BBMK1013 Principles of Marketing_2024A

EXTRA EXERCISE FOR MIDTERM

1. Outline the steps in marketing process.

:no need explain, short answer not need paragraph
Step 1, understand the marketplace and customer needs and wants.
Step 2, design a customer value driven marketing strategy.
Step 3, construct an integrated marketing program that delivers superior value.
Step 4, engage customer build profitable relationship and create customer delight.
Step 5, capture value from customers to create profits and customer equity.

2. Explain the FIVE (5) core customer needs and marketplace concepts.
a) Customer Needs, Wants, and Demands.
Needs it is the basic requirements for survival and well-being. A person may experience states
of felt deprivation - the feeling of lacking something or feeling unsatisfied with one's current
situation when something is not fulfilled. Physical needs is food, clothing, warmth, and safety.
Social needs is belonging and affection. Individual needs is knowledge and self-expression.
Wants it is a form taken by human needs when shaped by culture and individual personality.
It could be desires for products or services that go beyond basic necessities. Demands given
their wants and resources, people demand products and services with benefits that add up to
the most value and satisfaction.Human wants that are backed by buying power
b) Market Offerings
Products, Services,and Experiences. Consumers’ needs and wants are fulfilled through market
offerings some combination of products, services, information, or experiences offered to a
market to satisfy a need or a want. Not limited to physical products, which include services
activities or benefits offered for sale that are essentially intangible and do not result in the
ownership of anything. Market offerings also include other entities, such as persons,
places,organizations, information, ideas, and causes. Marketing myopia paying more attention
to the specific products than to the benefits and experiences produced.
c) Customer Value and Satisfaction.
Customers form expectations about the value and satisfaction of market offerings. Satisfied
customers buy again, Dissatisfied customers switch to competitors. Setting the right level of
expectations. Low expectations may fail attract buyers. High expectations may disappoint
buyers
d) Exchanges and Relationships,
exchange is the act of obtaining a desired object by offering something in return. Marketing
consists of creating, maintaining, and growing desirable exchange relationships. Strong
relationships are built by consistently delivering superior customer value.
e) Markets.
The concepts of exchange and relationships lead to the concept of market. Market is the set of
actual and potential buyers of a product. Sellers must search for and engage buyers, identify
their needs, design good market offerings, set prices for them, promote them, and store and
deliver them.

3. List THREE (3) winning marketing strategies.

A. Selecting customer to serve
B. choosing customers to serve
C. marketing management orientation.

4. Elaborate the FIVE (5) marketing management orientations with an example each.
Structure question, format, essay type. Point…explanation…example…explain example
Firstly of marketing management orientations is production concept, one of the earliest
concepts and oldest orientations that guide seller. Consumers will favor products that are
available and highly affordable. Management should focus on improving production and
distribution efficiency. For example Walmart has used this marketing management orientation
by using highly producing and lowest cost to produce focus on quantity.

Secondly of marketing management orientations is product concept that Consumers will favor
products that offer the most in quality, performance, and innovative features. Product quality
and improvement are important parts of most marketing strategies. For example Logitect that
has using this concept by produce high quality product.

Third marketing management orientations is selling concept. Consumers will not buy enough
of the firm’s products unless it undertakes a large-scale selling and promotion effort. It’s
typically practiced with unsought goods those that buyers do not normally think of buying,
such as life insurance or blood donations.
Fourthly of marketing management orientations is marketing concept. Company focus to
achieve organizational goals by knowing the needs and wants of target markets and delivering
the desired satisfactions better than their competitors. It is a customer-centered sense-and-
respond philosophy. The job is not to find the right customers for your product but to find the
right products for your customers. For example Starbucks has using thus marketing concept
by using advertising, promotion to let public know them.

Fifthly of marketing management orientation is societal marketing concept. Company fcus on

charity. Company are concerned not just with short-term economic gains but with the well-
being of their customers, the depletion of natural resources needed by their businesses, the
welfare of key suppliers, and the economic well-being of the communities in which they
operate. For example, Kia’s “Hero’s Journey” advertisement starring Melissa Mccarthy is the
best example of societal marketing. Coca-Cola releases an ad that shows people of various
ethnicity and chants “America is Beautiful” in various languages. Airbnb’s #WeAccept super
bowl 2017 ad. Budweiser ad shows how its immigrant founder founded a company.

5. Differentiate between micro-environment and macro-environment in a marketing

environment. Makes and show the difference.
Micro-environment is actors close to the company that affect its ability to serve thiers
customers such as the company itself. Whereby,Macro-environment are the external forces
that could affect a company’s operation such as the economic situation.

6. Discuss THREE (3) micro-environment forces that could affect a company’s ability to
serve its customers. Provide a relevant example of each. Structure question, essay
Point…explanation…example…explanation for exp.
Firstly, the suppliers. Provide the resources needed by the company to product, its goods and
services Supplier problems seriously affect marketing to supply shortages or delays, labor
strikes. For example, home furnishings retailer IKEA knows the importance of building close
relationships with its extensive network of suppliers.

Secondly is marketing intermediaries help the company to promote, sell, and distribute its
products to final buyers. Resellers, physical distribution firms, marketing services agencies,
financial intermediaries. Example Coca-Cola provides its retail partners with much more than
just soft
drinks. It also pledges powerful marketing support.
Thirdly is competitors. Marketers must gain strategic advantage by positioning products
strongly against competitors. No single strategy is best for all companies. Example Nokia fail
to follow strategic, at the same time, the competitor has come out such as Samsung and apple.

7. Describe THREE (3) forces from the macro-environment that could affect the
marketing decisions for a company. Give a relevant example of each.
Firstly is demographic Environment, demography is the study of human populations in terms
of size, density, location, age, gender, race, occupation, and other statistics. Marketers analyze
by changing age and family structures, geographic population shifts, educational
characteristics, population diversity. Demographic Environment a population contains several
generational groups: Baby Boomers: people born during the post–World War II baby boom
from 1946 to 1964. Generation X: born between 1965 and 1980. Millennial (or Generation
Y): Born between 1981 and 1997. Generation Z: young people born between 1997 and 2016.
Example, targeting Gen X Lowe’s markets heavily to Gen X homeowners with ideas and
advice on home-improvement projects and problems, urging them to “Never Stop
Improving.”

Secondly is, technological environment. New technologies create new markets and
opportunities. Digital Technology, Internet of Things (IoT) and radio-frequency identification
(RFID) is technology to track products through various points in the distribution channel.
Artificial Intelligence (AI) is widely used in business and consumer activities. Government
agencies investigate and ban potentially unsafe products. Example, Disney is taking RFID
technology to new levels with its cool new Magic Band RFID wristband.

Thirdly is cause-related marketing. Companies use cause-related marketing to exercise their

social responsibility, build more positive images, primary form of corporate giving.
Controversy strategy for selling more rather than a strategy for giving. Example Ben & Jerry’s
three-part “linked prosperity” mission drives it to make fantastic ice cream.
8.Elaborate the FIVE (5) types of consumer markets. Point with explain not need
example.
a) Consumer markets consist of individuals and households that buy goods and services for
personal consumption.
b) Business markets buy goods and services for further processing or use in their production
processes.
c) Reseller markets buy goods and services to resell at a profit.
d) Government markets consist of government agencies that buy goods and services to
produce public services or transfer the goods and services to others who need them.
e) International markets consist of these buyers in other countries, including consumers,
producers, resellers, and governments.