Comprehensive Marketing Principles and Ethical Practices for Students

What is the role of marketing in facilitating an exchange?

Marketing facilitates an exchange of needs and wants, focusing on the customer's subjective assessment of benefits relative to costs.

What are the key roles of marketing within an organization?

Marketing plays roles in understanding needs/wants/demands, creating unique value propositions, managing distribution channels, pricing, messaging, and the marketing mix (the four P's).

Why is marketing considered a valued occupation for Christians?

Marketing is valued for its ability to inform, remind, and persuade, ultimately bringing value to customers and serving others.

How should Christians view marketing?

Christians should view marketing as an honorable service process that aligns with their faith.

How did Jesus exemplify marketing principles?

Jesus marketed by teaching, building relationships, and influencing others through stories and images, targeting specific audiences like the Jewish people.

What example illustrates Jesus' marketing strategy with the Samaritan woman?

Jesus overcame barriers of race, culture, and morality to engage with the Samaritan woman, effectively marketing His message.

What does Paul say about marketing in 1 Corinthians 9?

Paul states he made himself a slave to everyone to win as many as possible, emphasizing adaptability in marketing.

What guidance do Philippians 4:8-9 provide for marketers?

Marketers should focus on what is true, just, and right, and practice what they learn from the Bible.

What does 2 Corinthians 4:1 emphasize for marketers?

Marketers should not deceive others or alter the word of God, aligning their practices with God's teachings.

What are the components of a good mission statement?

A mission statement should define what the organization does, why it does it, how it does it, and who it serves.

What characterizes a good vision statement?

A vision statement should inspire, motivate, and drive, representing an outcome of fulfilling the mission.

What are the three different business models in marketing?

1. Cost leadership: becoming a low-cost producer. 2. Differentiation: emphasizing branding, design, and service. 3. Focus strategy: targeting a specific niche.

What are the four main categories of differentiation in a business model?

1. Product differentiation. 2. Customer service differentiation. 3. Operational excellence. 4. Location excellence.

What are the five elements of Porter's Competitive Model?

The five elements include the threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products, and industry rivalry.

What are the five forces in Porter's model?

Threat of new entrants, bargaining power of buyers, threat of substitute products, bargaining power of suppliers, rivalry among existing competitors.

How did Dollar Shave Club disrupt Gillette?

By entering the market with a subscription model that offered lower prices and convenience.

How has Uber affected the taxi business?

Uber's ride-sharing model has significantly disrupted traditional taxi services.

What impact did Keurig have on the coffee grounds business?

Keurig introduced a single-serve coffee system that disrupted traditional coffee brewing methods.

What is the importance of Porter's models?

They help analyze an industry's competitive intensity and profitability.

Why can competition be both an opportunity and a threat for businesses?

It fosters innovation in technology, promotion, and customer service, but also increases pressure to lower prices and improve products.

What strategies do firms use to build competitive advantage?

Focusing on low-cost leadership, differentiation, and creating unique products.

What components are included in a SWOT analysis?

Strengths, weaknesses, opportunities, and threats.

What are internal strengths in a SWOT analysis?

Advantages that a company has control over, such as skills and resources.

What are internal weaknesses in a SWOT analysis?

Disadvantages or areas where the company lacks capability.

What are external opportunities in a SWOT analysis?

Market trends or conditions that can benefit the company.

What are external threats in a SWOT analysis?

Challenges or risks from the external environment that can negatively impact the company.

What is a Unique Value Proposition (UVP)?

A statement that explains how a product meets customer needs better than the competition.

What factors determine a UVP?

Customer needs, company strengths, and competitive advantages.

How do changing demographics impact consumer preferences?

They influence buying behaviors, product choices, and spending habits.

What is the difference between Corporate Strategy and Business Strategy?

Corporate strategy defines the organization's identity and value proposition, while business strategy focuses on how to generate revenue.

How is Marketing Strategy formed?

It is based on how a company promotes itself to its target market.

What are the steps in conducting market research?

Define objectives, gather information, conduct product testing, and perform exploratory and conclusive research.

What types of data are collected in market research?

Secondary data (quantitative) and primary data (quantitative and qualitative).

What are the advantages and disadvantages of secondary data?

Advantages: saves time and is readily available; Disadvantages: may not be timely or specific.

What are the advantages and disadvantages of primary data?

Advantages: specific to research needs; Disadvantages: can be costly.

Why do marketers conduct market research?

To understand market opportunities, assess product potential, and improve decision-making.

What are some reasons companies skip research?

It takes time, is expensive, requires commitment, and may involve fear and pride.

What is the difference between qualitative and quantitative research?

Qualitative research yields descriptive non-numeric information and seeks quality through observation and interviews, while quantitative research communicates information through numbers and seeks quantity via surveys and purchase history.

What distinguishes exploratory research from conclusive research?

Exploratory research uses small samples and qualitative methods to better understand a problem, whereas conclusive research verifies insights through objective procedures to aid decision-making.

What is the difference between primary and secondary data?

Primary data is collected specifically to address research needs, such as surveys and questionnaires, while secondary data is collected from external or internal sources and can be bought or obtained from reports.

What is netnography and how is it used in marketing?

Netnography analyzes online transactions and interactions, including sentiment analysis and heat maps, often through social media and brand communities.

How does ethnography differ from netnography?

Ethnography involves spending extended time in the field to observe behaviors, while netnography focuses on online interactions.

What is big data and how is it related to data mining?

Big data refers to incredibly high volumes of data collected from social networks that are hard to manage, while data mining is the process of using scientific techniques and statistics to extract insights from this data.

What are some ethical issues related to pricing in marketing?

Ethical issues include price fixing, predatory pricing, bait and switch tactics, and price gouging.

What ethical issues can arise in marketing promotions?

Issues include false or misleading advertising, promoting products falsely claimed to be environmentally friendly, and bribery or kickbacks.

What ethical concerns are associated with product marketing?

Concerns include failing to disclose risks, misrepresenting benefits, and not providing accurate information about the product's function and value.

What ethical issues can occur in the distribution or placement of products?

These include manipulating product availability, misrepresenting physical reach, and channel stuffing.

What are common drivers of ethical violations in marketing?

Common drivers include money, pride, power, control, greed, and the pursuit of profit.

Who are considered stakeholders in a business?

Stakeholders include partners, employees and their families, the community, government, investors, and customers.

What is Ethisphere?

Ethisphere is a for-profit company that defines and advances standards for ethical business practices.

What effect do strong ethics have on a company's bottom line?

Strong ethics can lead to increased long-term profitability and growth by attracting loyal customers and top talent.

What are some examples of ethical violations in marketing?

Examples include New Balance's false calorie-burning claims leading to a fine, Kellogg's misleading immunity claims, Valeant's channel stuffing, and Starkist's price fixing scheme.

What ethical tests can marketers use to evaluate their actions?

Marketers can evaluate if they feel good about their products, are proud to share their business card, and if their products have value and are accurately represented.

What is Corporate Social Responsibility (CSR)?

CSR describes voluntary actions taken by a company to address ethical, social, and environmental impacts.

What implications does CSR have for marketing?

CSR influences marketing strategies to ensure that products are marketed ethically and responsibly.

What is Conscious Marketing?

Conscious Marketing involves marketing in an ethical manner according to agreed-upon principles, including responsible data use and offering valuable products or services.