Marketing Strategy (MGMKT 829) Chapter 1 Key Points Critical Point #1 Marketing as a Philosophy.

. Factors help in defining orientations External & Internal orientations are meant to be defined as per company policy and nature of business. If we talk about case-Marketing Myopia, the first takeaway is to always work in sync with customer preference. This means that external orientation is always required for an organization to sustain in long run. Our marketing activities should always feel and act according to the change in customer buying pattern or augmented & potential product offerings. Internal orientations are also very much important as motivational factors of people do change with time. A company also needs to meet operational challenges for their competitive advantages. A company always needs to follow their competitive advantages. Test Question 1:- Marketing as a philosophy believes in which kind of orientation? a) b) c) d) External Internal Both None

Answer:- a) External Feedback:- Page 6 of book talks about Marketing is the point person. Marketing must gain insight into customers, competitors, and broader environmental variables. These all are the characteristics of an external orientation.

Critical Point #2 How to use Marketing imperatives To discuss the same, we may take example of Walmart. Walmart works on principle of Everyday Low Price. They have clearly defined Cost Leadership as their competitive advantage. To maintain their cost leadership, they worked on horizontal as well as vertical integration. They defined their target markets and designed market offerings to meet the expectations of target customers. Test Question 2:- Marketing imperatives doesnt talk about which of the following? a) b) c) d) Targeting Segmentation Positioning Macroeconomic environment

Answer:- d) Macroeconomic environment

Feedback:- Page 9 states about 6 imperatives of marketing. Macroeconomic environment is not one of them. Macroeconomic environments are like, Political, economic, social & technological. These are the factors which we talk while discussing about macroeconomic environments.

Critical Point #3 Dynamics & Principles of Marketing Learn, Unlearn & Relearn should be the basis of every marketing strategy so as the principles. To start with marketing activity, we define Vision & Mission & Goal. Defining this clearly says that to start with what our short as well as long term objectives. Long terms objectives are which they seems impossible to be achieved. To achieve short term goals, we use principles of marketing. This also helps in identifying our competitors.

Test Question 3:- Which among the followings define principles of marketing? a) b) c) d) e) Selectivity & Concentration Customer value Differential advantage Integration All of the above

Answer:- e) All of the above Feedback:- Pages 12-14 talks about 4 principles of marketing.