C483 Principles of Management (how to go
through the class easily to help you find the
answer) Western Governors University
— Basics of Marketing
Understand the basics of marketing.
Which of the following statements illustrates the utility of ownership?
• a.)
The demand for lawn furniture peaks in late spring.
• b.)
A new retail store secures a site in a popular shopping district.
• c.)
A consumer appreciates using her new smartphone whenever and
however she wants.
• d.)
A dentist schedules appointments for children on Saturdays.
• a.)Incorrect.
This refers to the utility of time, or the value created by making a product
available at the right time.
, • c.)Correct.
The utility of ownership refers to the value customers get from being able to use
and enjoy the product.
Which of the following communication strategies is an example of public relations, as
opposed to advertising?
• a.)
A local magazine interviews a new small business owner and some of his
employees to tell the community about the new business.
• b.)
A television commercial urges customers to join a rewards program to
earn deals and product discounts.
• c.)
A clothing company sends a monthly catalog featuring new clothing
styles to people’s homes.
• d.)
, A touch screen at a gas pump asks customers if they would also like a car
wash.
• a.)Correct.
This is characteristic of public relations: communication that is not directly paid
for to boost sales but instead functions to build goodwill with the public or
inform them about a product, idea, or service.
Which of the following is a tangible benefit?
• a.)
Customers feel confident when wearing this style of clothing.
• b.)
Customers want to dine at an exclusive restaurant.
• c.)
Customers fit in with their peers who use similar services.
• d.)
Customers enjoy the texture of a particular brand’s ice cream.
• d.)Correct.
This is an example of a tangible benefit: a quality of a product or service that
can be seen, touched, or felt. The texture of the ice cream is a physical
characteristic that customers can directly experience and measure.
Correct
Basics of Marketing
Sophia
• Make my favorite instructor
PDF Version
WHAT'S COVERED
Now, we've all heard the term "marketing." What is it, exactly? Is it advertising? Is it
selling? How does it relate to us in the world of business and the world at large? This
tutorial will answer those questions and cover the basics of marketing. Our discussion
breaks down as follows:
• 1. What Is Marketing?
• 2. Consumer Values and Benefits of Marketing
• 3. Types of Utility
, • 4. Marketing vs. Advertising and Public Relations
• Terms to Know
1. What Is Marketing?
Marketing is defined as the process of developing a reciprocal exchange, including the
development of information and promotional materials that stimulate demand.
Marketing has an association attached to it called the AMA, or the American Marketing
Association. In their view, marketing encompasses a lot of processes and activities that
are involved in delivering and exchanging offerings that have value-- to you, to me, and
to society at large.
IN CONTEXT
You can get an idea of how important marketing is by how much companies
spend on it. For instance, between 2009 and 2013, Apple Corporation went from
spending $500 million on marketing to over a billion, in order to stimulate the
demand of their products.
In that same time period, Samsung went from spending $2 billion a year in 2009
to over $4.5 billion. As you can see from the amount of money that companies
invest in marketing, it's clearly important to them.
Now, marketing can be a product, a service, or an idea. Marketing is involved with profit
businesses and non-profit organizations alike.
EXAMPLE
Marketing can involve a product, like Coca-Cola, or a service like tax help from
H&R Block, which is designed to help save you money or deal with an audit.
Marketing also involves ideas such as anti-drug PSAs, which are designed to help
keep kids away from drugs or encourage them not to start.
TERM TO KNOW
Marketing
The process of developing a reciprocal exchange; including the development of
informational and promotional materials to stimulate demand.
2. Consumer Values and Benefits of Marketing
Value is the corresponding usefulness, practicality, or significance. To put it another way,
value equals benefit divided by the cost. What am I getting out of it for how much I'm
going to pay for it?
through the class easily to help you find the
answer) Western Governors University
— Basics of Marketing
Understand the basics of marketing.
Which of the following statements illustrates the utility of ownership?
• a.)
The demand for lawn furniture peaks in late spring.
• b.)
A new retail store secures a site in a popular shopping district.
• c.)
A consumer appreciates using her new smartphone whenever and
however she wants.
• d.)
A dentist schedules appointments for children on Saturdays.
• a.)Incorrect.
This refers to the utility of time, or the value created by making a product
available at the right time.
, • c.)Correct.
The utility of ownership refers to the value customers get from being able to use
and enjoy the product.
Which of the following communication strategies is an example of public relations, as
opposed to advertising?
• a.)
A local magazine interviews a new small business owner and some of his
employees to tell the community about the new business.
• b.)
A television commercial urges customers to join a rewards program to
earn deals and product discounts.
• c.)
A clothing company sends a monthly catalog featuring new clothing
styles to people’s homes.
• d.)
, A touch screen at a gas pump asks customers if they would also like a car
wash.
• a.)Correct.
This is characteristic of public relations: communication that is not directly paid
for to boost sales but instead functions to build goodwill with the public or
inform them about a product, idea, or service.
Which of the following is a tangible benefit?
• a.)
Customers feel confident when wearing this style of clothing.
• b.)
Customers want to dine at an exclusive restaurant.
• c.)
Customers fit in with their peers who use similar services.
• d.)
Customers enjoy the texture of a particular brand’s ice cream.
• d.)Correct.
This is an example of a tangible benefit: a quality of a product or service that
can be seen, touched, or felt. The texture of the ice cream is a physical
characteristic that customers can directly experience and measure.
Correct
Basics of Marketing
Sophia
• Make my favorite instructor
PDF Version
WHAT'S COVERED
Now, we've all heard the term "marketing." What is it, exactly? Is it advertising? Is it
selling? How does it relate to us in the world of business and the world at large? This
tutorial will answer those questions and cover the basics of marketing. Our discussion
breaks down as follows:
• 1. What Is Marketing?
• 2. Consumer Values and Benefits of Marketing
• 3. Types of Utility
, • 4. Marketing vs. Advertising and Public Relations
• Terms to Know
1. What Is Marketing?
Marketing is defined as the process of developing a reciprocal exchange, including the
development of information and promotional materials that stimulate demand.
Marketing has an association attached to it called the AMA, or the American Marketing
Association. In their view, marketing encompasses a lot of processes and activities that
are involved in delivering and exchanging offerings that have value-- to you, to me, and
to society at large.
IN CONTEXT
You can get an idea of how important marketing is by how much companies
spend on it. For instance, between 2009 and 2013, Apple Corporation went from
spending $500 million on marketing to over a billion, in order to stimulate the
demand of their products.
In that same time period, Samsung went from spending $2 billion a year in 2009
to over $4.5 billion. As you can see from the amount of money that companies
invest in marketing, it's clearly important to them.
Now, marketing can be a product, a service, or an idea. Marketing is involved with profit
businesses and non-profit organizations alike.
EXAMPLE
Marketing can involve a product, like Coca-Cola, or a service like tax help from
H&R Block, which is designed to help save you money or deal with an audit.
Marketing also involves ideas such as anti-drug PSAs, which are designed to help
keep kids away from drugs or encourage them not to start.
TERM TO KNOW
Marketing
The process of developing a reciprocal exchange; including the development of
informational and promotional materials to stimulate demand.
2. Consumer Values and Benefits of Marketing
Value is the corresponding usefulness, practicality, or significance. To put it another way,
value equals benefit divided by the cost. What am I getting out of it for how much I'm
going to pay for it?
