MAR3023 FSU EXAM 1 BRADY
What is Marketing? - Answers :To identify unmet consumer needs & then develop
products that fill those needs & then develop products that fill those needs.
Pure Marketing - Answers :Business function that develops the products that people
want to buy because they know they need them and because they can afford them and
because they can find them. (Don't have to advertise)
Example of Pure Marketing - Answers :Coca Cola - It tastes good & delivers caffeine.
Don't have to go to far to buy one and it is low cost.
Product Development - Answers :Core marketing function. If the product is good the
firm has to do little advertising.
Example of Good Product Development - Answers :Apple, Bedsox, Munchy Mart & Four
Rivers
Impure Marketing - Answers :Firms fail to objectively distinguish their products from
competitors. (Having to advertise because of competitors) Very powerful
Examples of Impure Marketing - Answers :Dasani, Zephrahuills, Fiji, Walgreens water.
Power of Marketing - Answers :Branding & Marketing are powerful. Marketers have
power to change perception of customers with 4 P's
Marketing's core strategies - Answers :Creating value and relationships
Segmenting Markets
Identifying opportunities
Creating Value - Answers :Value
Small Banks: Serve starbucks, offer babysitting , extended hours & free toasters
Sheraton Hotel in L.A.: Offers 24 hour check in, room available any time, guaranteed 24
hour block room stay & occupancy went from 66%-90%
Creating Relationship - Answers :Establishing long term mutually satisfying, buyer seller
relationship.
Examples of Creating Relationship - Answers :Ex. Disney: Theme parks,
movies/tv/radio, cruises & Disney on ice.
Chick-fil-a: Go extra mile, "my pleasure" bring umbrellas, pull out chairs for ladies, bus
tables, refill drinks.
Segmenting Markets - Answers :Targets different wants & needs. Separates devils from
angels, store clerks are given training to identify desirable/angel customers. High
income men "Barry's" Suburban moms "Jills" Male early adopters "Buzzes"
, Examples of Segmenting Markets - Answers :Coke Zero - For Men
Diet Coke - For women
Marriott- Hotels for just suites and inns. Resorts
Identifying Opportunties - Answers :Circumstance & timing meet to create strategic
windows
History of Marketing - Answers :Production Era - firms produced what they could make
Sales Era - firms pushed products using aggressive sales tactics
Marketing Era- focus on customer orientation
Societal Era - firms now serve three entities
Simple Trade Era - Answers :Products were made by hand, grown or traded in small
quantities. Lasted up until the industrial revolution.
Product Era - Answers :Firms produced what they could make. "As long as its black:
inward focus, technical development.
Sales Era - Answers :Firms pushed products using aggressive sales tactics. "Changing
their minds" Focus on: Selling what we make, aggressive promotion - vacuum cleaners,
short term profit maximization.
Marketing Era - Answers :Focus on customer orientation. "Great awakening" where
customers became the central focus of the organization. Began with the development of
marketing departments (1940-1960) & then transferred to the rest of the firm (1960-
1990) Focus on customer is the key "delight" and make what we sell.
Relationship Makerting Era - Answers :Focus is on long-term relationships & customer
retention.
Societal Marketing Era - Answers :"Green Marketing" Focus on: Adds society's best
interest to the mix. corporate social responsibility & firm now serves 3 entities. Ex. Ben
& Jerrys, Disney & Target
4 P's - Answers :Products, Place, Price & Promotion
Products - Answers :Goods, Services & Ideas. Ex. Ford's My Key - Parents control
speed, volume, gas noise, seat belt reminder.
Place (Distribution) - Answers :Makes products available in quantities desired. Minimize
costs: Inventory, transportation & storage. Ex. Fed ex
Promotion - Answers :Inform individuals or groups about the organization & its
products/services. Advertising, public relations, personal selling, promotion, street
What is Marketing? - Answers :To identify unmet consumer needs & then develop
products that fill those needs & then develop products that fill those needs.
Pure Marketing - Answers :Business function that develops the products that people
want to buy because they know they need them and because they can afford them and
because they can find them. (Don't have to advertise)
Example of Pure Marketing - Answers :Coca Cola - It tastes good & delivers caffeine.
Don't have to go to far to buy one and it is low cost.
Product Development - Answers :Core marketing function. If the product is good the
firm has to do little advertising.
Example of Good Product Development - Answers :Apple, Bedsox, Munchy Mart & Four
Rivers
Impure Marketing - Answers :Firms fail to objectively distinguish their products from
competitors. (Having to advertise because of competitors) Very powerful
Examples of Impure Marketing - Answers :Dasani, Zephrahuills, Fiji, Walgreens water.
Power of Marketing - Answers :Branding & Marketing are powerful. Marketers have
power to change perception of customers with 4 P's
Marketing's core strategies - Answers :Creating value and relationships
Segmenting Markets
Identifying opportunities
Creating Value - Answers :Value
Small Banks: Serve starbucks, offer babysitting , extended hours & free toasters
Sheraton Hotel in L.A.: Offers 24 hour check in, room available any time, guaranteed 24
hour block room stay & occupancy went from 66%-90%
Creating Relationship - Answers :Establishing long term mutually satisfying, buyer seller
relationship.
Examples of Creating Relationship - Answers :Ex. Disney: Theme parks,
movies/tv/radio, cruises & Disney on ice.
Chick-fil-a: Go extra mile, "my pleasure" bring umbrellas, pull out chairs for ladies, bus
tables, refill drinks.
Segmenting Markets - Answers :Targets different wants & needs. Separates devils from
angels, store clerks are given training to identify desirable/angel customers. High
income men "Barry's" Suburban moms "Jills" Male early adopters "Buzzes"
, Examples of Segmenting Markets - Answers :Coke Zero - For Men
Diet Coke - For women
Marriott- Hotels for just suites and inns. Resorts
Identifying Opportunties - Answers :Circumstance & timing meet to create strategic
windows
History of Marketing - Answers :Production Era - firms produced what they could make
Sales Era - firms pushed products using aggressive sales tactics
Marketing Era- focus on customer orientation
Societal Era - firms now serve three entities
Simple Trade Era - Answers :Products were made by hand, grown or traded in small
quantities. Lasted up until the industrial revolution.
Product Era - Answers :Firms produced what they could make. "As long as its black:
inward focus, technical development.
Sales Era - Answers :Firms pushed products using aggressive sales tactics. "Changing
their minds" Focus on: Selling what we make, aggressive promotion - vacuum cleaners,
short term profit maximization.
Marketing Era - Answers :Focus on customer orientation. "Great awakening" where
customers became the central focus of the organization. Began with the development of
marketing departments (1940-1960) & then transferred to the rest of the firm (1960-
1990) Focus on customer is the key "delight" and make what we sell.
Relationship Makerting Era - Answers :Focus is on long-term relationships & customer
retention.
Societal Marketing Era - Answers :"Green Marketing" Focus on: Adds society's best
interest to the mix. corporate social responsibility & firm now serves 3 entities. Ex. Ben
& Jerrys, Disney & Target
4 P's - Answers :Products, Place, Price & Promotion
Products - Answers :Goods, Services & Ideas. Ex. Ford's My Key - Parents control
speed, volume, gas noise, seat belt reminder.
Place (Distribution) - Answers :Makes products available in quantities desired. Minimize
costs: Inventory, transportation & storage. Ex. Fed ex
Promotion - Answers :Inform individuals or groups about the organization & its
products/services. Advertising, public relations, personal selling, promotion, street
