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Solution Manual For Applied Marketing, 3rd Edition by Daniel Padgett, Andrew Loos Chapter 1-15
Solution Manual For Applied Marketing, 3rd Edition by Daniel Padgett, Andrew Loos Chapter 1-15
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Solution Manual ForApplied Marketing, 3rd Edition Daniel Padgett, Andrew Loos
Chapter 1-15 With Appendix
Chapter 1
What Is Marketing?
What Marketing Is Not
LO 1.1 Describe some common misconceptions about marketing.
Marketing Defined
LO 1.2 Provide an accurate definition of marketing.
Philosophy of Marketing
LO 1.3 Discuss, with examples, the philosophy of marketing.
How Marketing Has Changed over Time
LO 1.4 Outline the evolution of marketing thought and practice.
Chapter Introduction
This chapter introduces students to marketing. The chapter first examines some common
misconceptions about marketing in LO 1.1 and then presents a proper definition in LO
1.2. The philosophy and thinking that drive marketing and marketers is discussed in LO
1.3. Finally, an examination of the evolution of marketing thought and practice to the
present time closes the chapter and completes the preparation of students for further
detailed study of marketing topics.
Industry Expert Video, Bill Imada, Chairman, IW Group
Please note: Video questions do not appear in the ebook and are designed to give
instructors a few options for quick quizzing and starting points for discussing the videos
with their students. Correct answers to multiple-choice questions are bolded.
Multiple-Choice Questions
1. Bill Imada defines marketing as
a. selling brands.
b. people connecting with people, products, and services.
c. understanding needs.
d. wanting to improve products and services.
2. IW Groups is trying to
a. make the connection between companies and their customers more
personal and emotional.
b. create brand loyalty whenever possible.
, c. better understand people through focus groups and surveys.
d. increase communications with potential customers.
3. Bill Imada advises marketing students to
a. avoid internships.
b. focus on getting the highest grades with or without an internship.
c. exploit the internship environment to the hilt.
d. avoid friendships with coworkers in internship environments.
4. According to Bill Imada, IW Group
a. does better when competitors are weak.
b. only hires young people who don’t have preconceived ideas about marketing
solutions.
c. is very secretive about how they do things.
d. should help everyone, even competitors.
Discussion Questions
1. How does Bill Imada describe marketing differently than the traditional textbook
models?
2. Do you think IW Group’s multicultural focus influences the way the firm approaches
strategic thinking and creative problem-solving?
3. What does Bill Imada mean when he says, ―If someone can invent a better wheel, they
should‖?
What Marketing Is Not
LO 1.1 Describe some common misconceptions about marketing.
Some students might begin their studies with preconceived bias or incomplete
understanding of the nature of marketing and marketers. For example, some might
believe that marketing means ―sales‖ or ―advertising‖ and nothing more. It is important to
set the stage for how students will approach the study of marketing and provide the
proper foundation and background.
Several misconceptions are presented.
Misconception #1: Marketing Is Common Sense
Common sense statement #1: Lower price is always better.
Reality: In some cases, higher price is actually better.
Common sense statement #2: Better service leads to higher profits.
Reality: Better service is only more valuable if customers are willing to pay more for it.
Common sense statement #3: More is better.
Reality: Too many options can lower sales.
,What is referred to as ―common sense thinking‖ is really ―common beliefs‖ held by many
people about marketing. Review each common sense statement with the class. Ask for a
show of hands of how many students believe there is some truth to each statement. Ask
why they think this statement is a popular belief.
Misconception #2: Marketing Is Equivalent to Sales or Advertising
Ask students to name one function or activity that best describes marketing. Sales and
advertising will likely be the most common response. If you then ask students why the
results point to sales and advertising more than other functions, their responses will likely
center on familiarity with these functions, which opens the discussion to the introduction
to some of the other functions like distribution and product development.
Misconception #3: Marketing Makes People Buy Things They Don’t Need
Ask students, with a show of hands, if they have ever bought something they didn’t need.
Ask some students to explain the circumstances and work to develop the concepts of
―needs‖ and ―wants.‖ Ask students why they needed or just wanted specific things that
they bought and how they came to the decision to actually make the purchase. Did the
salesperson influence their thinking? Was the item on sale?
Misconception #4: Marketing Is an Art, and You Either Have the Gift or You Don’t
Ask students where creative skills are most useful in marketing. Advertising? Product
conceptualization and design? Discuss whether idea generation is a gift or can be
learned—especially in an environment where creative thinking is the norm in a marketing
department or firm.
Misconception #5: Marketing Does Not Involve Numbers
This misconception provides an opportunity to discuss the mathematics that students are
likely to deal with in the course and in their marketing career. Sales reports and the
various ratios marketers are likely to deal with can be introduced. Ask students why
reports of profit margins and sales per square foot would be useful to marketers.
Author Podcast 1.1
Please note: Video questions do not appear in the ebook and are designed to give
instructors a few options for quick quizzing and starting points for discussing the videos
with their students. Correct answers to multiple-choice questions are bolded.
Multiple-Choice Questions
1. Dan Padgett opens by discussing misconceptions about marketing. Which of the
following is one of the misconceptions he mentions?
, a. Marketing is mathematical.
b. Marketing is a process.
c. Marketing requires a large staff.
d. Marketing is about getting sales.
2. Jasmine Bina feels that marketing
a. is an art that you can develop over time.
b. is something you either have or don’t have the instinct for.
c. is a process of finding value by measuring and evaluating.
d. has been greatly expanded by the many ways of disseminating information
about one’s product.
3. Dan Padgett says that marketing majors often have the misconception that
a. marketing is about identifying unique features and benefits of one’s product.
b. marketing is nonmathematical.
c. marketing is one of the easier business disciplines.
d. marketing positions offer more job opportunities.
4. The value of using metrics, according to Jasmine Bina, is that
a. a marketer can learn a great deal by measuring and testing.
b. it can replace brainstorming.
c. using metrics saves time.
d. using metrics allows one to have a smaller marketing staff.
Discussion Questions
1. What are two or three of the perceptions of marketing that you currently have?
2. Realizing that you are just starting the course, what are some of the things you might
measure in order to learn more about launching a new product (for example, the size of
the market for your product)?
3. What do the authors mean when they say that marketing is perceived to be an art?
1.1 Concept Check
Question 1: What are some key arguments that marketing is more than just common
sense?
Answer 1: Each of the examples in the text shows that common sense thinking is not
always correct. In each case, common sense thinking led to improper marketing
decisions. For example, ―lower price is always better‖ proved to be wrong. In some cases,
sales increased when the selling price was raised. Ask students for another example of
―common sense‖ thinking that is not always correct. This discussion presents the
opportunity to discuss the need for marketing research to guide decisions.
Question 2: How would you respond to someone who said that marketing is just sales?
Answer 2: The textbook uses this idea to introduce the four pillars of marketing—
product, price, place, and promotion. Use this opportunity to develop a broader
appreciation of what marketers’ work entails—beyond simply selling a product or
service. Ask students to describe the 4Ps for Apple’s iPhone. Discuss how other
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