...Global Marketing, 8e (Keegan/Green) Chapter 1 Introduction to Global Marketing 1) The market development strategy involves seeking new customers by introducing existing products or services to a new market segment. Answer: TRUE Difficulty: Easy Chapter LO: 1 AACSB: Reflective thinking Course LO: Discuss the fundamental concepts of marketing 2) Starbucks is building on its loyalty card and rewards program in the United States with a smartphone app that enables customers to pay for purchases electronically. This is an example of Market Penetration. Answer: TRUE Difficulty: Moderate Chapter LO: 1 AACSB: Reflective thinking Course LO: Discuss the fundamental concepts of marketing 3) The perceived value equation can be represented as Value = Price/Benefits. Answer: FALSE Difficulty: Easy Chapter LO: 2 AACSB: Analytical thinking Course LO: Discuss the fundamental concepts of marketing 4) Companies can increase prices if costs are low because of process efficiencies in manufacturing. Answer: FALSE Difficulty: Easy Chapter LO: 2 AACSB: Reflective thinking Course LO: Identify and describe the processes and tools of strategic marketing 5) If Nestlé decides not to market biscuits (cookies) in the United States due to competitive reasons, it is considered as a lack of strategic focus and missed opportunity. Answer: FALSE Difficulty: Moderate Chapter LO: 2 AACSB: Reflective thinking Course LO: Identify and describe the processes...
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...DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal life. ➤ Technology will continue to advance and amaze us. ➤ There will be a continuing push toward deregulation of the economic sector. These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” Whether the marketer is Procter & Gamble, which notices that people feel overweight and want tasty but less fatty food and invents Olestra; or CarMax, which notes that people want more certainty when they buy a used automobile and invents a new system for selling used cars; or IKEA, which notices that people want good furniture at a...
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...Chapter 1 Marketing: Managing Profitable Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any definition of marketing is _____. a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (Answer: c; p. 5; Easy) 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction at a profit. c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. e. None of the above statements is true. (Answer: c; p. 5; Easy) 3. Like NASCAR, successful companies recognize a crucial dimension of an outstanding marketing company to be _____. a. a strong customer focus b. a relentless pursuit of customer needs c. customer relationships built by everyone in the organization d. all of the above e. none of the above (Answer: d; p. 5; Moderate) 4. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation. a. Selling b. Advertising c. Barter d. Marketing e. None of the above is correct. (Answer: d; p. 5; Challenging) 1 5. Society and culture shape the basic form of human needs called _____. a. needs b. wants c. demands d. value e. an exchange (Answer: b; p. 6; Moderate) 6. When backed by buying power...
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...Chapter 1 Marketing: Managing Profitable Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any definition of marketing is _____. a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (Answer: c; p. 5; Easy) 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction at a profit. c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. e. None of the above statements is true. (Answer: c; p. 5; Easy) 3. Like NASCAR, successful companies recognize a crucial dimension of an outstanding marketing company to be _____. a. a strong customer focus b. a relentless pursuit of customer needs c. customer relationships built by everyone in the organization d. all of the above e. none of the above (Answer: d; p. 5; Moderate) 4. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation. a. Selling b. Advertising c. Barter d. Marketing e. None of the above is correct. (Answer: d; p. 5; Challenging) 5. Society and culture shape the basic form of human needs called _____. a. needs b. wants c. demands d. value ...
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...Marketing as an organizational Philosophy I am currently in my 20th year of working at Boeing, during that time I have become well acquainted with the organizational mission or philosophy of Boeing. Most of my tenure with the company has been with Boeing Defense Systems (BDS), but in 2010, I accepted a position here in Seattle with one of Boeing’s business units, Commercial Aviation Services (CAS). I was excited to be returning to the commercial segment of Boeing, Boeing Commercial Airplanes, (BCS), and to a business unit whose focus was almost in entirely on meeting the needs of the end user of the product that Boeing produces. I have seen many video’s about Boeing’s work over the years, most people see these video’s on Sunday morning, or over one of the national holidays, I see many of them on a routine basis and one common theme pervades nearly all of them, and in fact, correctly states the mission of Boeing, and its overarching philosophy, that of serving the needs of the customer. Meeting and anticipating the needs of the customer is one of the single biggest concerns of an enterprise today, I say one of the biggest because profitability obviously is a concern, but without meeting the needs of the customer, I can argue, there would be no profit, and in fact no business at all in today’s environment. This is the primary focus of most large, if not all, enterprises today, and is the main theme the video is attempting to convey. The text(s) I have read in previous courses...
