BMAL-590 Week 1 Section 1 Marketing
with Complete Solutions
Great Marketing is based on - ANSWER-Sound, logical economic and psychological
laws of human and organizational behavior.
Marketing is: - ANSWER-Everywhere, encompasses a wide variety of pursuits, and is
an ongoing process.
Marketing Framework: - ANSWER-5Cs, STP, and 4Ps
5Cs - ANSWER-customers
company
context
collaboration
competitors
STP - ANSWER-segmentation
targeting
positioning
4Ps - ANSWER-product
price
promotion
place
What is marketing? - ANSWER-Marketing is an exchange between a firm and its
customers.
Marketing can be involved in: - ANSWER-goods
services (hotels and airlines)
nonprofit organizations (organ donation)
government agencies (smoking cessation)
events (baseball game)
people (political campaigns and athletes)
ideas
companies
industries
experiences (ESPN Zone)
Marketing evolution: - ANSWER-production orientation, through selling orientation,
arriving at the customer orientation
, Marketing world - ANSWER-customer-oriented and customer-empowered world where
the goal is to build and maintain relationships with the customer
CMO - ANSWER-chief marketing officers
American Marketing Association defines marketing as: - ANSWER-the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have clue for customers, clients, partners, and society at large
Marketing - ANSWER-the theory and practice of identifying needs and distributing
goods in a competitive society.
Market: - ANSWER-the aggregate of all people or organizations who have a need for, or
want, a product or class of products and have the money to pay for them. It is
sometimes used to mean a place, real or virtual, where buyers and sellers meet to buy
or sell goods.
Classical Marketing Concept: - ANSWER-a philosophy which guides the attitude of
everyone in a firm to stimulate and satisfy the needs and wants of every customer.
competitive marketing strategy: - ANSWER-nvolves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to offer
value to the target market, that is defined by marketing, so that the business may focus
on those selected markets
macro-environment: - ANSWER-the economy, legal constraints, cultural differences,
and global segments.
B2C - ANSWER-Business to Consumer
B2B - ANSWER-Business to Business
5Cs (expanded) - ANSWER-Customers: Who are they? What are they like? Do we want
to draw different customers?
Company: What are our strengths and weaknesses? What customer benefits can we
provide?
Context: What is happening in our industry that might reshape our future business?
Collaborators: Can we address our customers' needs while strengthening our business
to business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their likely actions
and reactions?
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