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Questions and Answers
What is the first step in creating a customer-driven marketing strategy?
What does Customer Relationship Management emphasize?
Which term refers to dividing a market into distinct groups of buyers?
What is marketing ROI?
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Which step involves arranging for a product to occupy a distinct place in the minds of customers?
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What is a business portfolio?
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What is a key factor in evaluating market segmentation?
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What is the main focus of designing a customer-driven marketing strategy?
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Which factor is typically included in the microenvironment of a company?
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What does the economic environment consist of?
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Which of the following is considered a marketing intermediary?
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What do core beliefs and values in the cultural environment primarily influence?
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Which of the following best describes the political and social environment?
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What purpose do financial intermediaries serve in the marketing environment?
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The natural environment is primarily concerned with which of the following issues?
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Which component is NOT part of the macroenvironment?
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What factors are included in the demographic environment?
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Which characteristic describes how well an innovation fits the values and experiences of consumers?
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Which of the following best defines a subculture?
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What is the primary motive that drives an individual to seek satisfaction for a pressing need?
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What is the term for the buying behavior of organizations that purchase goods and services to use in production?
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In assessing an innovation's attributes, what does complexity refer to?
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Which type of buying situation involves a company purchasing products again in the same manner as before?
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What aspect is NOT a part of psychological factors influencing consumer behavior?
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Study Notes
Marketing
- Managing profitable customer relationships is the foundation of successful marketing.
- Five steps to building successful customer relationships:
- Understand the marketplace and customer needs and wants.
- Design a customer-driven marketing strategy.
- Construct an integrated marketing program that delivers superior values.
- Build profitable relationships and create customer delights.
- Capture value from customers to create profits and customer equity.
Marketing Management
- The science and art of choosing target markets and building profitable relationships with them.
- Customer Relationship Management (CRM) is the overall process of building and maintaining these profitable relationships.
- Focuses on delivering superior customer value and satisfaction.
- Successful CRM involves relating more carefully with selected customers and relating more deeply and interactively with them.
Company and Marketing Strategy
- Strategic planning is essential to achieving a fit between marketing opportunities and organizational goals and capabilities.
- Establishing company goals and objectives is crucial for strategic planning.
- Designing a business portfolio, which includes the collection of businesses and products that make up the company, is a key part of strategic planning.
- Planning marketing and other functional strategies is essential for company success.
- Return on marketing investment (marketing ROI) is a critical metric, calculated by dividing the net return from a marketing investment by the costs of the investment.
Marketing Strategy and the Marketing Mix
- Market segmentation divides a market into distinct groups of buyers with different needs, characteristics, or behaviors.
- Market targeting involves evaluating each segment's attractiveness and selecting one or more to enter.
- Positioning aims to create a clear, distinctive, and desirable place for a product in the minds of customers relative to competing products.
Analyzing the Marketing Environment
- The microenvironment includes factors close to the company that affect its ability to create value and build customer relationships, including:
- Suppliers
- Marketing intermediaries
- Competitors
- Publics
- Customers
- The macroenvironment consists of broader forces that shape opportunities or pose threats to the company, including:
- Demography
- Economic environment
- Technological environment
- Natural environment
- Political environment
- Cultural environment
The Company as a Factor in the Microenvironment
- Includes entities such as:
- Top management
- Finance
- R&D
- Purchasing
- Operations
- Accounting
Suppliers as a Factor in the Microenvironment
- Crucial in the customer value delivery system.
Marketing Intermediaries as a Factor in the Microenvironment
- These are firms that help the company promote, sell, and distribute its products, including:
- Resellers - find and sell to customers
- Physical distribution firms - stock and move goods
- Marketing services agencies - offer research, advertising, media, and consulting services
- Financial intermediaries - help finance transactions
Competitors as a Factor in the Microenvironment
- Companies that compete for the same customers and resources.
Publics as a Factor in the Microenvironment
- Groups that influence the company's ability to achieve its objectives, such as:
- Financial publics
- Media publics
- Government publics
- Citizen action publics
- Local publics
- General publics
- Internal publics
Customers as a Factor in the Microenvironment
- Include:
- Consumers - those who buy goods and services for personal use
- Businesses - those who buy goods and services for use in their businesses
- Government agencies - those who buy goods and services to provide public services
Demography as a Factor in the Macroenvironment
- The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
- Key demographic trends include::
- The changing family
- Geographic shifts
- Better educated, increased white-collar population
- Increasing diversity
Economic Environment as a Factor in the Macroenvironment
- Factors affecting consumer purchasing power and spending patterns.
Natural Environment as a Factor in the Macroenvironment
- Issues related to natural resources and environmental sustainability, including:
- Increased pollution
- Shortages of raw materials
- Increased government intervention
Technological Environment as a Factor in the Macroenvironment
- The forces that create new technologies, which lead to new product and market opportunities.
Political and Social Environment as a Factor in the Macroenvironment
- Includes political forces that impact the company's operations, such as:
- Increased legislation
- Social responsibility
- Cause-related marketing
Cultural Environment as a Factor in the Macroenvironment
- This environment is composed of institutions and other forces that influence a society's values, perceptions, preferences, and behaviors.
- Key factors include:
- Core beliefs and values that are passed on from generation to generation
- Secondary beliefs that are more open to change
Understanding Consumer Behavior
- This refers to the buying behavior of individual customers.
- Factors influencing customer behavior:
- Cultural: culture, subculture, and social class
- Social: reference groups, family, roles, and status
- Personal: age and life cycle stage, occupation, economic situation, lifestyle, personality, and self-concept
- Psychological: motivation, perception, learning, beliefs, and attitudes
Characteristics Important in Influencing the Rate of Innovation Adoption
- Include:
- Relative advantage
- Compatibility
- Complexity
- Divisibility
- Communicability
Understanding Business Buyer Behavior
- This refers to the buying behavior of organizations that buy goods and services for:
- Use in the production of other products and services
- Resale or rental to others at a profit
Business Buying Situations
- Business buyers engage in three main types of buying situations:
- Straight rebuy - reordering existing products without modifications
- Modified rebuy - changing product specifications, prices, or suppliers
- New task - purchasing a product or service for the first time
Business Markets
- These markets are crucial for companies selling to other businesses.
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Description
This quiz explores the essential concepts of customer relationship management (CRM) and effective marketing strategies. You will learn about the steps to build successful customer relationships and how to create customer equity. Test your knowledge on the principles that drive successful marketing management.
