The First Step in the Marketing Process - Coursework Example

work: Marketing Inserts His/her Inserts Grade Inserts (Day, Month, Year) work: Marketing Section One 1) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. D) Marketing 2) The first step in the marketing process is ________. D) Understanding the marketplace and customer needs and wants. 3) ________ are states of felt deprivation. A) Needs 4) ________ are human needs as shaped by individual personality and culture. B) Wants 5) When backed by buying power, wants become ________ B) Demands 6) Abel now has the buying power to purchase the computer that he wanted for the last six months. Abels want has now become a ________. C) Demand 7) ________ refers to the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. D) Marketing myopia 8) The art and science of choosing target markets and building profitable relationships with them is called ________. A) Marketing management 9) Selecting particular segments of a population of customers to serve is called ________. D) Target marketing 10) The BakeWay Bite is a popular cookie sandwich marketed by the Posco Division of Home Foods. It is famous for its white cream-filled center. Home Foods created a different version of these biscuits for consumers in Germany. To appeal to German consumers, Home Food created dark chocolate filling for the same cookie sandwiches. This is an example of ________. C) Diversification 11) A brands ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs. D) Value proposition 12) Which of the following marketing management concepts is most likely to lead to marketing myopia? A) The customer-driven marketing concept 13) The production concept holds that ________. C) Consumers will favor products that are available and highly affordable. 14) Henry Fords philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the ________. D) Production concept 15) According to the product concept, a company should ________. C) Focus on the target market and make products that meet those customers demands 16) The selling concept holds that ________. A) Consumers will not buy enough of the firms products unless the firm undertakes a large-scale selling and promotion effort 17) Which of the following reflects the marketing concept philosophy? A) We dont have a marketing department, we have a customer department and C) We build them so you can buy them. 18) The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A) Marketing 19) Customer-driven marketing is most likely to work well when ________ and when customers ________. B) Customers do not know what they want; have limited budgets 20) When customers dont know what they want or dont even know whats possible, the most effective strategy is ________ marketing. A) customer-driven 21) Josie enjoys her work at Futuristic Designs Inc. Her organization understands and anticipates customer needs even better than customers themselves do and creates products and services to meet existing and latent needs, now and in the future. Josies firm practices ________ marketing. B) customer-driving 22) The societal marketing concept holds that ________. B) A companys marketing decisions should consider consumers wants, the companys requirements, consumers long-run interests, and societys long-run interests 23) The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer ________. C) long-run welfare 24) Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to the national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ concept. D) Societal marketing 25) ________ marketing is socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. C) Sustainable 26) The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________. C) Customer relationship management 27) Which of the following terms refers to a customers evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers? A) Customer-perceived value 28) Nickson released a new range of watches that were titled after the famous mountaineer Adam Wills. These new watches were promoted through claims that the design is a favorite of Adam Wills who used a similar watch designed by Nickson for its high durability and quality on his expeditions. Such a measure to entice customers to buy ones products aims at creating ________. B) Relationship marketing campaign 29) Sally purchased the newly launched "Jolie" lotion. By attempting to find out if the lotions perceived performance matches her expectations, Sally was measuring her level of customer ________. A) Perceived value 30) Ryan attempts to deliver customer satisfaction every day in his installation business, Audio Expressions. The key to achieving this goal is to match the customer-perceived performance of his product with ________ C) Customer expectations Section 2: Discussion Define marketing and discuss how it is more than just “telling and selling.” Marketing is more of a social and managerial process through which either individuals or groups of people get what they want or need by producing and exchanging products and value with others; than just “telling and selling. It is a technique of combining products produced or services offered with value, satisfaction, quality, availability, price and needs, wants and demands from customers while pursuing the firm’s objectives (Kotler and Gray, 2009, p. 281). Consequently, marketing can be defined as management of markets in such a way that brings about exchanges whose aim is satisfying both customers’ needs and wants. Therefore, it is not just the act of telling and selling of products or services, but, a way of making people understand the product will give them solutions to their utility level, promoting as a way of creating awareness, how the value of the product is worth its price and how distribution strategies are giving them unlimited access before selling it. Marketing has been criticized because it “makes people buy things they don’t really need.” In my opinion, I support this statement but, this can mostly happen in a perfect competitive market. This is because, in perfect competitive markets, there are many firms/sellers in the market who compete for market share. Customers are exposed to so many types of products that are either substitutes, complements from which they are supposed to make decision. As a result of marketing, a customer can end up buying a product that he or she never needed. Some of the thing that lead to such situations is the impact of marketing on the economic, political, social and cultural system of customers. Section 3: Critical Thinking Exercises Discuss a need or want you have that is not adequately satisfied by any offerings currently in the marketplace. Think of a product or service that will satisfy that need or want. Describe how you will differentiate and position your offering in the marketplace and develop the marketing program for your offering. Present your ideas to the other groups. I currently have a “sports Ferrari” which cannot satisfy my need for both speed and off-road sufficiency. What is being offered in the market as “off road” Ferrari, it way too different and in addition to that, the models do not have features that I really want if am willing to offer the amount or that I think it is worth the price. In this situation, I will be forced to change my preference of Ferraris and opt for other models such as land Rover (Range Rover Evoque to be precise) or any other model that can satisfy my need. I will compare its features, efficiency, fuel consumption, durability, maintenance cost, level of technology, reputation/history and price against that of the Ferrari as a way of differentiating and positioning what I have to offer in the market place. Moreover, I will compare the Range Rover with rest of the models available in the market; make a comparison among them before I make the offer. I will also watch out for the future plans of the manufacturers and the upcoming designs and models with the currently available ones in the market. This will enable me to have a better understand the new product I want to buy or to invest in the future, that, wait till want I want is brought to the market. Alternatively, I can wait and see how the Ferrari Company will handle my needs in case they consider them. Bibliography Philip Kotler and Gray Armstrong. 2009, Principles of Marketing. Pearson: New Jersey. Read More