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Tutorial 1 QA

Marketing is the process of creating value for customers and building relationships to capture value in return. Marketing myopia focuses too much on products rather than customer needs. Businesses can adopt five competing orientations: production focuses on efficiency; product focuses on quality; selling focuses on promotion; marketing focuses on customer needs; and societal marketing focuses on sustainability. Marketers build relationships by creating value, capturing profits, working with partners, and managing relationships with customers and partners.

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Carlo Widjaja
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124 views1 page

Tutorial 1 QA

Marketing is the process of creating value for customers and building relationships to capture value in return. Marketing myopia focuses too much on products rather than customer needs. Businesses can adopt five competing orientations: production focuses on efficiency; product focuses on quality; selling focuses on promotion; marketing focuses on customer needs; and societal marketing focuses on sustainability. Marketers build relationships by creating value, capturing profits, working with partners, and managing relationships with customers and partners.

Uploaded by

Carlo Widjaja
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. Define marketing. What is marketing myopia and how can it be avoided?

Answer:

Marketing is the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return. Marketing
myopia is the mistake of paying more attention to the specific products a company offers
than to the benefits and experiences produced by these products. It can be avoided by
focusing on the underlying customer needs being met by the product.

2. Describe the five different competing marketing orientations that a business organization
can adopt to drive its marketing strategy.

Answer:

Marketing management can adopt one of the five different competing marketing orientations.
The production concept holds that management’s task is to improve production efficiency
and bring down prices. The product concept holds that 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 holds that 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. Companies want to acquire profitable customers. Describe how marketers build


relationships with customers.

Companies want to not only acquire profitable customers but also build relationships that will
keep them and grow the “share of customers.” Different types of customers require different
customer-relationship management strategies. The marketer’s aim is to build the right
relationship with the right customers. In return for creating value for targeted customers, the
company captures value from customers in the form of profits and customer equity. In
building customer relationships, good marketers realize that they cannot do it alone. They
must work closely with marketing partners inside and outside the company. In addition to
being good at customer-relationship management, they must also be good at partner-
relationship management.

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