Directed Study in Marketing
Marketing’s Value to Consumers, Firms, and Society
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.
a. Awakened by alarm clock. Clock bought because of brand name loyalty: Seiko
b. Had coffee. Brand name loyalty and preferred taste: Folgers
c. Walked and fed dog. Purchased Purina Dog chow due to advertisements.
d. Made breakfast for son. Cereal and milk purchased due to taste preferences.
e. Put on clothing. Bought these clothes due to comfort and quality.
f. Brushed teeth and put on makeup. Purchased items due to loyalty and quality. g. Drove to school. Purchased SUV due to brand loyalty and style.
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 believe additional marketing is necessary. Most consumers do have web access, but there are consumers that do not. Also, consumers do not always want to research an item. They want the information presented to them. Marketing is needed to overcome the separation between consumer and producer. Also, there are parts of the world that may not have internet access. These consumers will need to be educated and reached by other means. Marketing is used to determine the customer’s needs and then meet those needs. There are times when face to face meetings are needed in order to determine those needs. Marketing also needs to help form a relationship with the consumer so that the consumer will come back to the organization again and again. This need cannot always be met by a website’s information.
3. Distinguish between the micro and macro views of marketing. Then explain how they are interrelated, if they are.
Micro view of marketing is designing, creating, and manufacturing products, marketing strategies, and advertising campaigns for the benefit of a segment of the consumer market. Micromarketing is a trend created by the diversity of the consumer population and the difficulty in creating a single product that appeals to all groups in the population. Also, advanced technological abilities (such as supermarket scanners) have enabled marketers to pinpoint which segments are buying what products. Retailers have come to benefit from localized marketing promotions directed toward the population in the neighborhoods of their retail outlets.
Macro view of marketing is the study of marketing activities, institutions, and processes from society’s perspective. It looks at the aggregate flow of goods and services in an economy to determine if it benefits the society in terms of its resource consumption and environmental effects. Macro marketing examines marketing and society, marketing systems, marketing history, marketing phenomena in the aggregate, and marketing’s effects on quality of life.
Micromarketing looks at the activities of a single firm, whereas macro marketing views marketing from a much higher perspective, such as an entire country. Therefore, macro marketing views micromarketing in aggregate.
6. Define the functions of marketing in your own words. Using an example, explain how they can be shifted and shared.
The functions of marketing are buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information.
Buying means looking for and evaluating good or services. Selling involves promoting the product or service. This is usually the most visible function of marketing. Transporting function is moving the product or service from producer to consumer. The storing function holds the goods until the customer need comes into the equation. Standardization and grading involves keeping products in different locations, sorting them according to size and quality. It...
Please join StudyMode to read the full document