1. MARKETING
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return - Kotler and Armstrong (2010).
The action or business of promoting and selling products or services, including market research and advertising.
Putting the right product in the right place, at the right price, at the right time.

2. MARKETING TERMS MARKETING CONCEPT
the idea that a company should supply a product or service based on what customers want and need
MARKETING STRATEGY
an organization's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan.
MARKET SEGMENT
a group of possible customers who are similar in their needs, age, education, etc. (market segmentation occurs when a company decides that they want to identify a specific type of consumer to which they can market their product or service)
TARGET MARKET
the group of people that a company wants to sell its products or services to (a target market is determined once the company identifies which consumers to sell to)
NICHE MARKET
a small area of trade within the economy, often involving specialized products

3. MARKETING TERMS PRODUCT PORTFOLIO
a combination of two or more product families
PRODUCT POSITIONING
the way that ​customers ​think about, or the way that a ​company ​wants ​customers to ​think about, a ​product in relation to similar ​products or to ​competitors' ​products
DISTRIBUTION CHANNEL
one of the methods that are used for selling a company’s products or services, for example, selling them through a distributor or a retailer
BRAND NAME
the name given to a product by the company that produces it
MARKETING MIX
the combination of the features of a product, its price, the way it is advertised and where it is sold, each of which a company can adjust to persuade people to buy the product

4. The influence of the interviewer on the outcome of the research.
Listening p. 112/ ex. 1
Sample = a set of individuals or items selected from a population for analysis to yield estimates of, or to test hypotheses about, parameters of the whole population.
The influence of the interviewer on the outcome of the research.
In survey research, response rate, also known as completion rate or return rate, is the number of people who answered the survey divided by the number of people in the sample. It is usually expressed in the form of a percentage.
Adventure holiday.
Students between 18 and 25.

5. Listening p. 113/ ex. 2
The research topic may not be relevant to the respondent, questionnaire is not user friendly, etc.
Things that can be done to ensure higher response rate: offer an incentive; clear, spacious and user friendly layout; gentle reminders and follow-up approaches to non- respondents; persuasive covering letter, etc.
street interview = the interviewer talks to people on the street
focus group = inviting 6 to 10 people to gather for a few hours with a trained interviewer to talk about a product, service or organisation, the comments are recorded and studied later.
Secondary data.
Qualitative data = information that is not in numerical form. It is descriptive data used to gain an understanding of reasons, opinions and motivations.

6. I‘d love to know how much it costs.
Grammar
How much does it cost?
I‘d love to know how much it costs.
Have you any idea how much it costs?
Is it expensive?
Have you any idea if/ whether it is expensive?

7. Reading comprehension SB p. 109/ 3
… the Internet or mobile networks …. certain marketing objectives, such as creating a buzz around a product and to achieve product sales.
… individuals with high social networking potential.
… their ability to influence that network.
… incorporated viral marketing in their business plans.
… the growth of online social networks.
… Hotmail … offering free accounts and then placing a link that read something like this: ‘Want a free account? Sign- up for Hotmail today!’ in the footer of each and every that was sent from a Hotmail account
… the Blair Witch Project, a small low-budget horror film.
… the Harvard Business School faculty member Jeffrey Rayport.
… net surfers get tired of too many messages or the web in general.

8. Discussion questions SB p.108
Why do firms need to market their products?
What changes in the business environment have led to marketing becoming more important in the modern world?
What do marketing executives do in their jobs?
What is the difference between marketing and selling?
What is the difference between marketing and advertising?
What is viral marketing?

9. Why do firms need to market their products?
Marketing builds strong customer relationships, so with a comprehensive marketing plan you can effectively communicate with your target audience. Also, companies are constantly improving, but people’s perceptions tend to remain fixed. As it takes years to shape and define your reputation, you need to be doing it all the time.

10. What changes in the business environment have led to marketing becoming more important in the modern world?
In the late 19th and early 20th centuries, goods were sufficiently scarce and competition sufficiently underdeveloped that producers did not really need marketing. They could easily sell whatever they produced. As markets and technology developed, competition became more serious and companies began to produce more than they could easily sell. This led to the „sales era“, lasting into the 1950s and 1960s, during which organisations developed increasingly large and increasingly pushy sales forces, and more aggressive advertising approaches In 1960s and 1970s organisations began to move away from a „sell what you can make“ type of thinking towards a „find out what the customer wants and then we will make it“ type of market driven philosophy.

11. What do marketing executives do in their jobs?
they do market research
they create marketing campaigns
they control a campaign budget
they manage campaign websites and social media like twitter and Facebook
they check how effective a campaign is by collecting data and reporting this to management
they explore customer opinions and gaps in the market
they look at competitors´ marketing strategies
they organise public relations events or product exhibitions
they arrange sponsorship
they place adverts in newspapers and magazines, as well as on TV and radio
they write and distribute posters, flyers or brochures
they network with clients and the public

12. What is the difference between selling and marketing?
Selling is mostly producer driven and has short term goals of achieving the sales target or market share.
Marketing is consumer driven and has long term goals of building customer loyalty and higher customer satisfaction.
What is the difference between marketing and advertising?
Marketing is broader than advertising. It contains advertising. Advertising is a part of marketing. Marketing further involves research, sales, public relations, customer service  etc.
What is viral marketing?
Internet advertising or marketing that spreads exponentially whenever a new user is added. Viral marketing assumes that as each new user starts using the service or product, the advertising will go to everyone with whom that user interacts.