Marketing Review Questions 1 and 2

Patrick Hemke

Marketing Ch. 1 and 2

Professor Bell

3 September 2017

1. Marketing is defined as the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders to a dynamic environment. I always defined marketing as just advertising and branding a product. Pretty much researching a certain demographic to promote a product in their likings.
2. Customers are the focus of all market activities. Organizations have to make products that satisfy the consumer’s needs. Advertising connects the product to the consumer. Without the consumer there would be no reason for marketing.
3. The four variables of the marketing mix are product, pricing, distribution, and promotion. These are considered variable because these are the four things that make up marketing. Marketing creates value through the marketing mix. These are the four pillars/variables of marketing.
4. Value is a consumer’s subjective assessment of benefits relative to costs in determining the worth of a product. The marketing mix then can be used to enhance perceptions of the product. The higher the perception means more sales of the product. Marketers can do this through promotional activities which can increase the image and characteristics that the customer considers in their assessment of the product.
5. The conditions that must exist in order for an exchange to happen are, two or more individuals, groups or organizations must participate, and each must possess something of value that the other party desires. Second, the exchange should provide a benefit or satisfaction to both parties involved in the transaction. Finally, each party must have confidence in the promise of the “something of value” held by the other. Just the other day I made an exchange with Game Stop. I traded in four old games for a brand new game.  Each of the three conditions was met and each party was satisfied with the new goods we each received.
6. The forces in a marketing environment include competitive, economic, political, legal and regulatory, technological, and socio-cultural forces. Marketing managers may not have much control over these forces; however they can adjust to them. When fossil fuels sky rockets, marketers then can gain the opportunity to adjust and capitalize on an opportunity to market more energy efficient transportation.
7. The basic elements of marketing concept is that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals. Customer satisfaction is the major focus of the marketing concept. In order to do this, companies must be changing their products to the consumers needs constantly. For example, grocery stores start selling pumpkin pies during Halloween. Another example would be McDonalds selling shamrock shakes during march for St. Patricks day.
8. Organizations can implement the marketing concept by accepting some general conditions and recognize and deal with several problems. Management must first establish an information system to discover customer’s real needs and then use the information to create satisfying products. To satisfy customer’s objectives as well as its own, a company also must coordinate all of its activities. If marketing is not a high priority for a company, it could fail to address actual customer needs and desires which could in turn ruin the company.
9. Customer relationship management is defined as using information about customers to create marketing strategies that develop and sustain desirable customer relations. Marker ting relationships with customers are the foundation/life blood of all businesses. Through CRM, more profits, relationships and opportunities can be made.
10. Marketing is important to society for many reasons. It is important to business and the economy. Marketing fuels our global economy. Marketing is a necessity to advance a global economy. Marketing has brought awareness throughout the world for many products which in turn brings in trillions of dollars which stimulates the world’s economy through international markets. Studying marketing will make you aware that many marketing activities are necessary to provide satisfying goods and services. It is extremely important to study marketing because 25 to 33 percent of all civilian workers in the United States perform marketing activities. Everyone should know/study marketing.

Ch. 2

1. The major components of strategic planning are establishing an organizational mission and formulating goals, corporate strategy, marketing objectives and a marketing strategy. All of these components are interrelated by making the company more marketable to the consumer. Each component builds the organization each step at a time.
2. An organization can create a competitive advantage at the corporate level by seeking out experts from many levels of the organization to take advantage of in-house expertise and to listen to a variety of opinions. Organizations can  create a competitive advantage at the business-unit strategy level by providing growth to in the products and to has the reasoning to diversify into other markets/products which can then capitalize on exisiting skills and knowledge.
3. Some issues to consider in analyzing a company’s resources and opportunities are analysis of the marketing environment, including economic, competitive, political, legal and regulatory, technological, and socio-cultural forces.  These issues affect marketing objectives and marketing strategy by finding the organizations competencies and finding marketing opportunities which the company can then create market strategies.
4. The SWOT analysis assesses an organization’s strengths, weaknesses, opportunities, and threats. It important because it shows marketers how to convert weaknesses into strengths, threats into opportunities, and match internal strengths with external opportunities to develop competitive advantages.
5. An organization can make its competitive advantages sustainable over time by being competitive while also being flexible in the marketing mix when facing unsure competition. If the company is flexible in the marketing mix, it can be easy to create sustainable competitive advantages.
6. Organizations should set marketing objectives by product introduction, product improvement or innovation, sales volume, profitability, market share, pricing, distribution, advertising, or employee training activities. Marketing objectives must be constant with the organization's goals. They should be have deadlines and be very clear.
7. The two major parts of a marketing strategy are selecting a target market and the creation of a marketing mix that will satisfy the needs of target market members.  
8. A marketing strategy should match the organizations goals/mission. The marketing strategy should be in the organizations best interest and fully utilize the company’s resources. The marketing strategy should also match what the consumer’s wants for the company’s capabilities.
9. The implementation of marketing strategies requires managers  to motivate personnel, implement effective communications, imply good coordination efforts, and setting reasonable timetable for activity completion.
10. Marketing objectives plays a major role in the establishment of performance standards. Marketing objectives set the standards for all marketing including, cost, performance standards, sales and brand awareness. Marketing objectives set the tone for the organizations products.
11. Absolutely a should a marketer perform a cost analysis. Marketing costs can be very expensive, so the organization should know all costs associated with their marketing.
12. The major components of a marketing plan are executive summary, environmental analysis, SWOT analysis, marketing objectives, marketing strategies, marketing implementation, and performance evaluation. Executive summary is a one to two page synopsis of the entire marketing plan. Environmental analysis is information about the company’s current situation with respect to the marketing environment. SWOT analysis is the assessment of the organizations strengths, weaknesses, opportunities, and threats. Marketing objectives are specifications of the company’s marketing objectives. Marketing Strategies outlines how the company will achieve its objectives. Marketing implementation outlines how the company will implement its marketing strategies. Performance evaluation explains how the company will evaluate the performance of the implemented plan.