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Marketing Management 1st Edition by Greg Marshall,Mark Johnston
Edition 1ISBN: 978-0073529790Marketing Management 1st Edition by Greg Marshall,Mark Johnston
Edition 1ISBN: 978-0073529790 Exercise 1
Consider the various marketing misconceptions introduced in this chapter.
a.Pick any two of the misconceptions and develop a specific example of each from your own experience with firms and brands.
b. How will it be beneficial for a new marketing manager to understand the misconceptions that exist about marketing
c.Can you come up with some other marketing misconceptions of your own - ones that are not addressed in the chapter
a.Pick any two of the misconceptions and develop a specific example of each from your own experience with firms and brands.
b. How will it be beneficial for a new marketing manager to understand the misconceptions that exist about marketing
c.Can you come up with some other marketing misconceptions of your own - ones that are not addressed in the chapter
Explanation
Verified
Verified
This is one of the biggest misconceptions of marketing where advertising is only considered as a medium of marketing. If a marketer underwent adapting only advertising as a medium of marketing, then it may drown the products 'value. There are other modes too which can communicate the brand or the product to potential customers. For example: After sale service over the electrical goods is also a medium of marketing which shows that company is concerned about the customer even after the product is sold. One more example is the word of mouth promotion which a person gets from the ones who are already using the product. Such can be seen over the websites as the product reviews.
• Marketing is as a cost to firm: Firms consider marketing to be a cost. When a firm starts considering marketing as a cost, then it is affecting the product's market as well as a share. This is because the firms are keen to reduce the costs and if they are considering marketing as a cost and not as an investment, then it badly affects the sales or the market of a product. For example: Samsung did not market its earthmovers due to which it has established a small market. Considering an investment as a loss thrashes the market for a product.
b.
Marketing misconceptions are basically the misunderstandings formed in the minds of the managers. Greater the level of misconception bigger will be the impact over the brand. There is a huge importance of understanding the marketing misconceptions by managers as a better understanding may lead to creation of fortunes for the brand. The benefits of understanding the misconceptions related to marketing are mentioned below:
• Better communication of the message as well as the product promotion to the consumers.
• Better brand establishment.
• Increase in the product sales.
• A better communication would provide feedback and necessary improvements could be made in the product.
• One of the biggest advantage for this is that there would be and extended product lifecycle.
c.
There can be some other marketing misconceptions and one of which can be "too much marketing would give too much returns". If a product is overrated and the company has spent extra time as well as money on the marketing of that product, then this would not provide the obvious returns. Example: Coca-cola's new coke was not a better variant as compared to the original one. The company spent a huge on the marketing, thinking it to be a success but it failed in the market as the product was to that much preferred buy the consumers.
• Marketing is as a cost to firm: Firms consider marketing to be a cost. When a firm starts considering marketing as a cost, then it is affecting the product's market as well as a share. This is because the firms are keen to reduce the costs and if they are considering marketing as a cost and not as an investment, then it badly affects the sales or the market of a product. For example: Samsung did not market its earthmovers due to which it has established a small market. Considering an investment as a loss thrashes the market for a product.
b.
Marketing misconceptions are basically the misunderstandings formed in the minds of the managers. Greater the level of misconception bigger will be the impact over the brand. There is a huge importance of understanding the marketing misconceptions by managers as a better understanding may lead to creation of fortunes for the brand. The benefits of understanding the misconceptions related to marketing are mentioned below:
• Better communication of the message as well as the product promotion to the consumers.
• Better brand establishment.
• Increase in the product sales.
• A better communication would provide feedback and necessary improvements could be made in the product.
• One of the biggest advantage for this is that there would be and extended product lifecycle.
c.
There can be some other marketing misconceptions and one of which can be "too much marketing would give too much returns". If a product is overrated and the company has spent extra time as well as money on the marketing of that product, then this would not provide the obvious returns. Example: Coca-cola's new coke was not a better variant as compared to the original one. The company spent a huge on the marketing, thinking it to be a success but it failed in the market as the product was to that much preferred buy the consumers.
Marketing Management 1st Edition by Greg Marshall,Mark Johnston
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