Marketing Week 1

What skills are required for marketing executives?

Marketing executives need analytical skills, creativity, and an understanding of human behaviour.

What are customer insights and why are they important?

Customer insights are understandings of consumer needs and behaviours that guide product and marketing decisions.

What is involved in marketing decision-making?

Marketing decision-making includes choices about products, pricing, promotion, target markets, and distribution channels.

How is the marketing environment changing?

The marketing environment is evolving due to digital media, globalisation, and increased competition.

What is marketing's role in organisations?

Marketing acts as the 'voice of the customer' to ensure decisions align with customer needs.

What is evidence-based marketing?

Evidence-based marketing involves making decisions using reliable data rather than intuition.

What is the marketing mix (4Ps)?

The marketing mix consists of product, price, promotion, and place.

What is the difference between customer needs and wants?

Needs are basic requirements, while wants are specific expressions of those needs.

What is mental availability?

Mental availability is how easily a brand comes to mind in a buying situation.

What is physical availability?

Physical availability is how easy it is for consumers to find and purchase a product.

What is sustainable marketing?

Sustainable marketing focuses on long-term customer satisfaction while considering environmental and social impacts.

What are the risks of unsustainable marketing?

Unsustainable marketing can damage trust and lead to business failure.

What are marketing metrics?

Marketing metrics are measures used to evaluate performance, such as sales and customer satisfaction.

What is buyer behaviour?

Buyer behaviour refers to how consumers decide what, when, where, and how much to buy.

Why is intuition limited in marketing?

Intuition is unreliable because marketers are not representative of typical consumers.

What is repeat buying behaviour?

Repeat buying behaviour is when consumers repeatedly purchase the same brands or products.

What is consumer loyalty?

Consumer loyalty is the tendency to repeatedly buy from a small set of brands.

What is the role of memory in marketing?

Memory determines which brands consumers recall in buying situations.

What is segmentation?

Segmentation is dividing a market into groups of consumers with similar characteristics.

What is target marketing?

Target marketing involves focusing marketing efforts on a specific segment of consumers.

What are heterogeneous consumers?

Consumers are heterogeneous, meaning they differ in demographics, behaviour, and preferences.

What is the scope of marketing careers?

Marketing is used across many industries, creating diverse career opportunities.

What is trade in marketing?

Trade is the exchange of goods and services, forming the foundation of marketing.

How does trade impact society?

Trade increases wealth, reduces poverty, and improves living standards.

What are the types of marketers?

Types of marketers include 'doer' marketers focused on execution and senior marketers focused on strategy.

What is marketing science?

Marketing science studies patterns in buying behaviour to develop general laws.

What are marketing mix decisions?

Marketing mix decisions involve choices about product, price, promotion, and place.

What are high-involvement decisions?

High-involvement decisions involve more thought due to higher risk or importance.

What are light vs heavy buyers?

Most consumers are light buyers, while a small group are heavy buyers.

What is a repertoire?

A repertoire is the small set of brands a consumer regularly buys from.

What is prosaic loyalty?

Prosaic loyalty is loyalty based on convenience and habit rather than strong emotions.

What is product variation?

Product variation involves offering different versions of a product to meet diverse needs.