D174/ UNIT 2 QUESTIONS &
ANSWERS(RATED A+)
Two key marketing concepts are - ANSWERvalue and exchange
Value represents - ANSWERall the benefits you get from a product
exchange is the - ANSWERprocess of giving up something to gain something.
A common misconception of marketing is that it is a - ANSWERcost center. It is seen
as an expense, not an investment.
One misconception is that marketing is all about - ANSWERselling. Personal selling
is just another method of marketing communication, which is part of promotion in the
marketing mix.
Effectively targeting high-value sources of growth - ANSWERThis problem focuses
on the need for the customer-centric approach that today's digital marketplace
provides with the ability to have the right product at the right time to the right
customer.
Today, businesses are in the post-marketing concept phase, which uses a customer-
centric approach and focuses on - ANSWERdifferentiation, the customer,
relationships, and one-to-one marketing (including mass customization).
Return on marketing investment requires marketing metrics to be identified, tracked,
and evaluated; this trend shifts - ANSWERmarketing from an expense to an
investment that can be measured and managed.
Marketing ethics affect the elements of the marketing mix through -
ANSWERproduct, pricing, distribution, and promotion decisions.
Essential Reading
The role of marketing in the firm and the C-suite - ANSWERThis problem takes a
supply side focus on the processes and workflows of the marketing function and the
role and influence of the chief marketing officer (CMO).
The digital transformation of the modern corporation - ANSWERThis problem
addresses both supply and demand. It involves gathering data from the customer
and turning it into insights that can help the organization compete, engage, and track
its interactions with consumers and measure how well the marketing is performing.
Generating and using insight to shape marketing practices - ANSWERThis problem
is an addition to the previous one and relates to the role of marketing analytics within
the firm. It is about having access to information, being able to form insights into the
customer, and make decisions based on these insights.
, Dealing with an omnichannel world - ANSWEROrganizations can communicate in
different ways with consumers. They need to find the right mix of customer interfaces
to coordinate across multiple communication channels. Some organizations use a
multichannel strategy. This means a consumer sources information from different
sources rather than an integrated source. Other organizations use an omnichannel
strategy that focuses on the consumer and links communication sources based on
customer needs. Thus, communication is convenient and seamless for the consumer
because they do not need to access information from multiple sources. For example,
Eva is a customer at a bank and has an account there for a small home-based
business and a personal checking account. Eva is very busy, and she prefers to use
online banking. An omnichannel strategy would allow her to interface with both her
small business and personal accounts through one online log-in.
Competing in dynamic, global markets - ANSWERCompanies need to determine
how they will compete in global markets and what their competition will be globally,
regionally, and locally. Marketers need to assess the global marketplace and its
opportunities. This problem is integrated into all the other problems, as global
markets can be a high-value source of growth, change the organizational structure
and roles, and create challenges in gathering information for insights about the
global consumer.
Balancing incremental and radical innovations - ANSWERinnovations are about
more than the product and can include technologies, business models, partnerships,
and customer experiences. The key with balancing innovation is operating in the
present and for the future. For example, Netflix had a DVD operation that it needed
to support, but it also looked at radical innovations in technology like moving to an
on-demand and streaming service to remain relevant in the in-home movie viewing
marketplace (Jaworski et al., 2016).
Sara bought a new designer purse for her birthday. She had never spent that much
on a purse, but she decided it was worth the money because it was elegant.
What describes Sara's perception of buying the purse? - ANSWERValue
Correct! Sara perceived a product value that was positive based on her benefit-to-
cost ratio.
Marketing - ANSWERan exchange process in which a consumer gives up something
of value (money, time, convenience) for something else that they want or need. The
core concepts of marketing are exchange and value.
While there are many misconceptions about marketing that come from its high
visibility and use of buzz words, marketing is more than just advertising or selling. It
is about - ANSWERcreating value for consumers, organizations, and society.
Marketing can be defined as a set of activities characterized by - ANSWERcreating,
communicating, delivering, and exchanging value with consumers or society; these
activities are considered the marketing mix or the 4Ps of product, promotion, place,
and price.