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...Chapter 1 Marketing: Managing Profitable Customer Relationships Multiple Choice 1. Marketing seeks to create and manage profitable customer relationships by delivering _____ to customers. a. competitive prices b. superior value c. superior service d. superior promotion (b; Easy; p. 5) 2. The marketing manager at Sunshine Car Washes is holding a training session for new employees. She stresses that perhaps the most important concept of modern marketing is _____. a. customer relationship management b. e-mail advertising c. a quality Web site d. properly trained sales people (a; Moderate; p. 15) 3. This business is now the best-known name on the Net. a. Barnes and Noble b. Microsoft c. Amazon.com d. America Online (c; Easy; p. 3) 4. Jeff Bezos, founder of Amazon.com, wants to deliver a _____ to every customer. a. special experience b. superior value c. wide selection of products d. none of the above (a; Easy; p. 4) 5. Amazon.com delivers all of the following benefits except one. Choose it. a. huge selection b. good value c. convenience d. no refund, credit only policy (d; Challenging; p. 3) 6. Selling on the Web presents serious challenges. Amazon.com has made large initial investments in computer systems, distribution centers, and _____. a. customer acquisition b. inventory c. employee training d. employee benefits (a; Moderate; p. 4) 7. Many...
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...From Marketing Mix to Relationship Marketing: Towards a Paradigm Shift in Marketing Management Decision, 1994, Vol. 32 Iss: 2, pp.4 – 20 Christian Grönroos, Professor of Marketing at the Swedish School of Economics and Business Administration in Helsinki, Finland. Abstract Discusses the nature and sometimes negative consequences of the dominating marketing paradigm of today, marketing mix management, and furthermore discusses how modern research into, for example, industrial marketing and services marketing as well as customer relationship economics shows that another approach to marketing is required.This development is supported by evolving trends in business, such as strategic partnerships, alliances and networks. Suggests relationship marketing, based on relationship building and management, as one emerging new marketing paradigm of the future.Concludes that the simplicity of the marketing mix paradigm, with its Four P model, has become a straitjacket, fostering toolbox thinking rather than an awareness that marketing is a multi-faceted social process, and notes that marketing theory and customers are the victims of today′s mainstream marketing thinking. By using the notion of a marketing strategy continuum, discusses a number of consequences of a relationship-type marketing strategy for the focus of marketing, pricing, quality management, internal marketing and intraorganizational development. Briefly comments on the possibility of developing a general marketing theory...
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...------------------------------------------------- MARKETING – TD1 Marketing is the process by which companies create values for customers and build strong customer relationship in order to capture value from customer in return. Kotler, Principles of marketing. I- History of Marketing * Consumer is much more informed than before: * He is more educated, * He can compare at any time (private labels), * He does not trust brands anymore. * He has a wide experience of traditional marketing techniques and develops his critical sense * He is subjected to contradictions of hyper selection * He refuses blind consumption, centred on ownership * Consumer is less and less sensitive to mass marketing: towards a new consumption model? The changing marketing landscape: digital age, rapid globalisation, ethics and social responsibility, not-for-profit marketing. Management orientations: these are alternative concept. Today there are different concepts. The don’t replace each other but new concepts appear. 1) Production concept: consumers prefer products that are widely available and affordable. 2) Product concept: Not only the availability of the product but also its quality, performance, innovation…Consumer will favour products that offer the most in quality, performance etc. 3) Selling concept: if you leave alone your consumer, he will not buy enough of your product. You must therefore invest in salesperson. It is used...
