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PRINCIPLES OF MARKETING
CHAPTER 1
What is marketing’s first task?
A. Determine potential consumers
B. Discover consumer needs
C. Collect information about consumers
ANSWER
B. Discover consumer needs
The Components of a Market
Component #1: Unsatisfied Needs
Component #2: Potential Customers
Component #3: Purchasing Power
ALL THREE CONPONENTS MUST BE PRESENT FOR A MARKET TO EXIST
What is marketing’s second task?
A. Satisfying consumer needs
B. Developing concepts for a product
C. Gathering information about needs
ANSWER
A. Satisfying consumer needs
Elements in the Marketing Mix
ProductProduct
MarketinMarketing g
ProgramProgram
PlacPlacee
PromotioPromotionn
Buy at Buy at Computers Computers
‘R Us‘R Us
PricPricee
TYPES OF UTILITY
TIME
PLACE
POSSESSION
FORM
INFORMATION
SERVICE
HISTORY OF MARKETING
PRODUCTION ERA“A good product will sell itself.”
SALES ERA“Creative advertising and selling will overcome consumer resistance and convince them to buy.”
MARKETING ERA“The consumer is King! Find a need and fill it.”
OBJECTIVES OF MARKETING ERA
1) Creating the desire to generate customer satisfaction
2) Total organizational effort
3) Meet consumers needs better than anybody else
4) Profit as an objective
MARKETING ERA
Who comes first, second, and third from the following: Customer, Stockholder, Employee
First = Employee
Second = Customer
Third = Stockholder
MARKETING MYOPIA
“Management’s failure to recognize the scope of its business. Future growth is endangered when management is product oriented rather than customer oriented.”
MYOPIA EXAMPLES
Myopic Description: “We are a telephone company.” Marketing Description: “We are a communications company.”
Myopic Description: “We are in the railroad business.” Marketing Description: “We are in the transportation business.”
Myopic Description: “We are in the petroleum business.” Marketing Description: “We are in the energy business.”
Myopic Description: “We are in the animate film business.” Marketing Description: “We are in the entertainment business.”
Myopic Description: “We are in the sports business.” Marketing Description: “We are in the entertainment business.”
TYPES OF NONPROFIT MARKETING
Person Marketing “Vote for Edwards”
Place Marketing “Portugal … Enjoy It.”
Idea Marketing “Help Prevent Birth Defects.”
Event Marketing “Monster Truck Rally … Sunday! Sunday! Sunday!”
Organization Marketing “The Marines Need a Few Good Men”
Macromarketing vs. Micromarketing
Dilemma: What is good for some producers and consumers may not be good for society as a whole.
Examples:
Guns
Alcohol
Tobacco
Lotteries/Gaming/Casinos
SELF CHECK
Answer the following questions
Question #1
What is the first task of marketing?
A. Satisfying consumer needs
B. Discovering consumer needs
C. Gathering market information
D. Producing a product
Question #2
What is the second task of marketing?
A. Satisfying consumer needs
B. Discovering consumer needs
C. Gathering market information
D. Producing a product
Question #3
Which of the following is NOT a marketing mix function?
A. Developing a product
B. Producing a product
C. Distributing a product
D. Advertising a product
Question #4
The phrase “Call 1-800-XXX-XXXX for a free copy of our magazine” would be an example of ______ utility.
A. Place
B. Service
C. Possession
D. Information
Question #5
The phrase “A good product will sell itself” is associated with the _____ era of marketing.
A. Production
B. Sales
C. Marketing
D. Consumer
Question #6
Which of the following is NOT a myopia phrase?
A. “We are in the sports business”
B. “We are in the petroleum business”
C. “We are in the transportation business”
D. “We are a telephone company”
Question #7
The phrase “Red Cross --- The First To Arrive At A Disaster” is considered _____ marketing.
A. Cause
B. Event
C. Place
D. Organization
Question #8
The phrase “Save the Manatee” is considered _____ marketing.
A. Place
B. Cause
C. Person
D. Event
ANSWERS
1. B
2. A
3. B
4. D
5. A
6. C
7. D
8. B
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