BMAL-590 Week 1 Section 1 Marketing
What is marketing? - CORRECT ANSWER-Marketing is an exchange between a firm
and its customers.
Marketing can be involved in: - CORRECT 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: - CORRECT ANSWER-production orientation, through selling
orientation, arriving at the customer orientation
Marketing world - CORRECT ANSWER-customer-oriented and customer-empowered
world where the goal is to build and maintain relationships with the customer
CMO - CORRECT ANSWER-chief marketing officers
American Marketing Association defines marketing as: - CORRECT 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 - CORRECT ANSWER-the theory and practice of identifying needs and
distributing goods in a competitive society.
Market: - CORRECT 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: - CORRECT 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: - CORRECT 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
5Cs (expanded) - CORRECT 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?
Great Marketing is based on - CORRECT ANSWER-Sound, logical economic and
psychological laws of human and organizational behavior.
Marketing is: - CORRECT ANSWER-Everywhere, encompasses a wide variety of
pursuits, and is an ongoing process.
Marketing Framework: - CORRECT ANSWER-5Cs, STP, and 4Ps
5Cs - CORRECT ANSWER-customers
company
context
collaboration
competitors
STP - CORRECT ANSWER-segmentation
targeting
positioning
4Ps - CORRECT ANSWER-product
price
promotion
place
STP (expanded) - CORRECT ANSWER-Segmentation: Customers aren't all the same;
they vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than going after
others.
What is marketing? - CORRECT ANSWER-Marketing is an exchange between a firm
and its customers.
Marketing can be involved in: - CORRECT 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: - CORRECT ANSWER-production orientation, through selling
orientation, arriving at the customer orientation
Marketing world - CORRECT ANSWER-customer-oriented and customer-empowered
world where the goal is to build and maintain relationships with the customer
CMO - CORRECT ANSWER-chief marketing officers
American Marketing Association defines marketing as: - CORRECT 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 - CORRECT ANSWER-the theory and practice of identifying needs and
distributing goods in a competitive society.
Market: - CORRECT 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: - CORRECT 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: - CORRECT 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
5Cs (expanded) - CORRECT 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?
Great Marketing is based on - CORRECT ANSWER-Sound, logical economic and
psychological laws of human and organizational behavior.
Marketing is: - CORRECT ANSWER-Everywhere, encompasses a wide variety of
pursuits, and is an ongoing process.
Marketing Framework: - CORRECT ANSWER-5Cs, STP, and 4Ps
5Cs - CORRECT ANSWER-customers
company
context
collaboration
competitors
STP - CORRECT ANSWER-segmentation
targeting
positioning
4Ps - CORRECT ANSWER-product
price
promotion
place
STP (expanded) - CORRECT ANSWER-Segmentation: Customers aren't all the same;
they vary in their preferences, needs, and resources.
Targeting: Attracting some of those customers makes better sense than going after
others.