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...Marketing Concepts Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. By using the marketing process, companies are able to meet the needs of their customers. Each company works differently, therefore, there are many different approaches to marketing. The production concept is the earliest marketing concepts, dominating business thought from the beginning of capitalism through the mid 1950s (Garza, n.d.). This concept was practiced by early industrials, and became a standard practice. Based on the fact that consumers prefer products that are easily available and affordable, it emphasizes large scale production at a low cost. In order to implement this concept, companies concentrate on low costs, mass distribution, and high levels of production. Ford was one of the early champions of this concept with the Model T and his efficient production line (Henley, n.d.). Today, large retailers are prime examples of organizations that are driven by the production concept. They focus on giving consumers affordable products that might be relatively basic in design but are readily available. Companies that operate using the production concept often enjoy continual, consistent sales volumes: consumers remember the brand name and know that they can find those products in many locations. However, organizations that follow the production concept focus on mass distribution and efficient production...
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...Art Institute of Las Vegas Course Syllabus Winter 07 RS121 Fundamentals of Marketing Every Week • Concepts Check for new chapter - BOC • Concepts Challenge for old chapter – after Break • Case at end of old chapter due BOC • EOC project due end of class Week 1 • Introduce Expectations • PowerPoint for Chapter 1 - Marketing: Managing Profitable Customer Relationships – in shared directory Zeus • Discussion Questions Customer Satisfaction o When have you, personally, been extremely satisfied or dissatisfied with a product? Why? o One half to three quarters page due EOC (End of class this week) • Concept Check – master in class at 100% • Company Case – Office Depot: Thank you for calling…. o Due BOC (Beginning of class next week) • Concept Challenge Chap 1 will be quiz next week after break • Concept Check Chap 2 will be BOC Week 2 – Martin Luther King Week 3 • Concept Challenge Chap 1 will be quiz after break • Concept Check Chap 2 will be BOC • Fellini’s La Note De Cabiria o Original Trailer – for Italian Audiences o Re-release Trailer – Repositioned as a masterpiece • PowerPoint for Chapter 2 - Company and Marketing Strategy: Partnering to Build Customer Relationships • EOC – Wizard of Oz as horror movie • BOC next week – Reposition ET as Horror Movie o Six Frames PowerPoint o Self Running ...
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...CHAPTER 1 AN INTRODUCTION TO THE STUDY OF CONSUMER BEHAVIOUR Consumer behaviour has changed dramatically in the past few decades. Today, consumers can order online many customised products ranging from trainers to computers. Many have replaced their daily newspapers with customised, online editions of these media and are increasingly receiving information from online sources. Students choosing a university no longer rely on receiving prospectuses through the post; instead, they have online access to all the pertinent information about a university’s courses and teaching staff and, in some cases, can visit, virtually, actual classes. People wanting to sell their old computers or grandmother’s antique table no longer need to advertise in the local newspaper or rely on a pricey auctioneer; instead, they can sell these items via online auctions or their own personalised online advertisement. Consumers who want out-of-print books no longer have to visit out-of-the-way shops with hundreds of poorly organised dusty shelves, and those who wish to purchase a book published in another country no longer have to call foreign publishers or deal with the bureaucratic nightmare of overseas delivery; instead, they can visit online stores where they can easily locate and place orders for the books they seek. Television viewers can now avoid the advertisement breaks by using the ‘skip’ feature of their recorders and order on demand previously shown television programmes as well as films. All...
