Understanding the Marketplace.pdf - Study Guide Marketing...

Study Guide
Marketing
Reviewed By
Stephanie Szymanski

About the Reviewer
Stephanie Szymanski received her BA in Literature from
West Chester University and her MS in Library Science from
Clarion University, and has acquired a decade of experience
writing and editing materials. Her career path eventually
made its way to Penn Foster, where she was Senior Content
Manager in the Product Development department. She is cur-
rently a freelance instructional designer and technical writer
in Portland, OR..

C o n t e n t s
C o n t e n t s
iii
INTRUCTIONS TO STUDENTS 1
LESSON ASSIGNMENTS 7
LESSON 1: ASSESSING THE MARKETPLACE 9
LESSON 2: UNDERSTANDING THE MARKETPLACE 31
LESSON 3: TARGETING THE MARKETPLACE 45
LESSON 4: VALUE CREATION 53
LESSON 5: VALUE CAPTURE 65
LESSON 6: VALUE DELIVERY 75
LESSON 7: VALUE COMMUNICATION 85
SELF-CHECK ANSWERS 101

I n s t r u c t i o n s
I n s t r u c t i o n s
1
INTRODUCTION
Marketing is fundamental to the success of any business.
Many people think that marketing is the same as simply
advertising or selling a product or service. That’s true, but
only to an extent. Marketing includes the elements of adver-
tising and selling, but marketing has evolved into much more
than that.
Your textbook— Marketing, Fifth Edition, by Grewal and
Levy—defines marketing in broad terms that apply to all
organizations that offer goods or services to customers.
Marketing is the process of planning and executing the con-
ception, pricing, promotion, and distribution of ideas, goods,
services, organizations, and events to create and maintain
relationships that satisfy individual and organizational objec-
tives. You may not have realized that marketing involves
so many different activities. You also may not have realized
that marketing is important to both profit and not-for-profit
organizations.
Your course covers the principles of marketing, and you’ll
study these principles and learn how real companies apply
them in their marketing plans. You’ll encounter interesting
examples of marketing strategies used by companies that pro-
duce many of the products and services you use. You’ll also
learn how marketing has changed over the years, always tak-
ing advantage of new technologies.
OBJECTIVES
When you complete this course, you’ll be able to
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Design and develop a marketing plan
n
Outline the implementation of the marketing mix as a
means to create customer value
n
Describe the 4E framework of social media marketing
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Identify the ethical values marketers should embrace
and how ethics can be integrated into a firm’s market -
ing strategy

Instructions to Students
2
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Articulate the steps in the consumer decision process
and the factors that affect it
n
Highlight the similarities and differences between a
domestic marketing strategy and a global marketing
strategy
n
Recognize strategies associated with segmenting, tar-
geting, and positioning
n
Differentiate between primary and secondary data
and how they are used in marketing
n
Identify the strategies concerning product, branding,
and packaging decisions
n