Marketing Basics
What is the main goal of marketing?
To connect customer needs with products and services that satisfy them.
What is micro-marketing?
The study of marketing activities within an individual firm.
What does the buying function involve?
Deciding what products to purchase for resale or use.
What was the main focus during the Production Era?
Producing as much as possible; demand exceeded supply.
Only producer, can charge what they wanted.
What does customer value mean?
The difference between what a customer gets and what they give up (benefits vs. costs).
What makes marketing different from just “selling”?
Marketing focuses on customer satisfaction and long-term relationships, not just one sale.
What is macro-marketing?
How the entire marketing system serves society by matching producers and consumers.
What does the selling function involve?
Promoting the product and persuading customers to buy.
What shift happened in the Sales Era?
Companies focused on selling and persuading customers to buy what they produced.
Competition increased.
What is social responsibility in marketing?
Considering society’s welfare when making marketing decisions.
Give one example from your life that shows marketing in action.
Sample Responses: Spotify recommendations, sneaker ads, etc.
Which is micro-marketing: A local deli choosing sandwich prices, or a government setting food regulations?
Local deli setting prices.
Which marketing function is happening when sneakers are shipped from a factory to Foot Locker stores?
Transporting function.
What defines the Marketing Company Era?
All departments coordinate around satisfying customers’ needs.
Hiring outside sources to assist.
A business donates part of each sale to charity. Which concept does this represent?
Marketing Concept / Social Responsibility.
Why should students learn marketing?
It influences choices, careers, and understanding of how businesses operate.
What happens in a market-driven economy if a product doesn’t sell?
Producers stop making it; consumer demand drives production.
Which function reduces risk by collecting information about customer preferences?
Marketing Information function.
What’s the difference between a command economy and a market-directed economy?
Command: government controls what’s produced; Market-directed: consumer demand drives production.
Nike focuses on “People, Planet, Play.” Which idea does this represent?
Purpose orientation and social responsibility.
In one sentence, explain the marketing concept.
A company directs all its efforts toward satisfying customers at a profit.
Why is macro-marketing important for society?
It helps allocate resources and ensures goods and services reach consumers efficiently.
Why do companies use intermediaries and collaborators instead of doing everything themselves?
Specialists perform functions more efficiently, reducing cost and improving service.
In which era do companies consider relationships, social causes, and ethics as part of marketing?
Social and Relationship Era.
What ethical issue did Nike face in the 1990s, and how did they respond?
Child labor in supplier factories; Nike improved monitoring and labor practices.