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...Nabilah Abu Bakar Honor 301H Assignment #3 September 23, 2013 Discipline Historical Events: Marketing The discipline of marketing can be traced back as far as the Great Depression, when the term “value” was emphasized, rather than the concept of price (Sullivan). Many people have the misconception that marketing is simply the process of selling products and advertisements but there is more to it. Marketing is defined as “developing products to satisfy customers through proper pricing, promotion and distribution” (Marketing: Historical Perspectives). Essentially, marketing is the process of satisfying customer and maintaining a long-term relationship with customers. Thus, there are three events that have significant contribution to the development of marketing. The first event that happened that affected marketing was when the Communications Act of 1934 created the Federal Communications Commission (also known as the FCC). The FCC was created to replace the Federal Radio Commission, as it was more convenient to have one broad agency that dealt with the communications system. The FCC main goal was to “help regulate advertisements on the radio, and later, television” (Sullivan). This meant that broadcasters and advertisers were able to do business regarding commercial interests with the FCC (Johnson). The creation of the FCC was beneficial to the public because it made communication services such as radio and television available and affordable to the American society...
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...Module: Marketing Management Unit: Marketing Planning Lesson: Marketing Orientation © 2012 Resource Development International Ltd. All rights reserved. Resource Development International Limited reserves all rights of copyright and all other intellectual property rights in these learning materials. No part of any learning materials may be reproduced, stored in a retrieval system or transmitted in any form or by any means, including without limitation electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of Resource Development International Limited. Marketing Orientation Marketing Orientation Today, to be effective in marketing, an organisation has to be marketing oriented. It needs to adopt a marketing based business philosophy in all its functions. Let us commence by looking at some basic concepts relating to marketing and marketing orientation. http://www.youtube.com/watch?v =sbEnRGJr2jY A market consists of buyers and sellers - trading in products/services. The price is normally set by the supply of or the demand for, the product. The market for any business consists of its actual and potential customers. This market may be local (e.g. a street market), national (e.g. the mass market) or international. Markets may be classified as: Consumer markets (B2C) http://www.cimmarketingexpert. co.uk/buyerbehaviour Business markets (B2B) http://www.cimmarketingexpert. co.uk/buyerbehaviourB2B To supply goods and services in a competitive environment...
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...History of Marketing: Theoretical Perspectives & Evolution Over the decades, marketing is one of the major aspects of business that has evolved the most. The only factor that is guaranteed to remain constant with marketing is change. The early 1900s introduced the idea of marketing and initially, most businesses dealt with marketing by simply creating new ways to sell their products as quickly as possible with little attention dedicated to the consumer. Marketing was once viewed as a term used to define advertising and selling of products, and consumers grew tired of this marketing mindset when competition become more prominent. Eventually, companies caught on to this and realized they must re-invent their marketing strategies for the overall well-being of their business. Many may still mistakenly view marketing as the simple act of advertising products, however the term has certainly evolved and been redefined as the entire process of conducting marketing research, defining problems, developing research plans, collecting information, analyzing and presenting the information, and ultimately making the best decision for the company. The American Marketing Association (AMA), created in 1937, has played a major role in the advancement of marketing. Just a few years later, in 1940, the AMA already had 817 members and 11 chapters. Another early contributing factor was the marketing mix, an idea proposed by Neil H. Borden in 1950, which was a mix of controllable marketing variables...
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...What is Marketing? Fundamentals of Marketing Management Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Dr. P.V. (Sundar) Balakrishnan Simply put: Marketing is the delivery of customer satisfaction at a profit. Managing World-Class Organizations S #1 Balakrishnan The Marketing Objective Activities in the Marketing Process ... “Satisfy the needs of a group of customers better than the competition.” Distinguish from Selling or Advertising: – merely a subset of marketing actions used to satisfy consumer needs. Marketing focuses on the use of all the firm’s controllable influences to satisfy the customer. S #3 Balakrishnan S #2 Balakrishnan Broad Objective of Marketing Identify needs of customers that company can satisfy Design a Product (“bundle of benefits”) that satisfies those needs - better than existing products. Promote / communicate these benefits in order to motivate purchase Price at the right level so that consumers are willing & able to buy the product and the firm’s profit goals are met Make the product available at the right Place so that exchange is facilitated S #4 Balakrishnan Core Marketing Concepts To grow the business by adapting it to changes in the environment : by monitoring Needs, wants, and demands changes in customer needs changes in competition changes in the company’s own skills...
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