Answers to End of Chapter Learning Aids

Copyright © 2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.1

Chapter 1 Overview of Marketing

Tools for Instructors

• Brief Chapter Outline • Learning Objectives • Extended Chapter Outline with Teaching Tips • Answers to End of Chapter Learning Aids • Chapter Case Study • Additional Teaching Tips • Connect Activities

Brief Chapter Outline

What Is Marketing?The Importance of Marketing over Time How Does Marketing Create Value, and How Do Firms Become More Value Driven?End of Chapter Learning Aids

Chapter Case Study: A Flood of Water Consumption Choices

Learning Objectives

LO1-1 Define the role of marketing.

According to the American Marketing Association, formally, marketing is the “activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. But marketing has a prominent role in every person’s daily life, whether he or she is exchanging money for conventional products, exchanging personal information for services, or exchanging time for a cause that gives him or her a good feeling. It includes a vast range of stakeholders, including not just the firm and the customer but also other members of the supply chain, communities, and society as a whole. Furthermore, the foundation of all marketing can be summarized in the four Ps, such that marketing defines the product, price, place, and promotion that firms use to get their offerings into consumers’ hands.

LO1-2 Detail the evolution of marketing over time.

Marketing has evolved from a production or sales-oriented approach, in which firms told people what they could and should buy, to a market- and value- oriented perspective. In this more recent view, firms look to their markets to tell them what they need to product and provide, in a way that creates value for them and their customers.

LO1-3 Describe how marketers create value for a product or service.

Value stems from at least four main activities that value-driven marketers undertake and are reinforced

throughout the book:

• Adding value, such that they leverage various elements of marketing and work to build relationships with partners and customers to ensure that they introduce their product, service, or idea to the marketplace at just the place and time that customers want it.(Marketing, 8e Dhruv Grewal, Michael Levy) (Solution Manual Latest Edition 2023-24, Grade A+, 100% Verified) (For Complete File, Download link at the end of this File) 1 / 4

Chapter 1 - Overview of Marketing Marketing 8 th

Copyright © 2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.2

• Marketing analytics, which companies use to gather vast amounts of information about customers and competitors, then analyze it and share it across their own organization and with partner firms.• Social and mobile marketing, to take advantage of new technologies and connect with customers using the latest social media channels.• Ethical and societal dilemmas, such that firms engage in conscious marketing that takes into account the benefits and costs of their actions for all stakeholders.

Extended Chapter Outline with Teaching Tips

• What Is Marketing?
• Marketing Is About Satisfying Customer Needs and Wants
• Marketing Entails an Exchange
• Marketing Creates Value through Product, Price, Place, and Promotion Decisions

1. Product: Creating Value

2. Price: Capturing Value

3. Place: Delivering the Value Proposition

4. Promotion: Communicating the Value Proposition

• Marketing Can Be Performed by Individuals and Organizations
• Marketing Affects Various Stakeholders

Progress Check: Several questions are offered for students to check their understanding of core concepts.

• What is the definition of marketing?

Answer: Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

• Marketing is about satisfying _____ and _____.

Answer: Marketing is about satisfying needs and wants.

• What are the four components of the marketing mix?

Answer: The four components of the marketing mix are product, place, price, and promotion.

• Who can perform marketing?

Answer: Both individuals and organizations can perform marketing as marketing can entail B2C, B2B, and C2C. 2 / 4

Chapter 1 - Overview of Marketing Marketing 8 th

Copyright © 2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.3

II. The Importance of Marketing over Time

• Marketing Helps Create Value
• Production-Oriented Era
• Sales-Oriented Era
• Market-Oriented Era
• Value-Based Marketing Era

Progress Check: A question is offered for students to check their understanding of marketing over time.

• What are the various eras of marketing?

Answer: The eras of marketing include the production era, sales era, market era, and value- based era.

III. How Does Marketing Create Value, and How Do Firms Become Value Driven?

• Adding Value
• Marketing Analytics
• Social and Mobile Marketing
• Ethical and Societal Dilemma

Progress Check: Several questions are offered for students to check their understanding of core concepts.

• Does providing a good value mean selling at a low price?

Answer: Value-based marketing isn’t just about low price; it is also about creating strong products and services.

• How are marketers connecting with customers using social and mobile media?

Answer: Marketers are steadily embracing new technologies, such as social and mobile media, to allow them to connect better with their customers and thereby serve their needs.

Answers to End of Chapter Learning Aids

Marketing Digitally

• Visit the websites for Hydro Flask (www.hydroflask.com), Yeti (www.yeti.com), and Nalgene

(www.nalgene.com) bottles. What value do these manufacturers provide customers? How are their value propositions different? 3 / 4

Chapter 1 - Overview of Marketing Marketing 8 th

Copyright © 2022 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.4

Student responses will vary, and faculty should review the websites to verify currency. Hydro Flash focuses on its interpretation of simplicity through fun, adventure, and the outdoors. Yeti’s mission is to “build the cooler you use every day if it existed.” Nalgene focuses on the fact that their produce is made of 50% recycled content. The three companies differ in the way they view the benefits of the product.Hydro Flash views the psychological benefits of their products by stressing the adventures consumers can enjoy while using their products; whereas, yeti looks at the practical side in the variety of places where it makes sense to use their product. Nalgene uses an appeal to those who are concerned about the sustainability of the environment.

• Go to Instagram.com and navigate to the “About Us” section. What is Instagram’s mission?

How could a marketer use Instagram, and what other social media tools could they use? What are the drawbacks a marketer might face when using Instagram to communicate with their customers?

Mission: Facebook's mission is to capture and share the world’s moments.

Marketers can use Instagram by encouraging users to incorporate #tags into their postings to promote the company. For marketers with a budget, Instagram offers filters to reach to promote the location where the picture was taken. They also offer the Instagram logo and other assets for use on websites, in store windows, or other marketing materials. Facebook and TicTok are other social media platforms that can be. Used. One drawback a marketer might face when using Instagram to communicate with their customers is that they have no control over the types of pictures the user might take and the image they might portray.

• Visit the site of any company from which. You receive some free service (e.g. Facebook,

Spotify, TikTok, Twitter, Gmail). Check you setting to see what information to have given the company to exchange for the service. Is the value of the information you have provided equivalent to the value the company provides you with as a service?

Students answers will vary greatly depending on the service they visit and the privacy settings they have.Many people set up these services without really checking what information they don’t have to share and what they do. Those who blindly set up these services without investigating the restrictions they can give in the privacy settings. The looser the privacy settings, the less likely students will believe that the exchange is worth it. Another factor that comes into play is that many times students lack the life experience to realize that negative ramifications that can come with sharing too much information so they may not realize how much they are giving away.

Marketing Applications

• Do you know the difference between needs and wants? When companies that sell coffee

develop their marketing strategy, do they concentrate on satisfying their customers’ needs or wants? What about a utility company, such as the local power company? A humanitarian agency, such as Doctors without Borders?

Needs are essential items that individuals cannot live without. These include necessities like shelter, health care, basic food, and basic transportation. Wants are products that customers would like to have and view as improving their quality of life, like brand-name clothing, computers, and luxury vehicles.

This question is intended to make students think about the difference between customer needs and wants, as well as how companies might address one or both. It also challenges students to explore whether different types of companies address the needs and wants of consumers differently. Companies

• / 4