Assignment:
Here's an example of how you might respond to some of the exam questions. The key thing is to be specific, thorough, to proof carefully, and to cite your work where appropriate. Assume the professor will ask "Who says?" when you state something specific, so be sure you cite your work accordingly.
1. Based on both your own experiences and what you've learned, what is YOUR definition of marketing? What distinctions, if any, would you make between marketing and marketing management?
My definition of marketing is anything that sells the product. The customer is the single most important influence on marketing. You must know your customer better than your competitor, as the customer drives how you market. Peter Drucker said " Business exist to create and serve the needs of your customer." (PowerPoint, Class Presentation)
2. To be successful in marketing you must identify the specific needs and wants of your customer. You must clearly identify the target market that you wish to market. Once you have identified your market, you must create value for your product. Value is identified by Philip Kotler as "the ratio between what the customer gets (both functional and emotional benefits) and what he gives (monetary costs, time costs, energy costs, and psychic costs)" (Marketing Management, pg. 8).
The distinction between marketing and marketing management is very clear. Marketing is the actual process of creating value for the customer in the exchange of goods. However, marketing management is the process of identifying your customer, target market, and building long lasting relationships with your customer. The successful implementation of both your marketing and marketing management programs is vital to the success of your business.?
3. Define "cause-related marketing" and give an example of its use. How could this tactic offer bottom-line benefits for the organization? Thinking back on your consumer decision-making assignment, had you been exposed to cause-related marketing, how might it have influenced your decision?
4. Kotler described three factors that have dramatically impacted the marketplace today. List these factors and, using the organization you work for now, give an example of each.
5. What is Lifetime Customer Value (also referred to as "Customer Lifetime Value") and why is it such an important business concept?