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Questions and Answers
Key resources for a business include elements like human resources, financial resources, and physical resources.
True
A strategic alliance is a partnership between direct competitors.
False
Buyer-supplier relationships are considered key partners that help ensure reliable supplies for businesses.
True
Intellectual resources for a business include items like cash and lines of credit.
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Joint ventures involve partnerships where both parties collaborate to develop a new business.
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The primary goal of marketing channels is to build loyalty for a product and influence other customers.
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Support only refers to the assistance provided before a purchase is made.
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Personal face-to-face interaction is considered the weakest marketing channel for building customer relationships.
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DELIVERY refers to the process of the customer making the initial evaluation before purchase.
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Customers who are satisfied with a product may advocate for additional products from the same company.
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Study Notes
Key Activities
- Focus on fulfilling value proposition: Key activities should directly address the core promises made to customers.
- Reach customer segments: Activities must effectively connect with the target audience.
- Maintain customer relationships: Build strong relationships to encourage loyalty and repeat business.
- Generate revenue: Activities should be designed to produce profit.
Key Resources
- Human Resources (Employees): Essential for executing key activities and carrying out the business model.
- Financial Resources (Cash, Lines of Credit): Funding is necessary for operations, investments, and covering expenses.
- Intellectual Resources (Brand, Patents, IP, Copyright): Protects unique aspects of the business and provides competitive advantage.
- Physical Resources (Equipment, Inventory, Buildings): Tangible assets required for production, storage, and operation.
Key Partners
- Strategic Alliance: Collaborations between non-competing companies to achieve mutual goals.
- Coopetition: Partnerships where competitors cooperate in certain areas while maintaining competition in others.
- Joint Ventures: Partners pool resources and expertise to create a new business venture.
- Buyer-Supplier Relationships: Secure reliable sources of materials, components, or services essential to the business.
Marketing Channels Overview
- Marketing, sales, and distribution channels connect your company with customers.
- AWARE, CONSIDER, PURCHASE, DELIVERY, SUPPORT, and LOYALTY represent the customer journey and the responsibilities of different channels.
- AWARE: Generating customer awareness about your company and its offerings.
- CONSIDER: Providing information for customers to evaluate and consider your products. Achieving this through reviews, comparisons, trials, videos, etc.
- PURCHASE: Facilitating actual product purchase through sales channels, be it online or in-store.
- DELIVERY: Ensuring the efficient delivery of purchased products to customers, whether they bought online or in a physical store.
- SUPPORT: Offering customer assistance and addressing any questions, returns, exchanges, or delivery delays after purchase.
- LOYALTY: Nurturing customer satisfaction leading to repeat purchases, additional product interest, and potential customer advocacy.
Types of Marketing Channels
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PERSONAL/FACE-TO-FACE:
- Builds strong customer relationships allowing for immediate question answering, concern addressing, and personalized experiences, especially for luxury brands.
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INTERNET/SOCIAL MEDIA:
- 24/7 access to product information, self-service through website, Facebook, YouTube, or Instagram.
- Provides articles, videos, reviews, email subscriptions, "Buy Now" buttons, and contact information.
- Uses analytics tools for customer behavior monitoring.
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EMAIL/MAIL:
- Direct communication for reaching customer segments with product information, sales, special offers, or loyalty discounts.
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ADVERTISING:
- Includes various options like newspapers, magazines, TV, Google Ads, Facebook Ads, and signage for gaining product awareness.
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AFFILIATE MARKETING:
- Collaborating with businesses with similar customer bases to advertise each other's products.
- Avoids competition between collaborating companies.
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Description
Test your knowledge on the key activities, resources, and partners essential for a successful business model. This quiz will assess your understanding of how these elements interact to create value for customers and generate revenue. Perfect for anyone studying business or entrepreneurship!