ANSWERS(RATED A+)
Two key marketing concepts are - ANSWERvalue and exchange
Value represents - ANSWERall the benefits you get from a product
exchange is the - ANSWERprocess of giving up something to gain something.
A common misconception of marketing is that it is a - ANSWERcost center. It is seen
as an expense, not an investment.
One misconception is that marketing is all about - ANSWERselling. Personal selling
is just another method of marketing communication, which is part of promotion in the
marketing mix.
Effectively targeting high-value sources of growth - ANSWERThis problem focuses
on the need for the customer-centric approach that today's digital marketplace
provides with the ability to have the right product at the right time to the right
customer.
Today, businesses are in the post-marketing concept phase, which uses a customer-
centric approach and focuses on - ANSWERdifferentiation, the customer,
relationships, and one-to-one marketing (including mass customization).
Return on marketing investment requires marketing metrics to be identified, tracked,
and evaluated; this trend shifts - ANSWERmarketing from an expense to an
investment that can be measured and managed.
Marketing ethics affect the elements of the marketing mix through -
ANSWERproduct, pricing, distribution, and promotion decisions.
Essential Reading
The role of marketing in the firm and the C-suite - ANSWERThis problem takes a
supply side focus on the processes and workflows of the marketing function and the
role and influence of the chief marketing officer (CMO).
The digital transformation of the modern corporation - ANSWERThis problem
addresses both supply and demand. It involves gathering data from the customer
and turning it into insights that can help the organization compete, engage, and track
its interactions with consumers and measure how well the marketing is performing.
Generating and using insight to shape marketing practices - ANSWERThis problem
is an addition to the previous one and relates to the role of marketing analytics within
the firm. It is about having access to information, being able to form insights into the
customer, and make decisions based on these insights.
, Dealing with an omnichannel world - ANSWEROrganizations can communicate in
different ways with consumers. They need to find the right mix of customer interfaces
to coordinate across multiple communication channels. Some organizations use a
multichannel strategy. This means a consumer sources information from different
sources rather than an integrated source. Other organizations use an omnichannel
strategy that focuses on the consumer and links communication sources based on
customer needs. Thus, communication is convenient and seamless for the consumer
because they do not need to access information from multiple sources. For example,
Eva is a customer at a bank and has an account there for a small home-based
business and a personal checking account. Eva is very busy, and she prefers to use
online banking. An omnichannel strategy would allow her to interface with both her
small business and personal accounts through one online log-in.
Competing in dynamic, global markets - ANSWERCompanies need to determine
how they will compete in global markets and what their competition will be globally,
regionally, and locally. Marketers need to assess the global marketplace and its
opportunities. This problem is integrated into all the other problems, as global
markets can be a high-value source of growth, change the organizational structure
and roles, and create challenges in gathering information for insights about the
global consumer.
Balancing incremental and radical innovations - ANSWERinnovations are about
more than the product and can include technologies, business models, partnerships,
and customer experiences. The key with balancing innovation is operating in the
present and for the future. For example, Netflix had a DVD operation that it needed
to support, but it also looked at radical innovations in technology like moving to an
on-demand and streaming service to remain relevant in the in-home movie viewing
marketplace (Jaworski et al., 2016).
Sara bought a new designer purse for her birthday. She had never spent that much
on a purse, but she decided it was worth the money because it was elegant.
What describes Sara's perception of buying the purse? - ANSWERValue
Correct! Sara perceived a product value that was positive based on her benefit-to-
cost ratio.
Marketing - ANSWERan exchange process in which a consumer gives up something
of value (money, time, convenience) for something else that they want or need. The
core concepts of marketing are exchange and value.
While there are many misconceptions about marketing that come from its high
visibility and use of buzz words, marketing is more than just advertising or selling. It
is about - ANSWERcreating value for consumers, organizations, and society.
Marketing can be defined as a set of activities characterized by - ANSWERcreating,
communicating, delivering, and exchanging value with consumers or society; these
activities are considered the marketing mix or the 4Ps of product, promotion, place,
and price.
