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Marketing Concepts
Marketing 101
| Question | Answer |
|---|---|
| Define Marketing | consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. |
| Explain Strategies and Tactics within the concept of Marketing | Strategies are best explained as the direction the marketing effort takes over some period of time while tactics are actionable steps or decisions made in order to follow the strategies established. |
| Provide an example of a Strategy and Tactic for Marketing | For instance, if a company’s strategy is to begin selling its products in a new country, the tactics may involve the marketing decisions made to carry this out. |
| Explain Identify within the concept of Marketing | Arguably the most important marketing function involves efforts needed to gain knowledge of customers, competitors, and markets (i.e., where marketers do business). |
| Explain Create within the concept of Marketing | When marketers begin new ventures, such as building a new company, it is often based around something that is new (e.g., a new product, a new way of getting products to customers, a new advertising approach, etc.). |
| Explain Maintain within the concept of Marketing | Now, in most marketing situations, marketing success is evaluated not only in terms of sales figures but also by how long a marketer retains good customers. |
| Explain Satisfying Relationships within the concept of Marketing | A key objective of marketing is to provide products and services that customers really want AND to make customers feel their contact with the marketer is helping build a good relationship between the two. |
| Explain Value for both Customer and Marketer within the concept of Marketing | Value refers to the perception of benefits received for what someone must give up. |
| Provide example of Value for both Customer and Marketer | For a successful marketing effort to take place both the customer and the marketer must feel they are receiving something worth while in return for their efforts. Without a strong perception of value it is unlikely a strong relationship can be built. |
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