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Marketing Management With Complete Solutions Latest Update
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- CIM Level 4 Professional Marketing
Marketing Management With Complete Solutions Latest Update
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Marketing Management With CompleteSolutions Latest Update
What is marketing? - correct answers "The management process of anticipating,
identifying and satisfying customer requirements profitably" (CIM, 2001).
Academic definition: "Marketing is the endeavour of adapting organisations to
their competitive markets in order to influence, in their favour, the behaviour of
their publics, with an offer whose perceived value is durably superior to that of the
competition" (French trans.: Lendrevie, Lévy and Lindon, 2006)
Does everybody agree on the definition of marketing? - correct answers People do
still not completely agree on what marketing is...
But they do have common elements...e.g. the words used to describe marketing,
as an 'process, activity or endeavor'
Defining the marketing concept - correct answers Online definition: Management
philosophy according to which a firm's goals can be best achieved through
identification and satisfaction of the customers' stated and unstated needs and
wants.
The marketing concept is a phrase which brings together what marketing does
inside a business. Marketing concept is the achievement of corporate goals
through meeting and exceeding customer needs and expectations better than the
competition.
,Marketing aims to encompass all 3 aspects in the graph.
o Customer orientation: providing customer satisfaction
o Goal achievement: satisfying the goals of the company
o Integrated effort: creating the effort of these goals throughout the business
It is about trying to satisfy the consumers wants and needs while meeting
organisational objectives
One of the interesting questions about the marketing concepts is about the needs
vs. desires/wants.
Needs vs. Desires/wants. What is the difference? - correct answers Needs vs desire
vs wants... the distinction is key for marketing.
o Need: what we have to have to survive, of the upmost importance and basic
levels → in accordance of Maslows hierarchy of needs
o Desire: Something we would simply like.
Marketing cannot create the need for something, e.g. we are born with the need
for food.
What marketing CAN do is direct desire and want. The successful campaigns direct
the desires. People are motivated to act. E.g. if you are thirsty, you need water.
However, desires are a bit more abstract that wants. you may desire a fizzy drink
and want a specific one, like Fanta.
The distinction is very important
,What is a the definition of a market? - correct answers - It is a sometimes a place -
physical or virtual, a place where buyers and sellers come together and exchange
goods and services. However, today, the ideas of a market have expanded.
- There is a controversial idea that everything can be sold and has a price - thus
everything is marketable. Is this the case? This contains a lot of moral and ethical
questions within it. It makes it a very complicated question.
How did the Marketing concept develop? - correct answers • How did the
marketing concept develop? The idea is that it developed through these sections
below that are different time periods, which have all affected marketing.
Stage 1 - product orientation:
o This step was the idea that if you build a good product, you will have customers
come running to your door
Stage 2 - Sales orientation:
o The door-to-door salesmen area. Sales orientation focused on sales rather than
the product, and how the selling was done.
o Try to entice customers to buy your product.
o The idea was that salesmanship was a form of being a con grew from here.
Stage 3 - Market orientation:
o The idea that the customers want and need a specific solution to their problems
- and actually focusing on this. Technology often drives this.
, Defining market orientation further - correct answers The concept of market
orientation lies at the heart of marketing. Developing a market orientation is
argued to make organisations more profitable, especially when there is limited
competition, unchanging customer wants and needs, fast-paced technological
change, and strong economies in operation.
--> In a meta-analysis of market orientation studies there is a conclusion that
market orientation may be imperative for survival in service firms and the source
of competitive advantage in manufacturing firms.
Doesn't just involve marketing, involves gathering and responding to market
intelligence (i.e. customers' verbalized needs and preferences from data collected
from surveys, sales data, websites, social networking sites)
Market orientation is an organisation state of mind. It happens when:
- The firm is outward facing
- The firm knows and nurtures its customers
- The firm totally understands the value of its brand and products
- The firm understands the competition and where the market is going (or drives
the market)
- The firm knows its limits
What are the 3 concepts of market orientation? - correct answers 1. Customer
orientation - concerned with creating superior value by continuously developing
and redeveloping offerings to meet customer needs. To do so we must measure
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