Foundation of Marketing Peregrine Global/
108 Q&A/ A+ Score Solution.
Marketing - Answer: Marketing is an exchange between a firm and its customers.
The company offers benefits to its customers and seeks profits.
Why is Marketing Important? - Answer: Marketing is the business; it should permeate the entire
organization. Marketing and customer satisfaction is everyone's responsibility to maintain those
relationships
American Marketing Association - Answer: define marketing as "the activity, set of institutions,
and processes for creating, communicating, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large.
Classical marketing - Answer: is a philosophy which guides the attitude of everyone in a firm to
stimulate and satisfy the needs and wants of every customer.
Page 1 of 22
,Competitive marketing - Answer: a strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to offer value to
the target market
5 C's - Answer: Marketing Framework Part 1
Examining the External Environment
Customers: Who are they? What are they like? Do we want to draw different customers?
Company: What are our strengths and weaknesses? What customer benefits can we provide?
Context: What is happening in our industry that might reshape our future business?
Collaborators: Can we address our customers' needs while strengthening our business to
business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their likely actions and
reactions?
This helps marketers assess any business problem or opportunity in terms of a general analysis
of the entire business situation. The customer and company are central players in the marketing
exchange. The context includes the macro-environment: the economy, legal constraints, cultural
differences, and global segments.
STP - Answer: Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they vary in their preferences, needs, and
resources.
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, Targeting: Attracting some of those customers makes better sense than going after others.
Positioning: Communicate your benefits clearly to your intended customers.
Refers to the fact that businesses or organizations are unlikely to be all things to all people, so it
is best to identify groups or segments of customers who share similar needs and wants. When
the different segments' preferences are understood, then the organization can identify the
targeted segments.
4 P's - Answer: Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
Promotion: What can you tell your customers, or do for them, to entice them to purchase?
Then starts marketing efforts, A relationship is developed with that target segment by
positioning products in the marketplace via the questions above
Convenience purchases - Answer: Staples (standard, frequently consumed goods such as bread
or gas) and impulse purchases (candy or National Enquirer available near the check-out stand).
(B2C low)
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108 Q&A/ A+ Score Solution.
Marketing - Answer: Marketing is an exchange between a firm and its customers.
The company offers benefits to its customers and seeks profits.
Why is Marketing Important? - Answer: Marketing is the business; it should permeate the entire
organization. Marketing and customer satisfaction is everyone's responsibility to maintain those
relationships
American Marketing Association - Answer: define marketing as "the activity, set of institutions,
and processes for creating, communicating, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large.
Classical marketing - Answer: is a philosophy which guides the attitude of everyone in a firm to
stimulate and satisfy the needs and wants of every customer.
Page 1 of 22
,Competitive marketing - Answer: a strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to offer value to
the target market
5 C's - Answer: Marketing Framework Part 1
Examining the External Environment
Customers: Who are they? What are they like? Do we want to draw different customers?
Company: What are our strengths and weaknesses? What customer benefits can we provide?
Context: What is happening in our industry that might reshape our future business?
Collaborators: Can we address our customers' needs while strengthening our business to
business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their likely actions and
reactions?
This helps marketers assess any business problem or opportunity in terms of a general analysis
of the entire business situation. The customer and company are central players in the marketing
exchange. The context includes the macro-environment: the economy, legal constraints, cultural
differences, and global segments.
STP - Answer: Marketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they vary in their preferences, needs, and
resources.
Page 2 of 22
, Targeting: Attracting some of those customers makes better sense than going after others.
Positioning: Communicate your benefits clearly to your intended customers.
Refers to the fact that businesses or organizations are unlikely to be all things to all people, so it
is best to identify groups or segments of customers who share similar needs and wants. When
the different segments' preferences are understood, then the organization can identify the
targeted segments.
4 P's - Answer: Marketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
Promotion: What can you tell your customers, or do for them, to entice them to purchase?
Then starts marketing efforts, A relationship is developed with that target segment by
positioning products in the marketplace via the questions above
Convenience purchases - Answer: Staples (standard, frequently consumed goods such as bread
or gas) and impulse purchases (candy or National Enquirer available near the check-out stand).
(B2C low)
Page 3 of 22
