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Define Marketing. Use the example of a successful marketing organization to bring your definition to life, highlighting specifically how this organization's marketing activities fulfill your definition's tenets.
Marketing is the activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large.
Usinf Apple as an example: They create technology. Their advertising and brand identity communicates how great their technology is. Their sales teams deliver and exchange their technology. This benefits Apple and its stakeholders by getting them money and perhaps forming a lasting relationship with the consumer and it benefits the consumer by giving them a super cool new computer to play with.
Explain what is meant by the idea that "marketers are essentially in the relationship business." Use examples.
Marketers are not selling products. They are selling loyalty. Their job is to make the customer want to return to the same brand by giving their brand an image the customer can relate to and want to be a part of. Selling a product helps in the short term, but marketers are more concerned with the long term: the products they could possibly sell tomorrow, if they develop the right relationship with their customers.
Lulu Lemon is a clothing company but you could hardly tell by looking at their advertising. They seem more interested in promoting the ideals of health and happiness than in selling clothing. This culture attracts the customers Lulu Lemon is targeting. Through their marketing they give the impression that they truly care about their customer base, thus their customers want to support them because they support their customers.
Explain the four different orientations an organization might have towards its marketplace, illustrate each orientation with an example.
Production Focus: This orientation is all about mass distribution and low prices: the more efficiently the product can be made the more widely it can be distributed and cheaper it can be sold, the more people will buy it. Wal-Mart is the perfect example of this focus: Their stores are everywhere and they pride themselves on their low price. This works for them despite the products and services being arguably lower quality than competitors because of the sheer volume of their production.
Product Focus: This orientation is concerned with making the perfect product. Companies with a product focus want high quality, innovative features to differentiate them from their competition. If their product is the best, newest, cleverest one out there, that will attract the customers. Gillette is a product-focused company. They are constantly churning out new razors with sleeker designs, more blades, clever gimmicks like 'sound-wave pulses' to help a closer shave. They present themselves as ahead of the curve in razor technology and attract customers looking for the best-of-the-best in that area.
Selling Focus: This orientation is all about selling more than the other guys. Their selling techniques are aggressive and ever-expanding. All orientations are attempting in some way to gain market share but for the selling-focused, % of marketshare is their baseline for determining success. CocaCola is all about aggressive selling. Their vending machines are everywhere and they are in fierce competition with Pepsi to sell more.
Marketing Focus: Relationship-focused marketing is all about encouraging customer loyalty through building a specific brand that presents an appearance that cares about the wants and needs of the target demographic and makes them want to be a part of it. Lulu Lemon is a good example. Their marketing is all about promoting good health and well-being and their target demographic is one that cares about those things in spades.
What are the two principal tasks of the marketing discipline and what do many product failures have in common? Use an example.
- The two principal tasks of marketing are
- 1. Discover consumer needs and
- 2. Satisfy those needs using the four Ps: Product, Price, Promotion and Place.
Many products fail because the marketing involved ignored or misinterpreted one or both of these tasks.
Consider New Coke. The backlash changing the recipe caused was a clear implication that Coca Cola did not fully understand its customers needs. They did not need or want a change and forcing one upon them has provided the world with a famous example of a product failure .
List 5 of 8 stages in the selling process sequentially and proved 3 suggestions for each stage.
- 1. Approach
- -Be confident
- -Be friendly
- -Know or quickly learn their name
- 2. Needs Analysis
- -Ask questions
- -Let them answer: do not interrupt
- -Focus on this: it very important and should not be glossed over.
- 3. Presentation
- -Know your product. Have answers ready for any questions
- -Present it in a way that will appeal, based on your needs analysis
- -Pay attention to the customer's reactions: hone in on the features he seems excited about. Stop to explain or clarify understanding if he seems perplexed.
- 4.Overcoming Objections
- -Know your product: The more informed you are about all aspects the better you can overcome objections
- -Anticipate objections: Have answers prepared for the most common and any you foresee thanks to your needs analysis
- -Don't be dismissive. Treat the objections seriously and offer legitimate solutions.
- 5. Follow up
- -DO IT. Do not just shake hands and walk away. Check up later to build relationships.
- -Offer an easy way to contact you, ask for a way to contact them.
- -Suggest a follow up that appeals to them based on needs analysis. If they mentioned golf, suggest you get together for a game.
What are three techniques a salesperson can use to overcome objections?
- -Ask questions
What is the most important stage in the selling proccess and give three reasons why.
- If you know your customer's needs you can
- -focus on the features of the product that would specifically appeal to the customer.
- -Anticipate and overcome objections.
- -Work towards a mutually beneficial relationship.
What is positioning and what does it involve?
The process by which marketers try to create an image or identity in the minds of their target market.
What are the four keys to positioning strategy? Illustrate with an example.
- Determine who you are.
- -Wal-Mart is the king of low-prices.
- Where do you stand in your demographic's mind
- -Wendy's has higher quality food but slower service than McDonalds.
- How are you different?
- -Apple is simple, sleek and sexy compared to microsoft.
- How are you the same?
- -Both apple and microsoft make the same damn things.
What are the 4Ps of marketing. Provide an example of each from an organization.
- -Wal-mart is the king of low-prices
- -Wal-Mart IS the KING of low-prices!
- -Wal-mart is everywhere. IT'S EVERYWHERE!
- -Wal-Mart is the king of low-quality, mass produced crap.
What are some common criticisms of marketing? Are they justified?
- Marketing is inefficient and costly to the consumer.
- -Ridiculous. Marketing increases the cost of the product but without marketing no one would know about the product or be interested in it.
- Poor product quality and service
- -Legit, but not rampant
- Collusion and price-fixing rampant
- -smacks of conspiracy theory.
- Consumers recieve incomplete, false or misleading information
- -Justified. Lots of marketing is more about getting across a certain 'feel' for the product rather than what it can actually do.
- Produces health and safety hazards
- Marketers promote unwanted and unnecessary products to those who least need them
- -Yep. It's all about creating a desire in the minds of the consumers.
Explain the corporate Social Responsibility Model and use an example to illustrate each of the 4 stages. Is it idealistic?
- Philanthropic: Do good for goodness' sake.
- -Starbucks has an employee volunteers program
- Ethical: Don't do bad because bad is bad.
- -Apple commercials may not tell you a whole lot about the products, but hey, they're not racist!
- Legal: Self Explanatory
- -As far as we know Wal-Mart's treatment of their employees is completely legal
- Economic: Make Money
- -Wal-Mart again
It is idealistic at the top tier. The idea that a corporation must be philanthropic goes against the whole concept of success. Altruism is the act of giving away something with no expectation of beneficial return. This completely undermines the foundation of the model, economics.