Marketing Multiple Choice And Short Answer Questions
© 2012 McGraw-Hill Ryerson Ltd.
Marketing Fundamentals
Chapter
1
Copyright 2009, McGraw-Hill Ryerson
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Copyright 2009, McGraw-Hill Ryerson
© 2012 McGraw-Hill Ryerson Ltd.
Learning Objectives
- Understand the essence of marketing and explain the marketing process
- Define and analyze elements of the marketing mix
- Differentiate between goods, services, and ideas
- Describe the evolution of different business philosophies
- Discuss the latest marketing approaches
- Summarize careers that exist in marketing
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© 2012 McGraw-Hill Ryerson Ltd.
The Customer is Central
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LO 1
© 2012 McGraw-Hill Ryerson Ltd.
The Essence of Marketing
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Satisfying consumers and providing them with value through goods, services and ideas that meet their needs.
“… delight consumers and encourage customer loyalty.”
LO 1
© 2012 McGraw-Hill Ryerson Ltd.
Customer Value
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Loyalty comes from providing added value:
- Product design
- Pricing strategies
- Service elements
LO 1
Copyright 2009, McGraw-Hill Ryerson
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Copyright 2009, McGraw-Hill Ryerson
© 2012 McGraw-Hill Ryerson Ltd.
Marketers need focus
A single product will not satisfy everyone
Marketers focus their efforts on the group most likely to purchase
The group Target Market
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LO 1
© 2012 McGraw-Hill Ryerson Ltd.
The Marketing Mix or “The 4 Ps”
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A well-coordinated program that appeals to the target market
The Marketing Mix:
- Product
- Place
- Price
- Promotion
LO 2
© 2012 McGraw-Hill Ryerson Ltd.
A Continuous Process
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LO 1
© 2012 McGraw-Hill Ryerson Ltd.
Key points
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- Marketing is more than just advertising and selling
- Marketers manage all the elements of the marketing mix
- Marketers use research to support activities
- Marketing creates exchanges between buyers and sellers
- Profits are realized when needs are met and exchange takes place
LO 1
© 2012 McGraw-Hill Ryerson Ltd.
What Can Be Marketed?
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Goods
Services
Ideas
Product
An Idea That Worked:
>1 billion people in >134 countries and 4,000 cities and towns supported Earth Hour
LO 3
© 2012 McGraw-Hill Ryerson Ltd.
What is a Market?
MARKET (money and means to purchase)
- Parents with children ages 3-6 years
TARGET MARKET (decision-makers and influencers)
- Parents and children
CONSUMERS (users of the product)
- Children
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LO 1
© 2012 McGraw-Hill Ryerson Ltd.
Evolution of Business Philosophies
Production orientation: focus on manufacturing, goods in short supply
Sales orientation: selling as much as possible, more available
Marketing orientation: satisfy customer needs & meet organization’s goals
Relationship marketing orientation: building long-term relationships with customers
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LO 4
© 2012 McGraw-Hill Ryerson Ltd.
Corporate Social Responsibility
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An organization’s consideration for society’s well-being
LO 5
© 2012 McGraw-Hill Ryerson Ltd.
Partnership Marketing
Brands with similar customers but different distribution channels (and products) can collaborate
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LO 5
© 2012 McGraw-Hill Ryerson Ltd.
Ethics: Not All Companies Are On Board
Canadian government regulations:
- pollution
- food and safety
- advertising and telemarketing
- water safety
Canadian Marketing Association (CMA) code of ethics
Consumer Groups also exert pressure
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LO 5
© 2012 McGraw-Hill Ryerson Ltd.
Careers
Do your research
Landing a good job may take work
Keep up to date on consumer and societal trends
Networking is key!
- Meet as many people as possible, stay in touch, and never burn a bridge
- Have a network in place before you graduate
- Get work experience through summer jobs and volunteering
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LO 6
© 2012 McGraw-Hill Ryerson Ltd.
Careers
Succeeding in the Job
Passion, creativity, and the desire for knowledge
Change and lifelong learning are the norm
Keep informed!
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LO 6
© 2012 McGraw-Hill Ryerson Ltd.
“Show, Don’t Tell!” :-)
The Internet in 1994: http://youtu.be/JUs7iG1mNjI
The Internet Today: http://youtu.be/BLJ4VmWk5tw
Social Media stats: http://youtu.be/KU_GW_MD4hA
Best Job, P&G: http://youtu.be/NScs_qX2Okk
Dove Evolution: http://youtu.be/iYhCn0jf46U
Hug Me, Coke: http://youtu.be/OvxMpv-TkYw
Think Different, Apple: http://youtu.be/vmG9jzCHtSQ
IKEA Small Spaces: http://youtu.be/BQjBrt9LriY
NIKE + FUELBAND: http://youtu.be/MT50eLLxPco
PUMA & FuseProject: http://youtu.be/vwRulz8hPKI
Pedigree Dog Food: http://youtu.be/mUCRZzhbHH0
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© 2012 McGraw-Hill Ryerson Ltd.
For next class
Check out the course Blackboard site
Read Course Outline
Prepare your textbook Readings
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To do!
Chapter 1
An Overview of Marketing
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Copyright 2009, McGraw-Hill Ryerson
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