Marketing Creates Value: What Does It Mean - Assignment Example

Tiffany & Co. is an example of a company that turns its product line roughly 20% annually (Mirabella and Tiffany, 72).

• Explain how “marketing delivers” our standard of living (sol)? Be very specific: What is sol? Why is it important? How does it actually “happen/work” (use a specific example)

Marketing delivers the standard of living (sol), through introducing new trends, classes, and ways of life that are new to the society. The standard of living is then advertised to society. Society eventually takes up the new trends and starts to live them (Sandhusen, 12). This way, marketing delivers the standard of living to society.

This is because; through marketing, the information related to the qualities, need and use of the product is passed on to others who may not have been aware of the existence of the product or its uses (Sandhusen, 47). This way, the value of the product is created in the minds of others.

4) What are the four questions that should be asked as you contemplate a research project (i.e. what is to be measured)?

What is the significance of the research?

What is the size of the research, sources of funding?

Who are the investigators and collaborators, and what are the training, skills, and techniques required to undertake the research?

What approach is suitable for the research?

• What is the exchange theory…why might it be argued that it is “marketing’s most difficult task”?

Exchange theory is a hypothesis postulating that social exchange builds human relationships through a tradeoff by humans based on cost and benefit evaluations (Sandhusen, 17). Exchange theory is marketing’s most difficult task since marketing must show the target audience how the product or service being marketed will benefit the audience in exchange for their monetary value. If marketing does not manage to show the target audience that the benefit conferred by the product or service is of equal value, then the target audience will not be persuaded to purchase.