wells02_webreview - Chapter 2 Advertisings Role in...

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62 Chapter 2 Advertising’s Role in Marketing WEB REVIEW QUESTIONS 1. What is the definition of marketing? Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. 2. Explain the marketing concept. The marketing concept is an approach that suggests marketing should focus first on identifying the needs and wants of the customer, rather than on finding ways to sell products that may or may not meet customers’ needs. 3. Why is the concept of exchange important to marketing and how does it connect to a communication industry such as advertising? Marketing helps to create exchange , that is, the act of trading a desired product or service to receive something of value in return. The company makes a product and offers it for sale at a certain price; the customer gives money to the company to buy that product. Money is exchanged for goods. Marketing also facilitates communication exchange. Advertising provides information, as well as the opportunity for customer-company interaction. 4. Why did branding develop and what does advertising contribute to branding? Branding is the process of creating a special meaning for a product, one that makes it distinctive in the marketplace and in its product category, just as your name makes you unique in your community. That special meaning, or brand image, is the result of communication, as well as your own personal experiences with the product. A brand, and the advertising behind it, creates familiarity—we’re more comfortable buying brands we know 5. Explain the concept of added value. In what ways does advertising contribute added value?
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Chapter 2: Advertising's Role in Marketing 63 Added value describes the results of a marketing or advertising activity that makes a product more valuable, useful, or appealing to the consumer. The reason marketing and advertising activities are useful, both to consumers and to marketers, is that they
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wells02_webreview - Chapter 2 Advertisings Role in...

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