Essentials of Marketing

ESSENTIALS OF MARKETING

Chapter 1

Marketing’s Value to Consumers, Firms and Society

Chapter 1 Questions and Problems

1. List your activities for the first two hours after you woke up this morning. Briefly indicate how marketing affected your activities.

This morning was an unusual morning for me. We had been without power for five days until yesterday afternoon due to the tornadoes that came through Alabama on Wednesday, April 27, 2011. This morning I could not decide what I wanted to do first, drink a cup of brewed, hot coffee or take a hot shower and wash my hair. I opted for the coffee and then the shower. Marketing did however affect my decisions from what brand coffee to drink to the shampoo I used on my hair.

2. If a producer creates a really revolutionary new product and consumers can learn about it and purchase it at a website, is any additional marketing effort really necessary? Explain your thinking.

I would think that some form of marketing tool would be necessary such as television or radio ads. Consumers might not be aware of the product or website to purchase the product without some form of advertising.

3. Distinguish between the micro and macro views of marketing. Then explain how they are interrelated, if they are.

The micro marketing view focuses on the marketing activities of individual organizations. Macro marketing on the other hand focuses on how the whole marketing system functions in society. They are interrelated because in order to macro market a piece of micro marketing has to be performed.

6. Define the functions of marketing in your own words. Using an example, explain how they can be shifted and shared.

The buying function is the process of looking for goods or services but also evaluating goods or services. The selling function is the promotion of the product such as advertising. The transporting function is the moving of goods from one spot to another. An example would be hauling...