deliver.
- Freedom of choice exists for both sides to accept or reject offers.
- Mutual desirability is vital for exchanges.
Marketing Systems
- Marketplace: Physical locations where buyers and sellers interact.
- Meta-markets: Clusters of related goods/services across different industries.
- Marketspace: Online environments for buyer-seller interactions.
Understanding Value
- Comprises functional, emotional, and experiential benefits weighed against costs.
- Represents a cost-benefit trade-off; customers assess what they receive versus what they give.
Perceived Value
- Based on customers' beliefs about a product's ability to meet needs.
- Calculated as Expected Benefit minus Perceived Cost.
Marketing as an Organizational Process
- Encompasses activities and processes for creating, communicating, and exchanging valuable offerings.
- Defined by the American Marketing Association (2017) focusing on customer and societal value.
POEM Framework
- Paid Media: Channels requiring payment for access.
- Owned Media: Media owned by the organization (e.g., websites, social channels).
- Earned Media: Recognition gained through publicity and organic brand advocacy.
Central Concepts in Marketing
- Marketing is about identifying and fulfilling human needs profitably while fostering responsible relationships with customers.
Needs, Wants, and Demands
- Needs: Fundamental human requirements.
- Wants: Specific products to satisfy needs, influenced by culture and personal preferences.
- Demands: Wants backed by purchasing power.
Scope of Marketing
- Includes marketing of products, services, events, experiences, persons, ideas, places, organizations, and information.
Evolution of Marketing Concepts
- Marketing philosophy influences all organizational activities, not limited to traditional marketing functions.
Societal Marketing Philosophy
- Emerged in the 1970s addressing the conflict between short-term consumer wants and long-term societal interests, focusing on overall well-being.
Holistic Marketing Philosophy
- Recognizes the importance of all marketing activities and their interdependencies.
- Includes four main components: Relationship Marketing, Integrated Marketing, Internal Marketing, and Performance Marketing.
Relationship Marketing
- Aims for long-term, mutually beneficial relationships with all stakeholders, including customers, employees, and partners.
- Emphasizes creating a network of profitable business relationships.
Internal Marketing
- Ensures all parts of the organization adopt marketing principles.
- Promotes collaboration across departments for cohesive marketing efforts.
Performance Marketing
- Focuses on accountability for business returns from marketing.
- Assesses broader social, ethical, and environmental impacts of marketing activities.
Integrated Marketing
- Requires coordination among various marketing tools to enhance collective effectiveness.
- Aligns seller perspectives (four Ps) with buyer perspectives on benefits, solutions, and accessibility.
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Description
Explore the foundational concepts of Marketing Management in this introductory quiz. Understand marketing as a social process and its value in relation to products and services. This quiz will cover key definitions and functions of marketing within organizations.
