Romina Pineiro
Homework 1,2,3,4,5,6
Principles of Marketing
January 24, 2017
Millennia Atlantic University
1. Define marketing. What is marketing myopia and how can it be avoided?
(AACSB: Communication; Reflective Thinking).
Marketing is the process by which companies create value for customers and
obtain value from customers in return. Marketing myopia refers to the mistake of
paying more attention to a product itself than the experiences produced by the
product. It can be avoided by focusing on customer needs being met by the
product.
2. Describe the key elements of a customer-driven marketing strategy and
discuss the marketing management orientations that guide marketing
strategy. (AACSB: Written and Oral Communication; Reflective Thinking)
Customer-driven companies do research on customers to analyze them and know
things like their desires and gather new product ideas and also test the product to
know if it is a good one. The first step on develop effective marketing strategy is
decide whom the company is going to serve. It divided the market into segments of
customers (market segmentation) and the target marketing and then the company
decides how they are going to differentiate itself in the marketplace.
Marketing management can adopt one of five competing market orientations:
• The production concept: improve production efficiency and bring down
prices.
• The product concept: consumers favor products that offer the most in
quality, performance, and innovative features; thus, little promotional effort is
required.
• The selling concept: holds that consumers will not buy enough of an
organization’s products unless it undertakes a large-scale selling and
promotion effort.
• The marketing concept: achieving organizational goals depends on
determining the needs and wants of target markets and delivering the
desired satisfactions more effectively and efficiently than competitors do.
• The societal marketing concept: holds that generating customer
satisfaction and long-run societal well-being through sustainable marketing
strategies is key to both achieving the company’s goals and fulfilling its
responsibilities.
3. Explain the importance of understanding the marketplace and customers
and identify the five core marketplace concepts. (AACSB: Communication).
In other to become successful you must have the correct information that´s why it
is important to really understand the market in which you are going to sell and the
customers that we are going to serve, the audience that you are targeting. The five
core marketplace concepts are:
1. Customer needs, wants, and demands.
2. Market offerings (products, services, and experiences).
3. Customer value and satisfaction.
4. Exchanges and relationships.
5. Markets.
4. What is customer-engagement marketing? Describe an example of a brand
that engages customers well. (AACSB: Communication; Reflective Thinking).
Customer engagement marketing is the process in which brands look for ways to
become a part of their clients lives by delivering customer value and satisfaction.
The key to building lasting relationships is the creation of superior customer value
and satisfaction.
A good example of a brand that engages customers will be Coca-Cola.
5. When implementing customer relationship management, why might a
business desire fewer customers over more customers? Shouldn´t the focus
of marketing to be acquire as many customers as possible? (AACSB:
Communication; Reflective Thinking).
Businesses desire fewer customers over more customers because dealing or
having relations with a lot of customers is expensive. They prefer to have fewer
super clients than a ton of small clients.
Chap.2
1. Explain how marketing plays a key role in an organization´s strategic
planning. (AACSB: Communication).
Business need marketing because they allow customers to be aware of the
product or service the business is selling. Without customers the business cannot
survive. Marketing plays an important role because you can reach potential
customers helps to ensure that people will be aware of your product or service
