Podcast
Questions and Answers
What is a key component of digital and social media marketing?
What is a key component of digital and social media marketing?
- Print advertising in magazines
- Websites and mobile ads (correct)
- Direct mail campaigns
- Television commercials
Which marketing approach is cited as growing due to its effective ability to attract support?
Which marketing approach is cited as growing due to its effective ability to attract support?
- Commercial marketing
- B2B marketing
- Event marketing
- Not-for-profit marketing (correct)
What does rapid globalization influence in marketing management?
What does rapid globalization influence in marketing management?
- Strict adherence to local marketing channels
- Consideration of global competitors and opportunities (correct)
- Focus on local brand loyalty only
- Isolation from international events
How can brands utilize big data effectively?
How can brands utilize big data effectively?
What aspect of marketing has become crucial due to corporate ethics?
What aspect of marketing has become crucial due to corporate ethics?
What does mobile marketing primarily aim to achieve?
What does mobile marketing primarily aim to achieve?
What commonality is found in both digital marketing and big data usage?
What commonality is found in both digital marketing and big data usage?
Which of the following factors is NOT cited as part of the changing marketing landscape?
Which of the following factors is NOT cited as part of the changing marketing landscape?
What is the primary focus of marketing?
What is the primary focus of marketing?
What are needs, as defined in marketing?
What are needs, as defined in marketing?
How do wants differ from needs in marketing?
How do wants differ from needs in marketing?
What constitutes a demand in the context of marketing?
What constitutes a demand in the context of marketing?
Which aspect is NOT part of the marketing process?
Which aspect is NOT part of the marketing process?
What does capturing value from customers primarily aim to achieve?
What does capturing value from customers primarily aim to achieve?
How can marketing be described in terms of its forms?
How can marketing be described in terms of its forms?
What must be considered when designing a customer-driven marketing strategy?
What must be considered when designing a customer-driven marketing strategy?
What does marketing myopia refer to in the context of market offerings?
What does marketing myopia refer to in the context of market offerings?
What is the primary purpose of marketing actions in relation to exchange?
What is the primary purpose of marketing actions in relation to exchange?
What typically happens when customers are satisfied with a market offering?
What typically happens when customers are satisfied with a market offering?
What does a market consist of?
What does a market consist of?
What is the role of a brand's value proposition?
What is the role of a brand's value proposition?
Which activity signifies that consumers are participating in the market?
Which activity signifies that consumers are participating in the market?
What is one key aspect of marketing management?
What is one key aspect of marketing management?
How do customers typically respond to dissatisfaction with a market offering?
How do customers typically respond to dissatisfaction with a market offering?
What are the three types of needs identified in the content?
What are the three types of needs identified in the content?
Which statement correctly differentiates between wants and demands?
Which statement correctly differentiates between wants and demands?
An example of a need, want, and demand in the context of food could be which of the following?
An example of a need, want, and demand in the context of food could be which of the following?
What is marketing myopia?
What is marketing myopia?
What is meant by the term 'market offerings'?
What is meant by the term 'market offerings'?
How did Mahali Mzuri gain recognition in the travel industry?
How did Mahali Mzuri gain recognition in the travel industry?
Which of the following statements is true about demands?
Which of the following statements is true about demands?
Which of the following best describes the relationship between wants and culture?
Which of the following best describes the relationship between wants and culture?
What primary advantage does the Sonos One provide to its users?
What primary advantage does the Sonos One provide to its users?
Which marketing concept emphasizes the balance between consumer wants and society's long-term interests?
Which marketing concept emphasizes the balance between consumer wants and society's long-term interests?
What does 'woke-washing' refer to in a business context?
What does 'woke-washing' refer to in a business context?
Which of the following is NOT considered a component of the Societal Marketing concept?
Which of the following is NOT considered a component of the Societal Marketing concept?
Against which concept does the marketing concept differentiate itself?
Against which concept does the marketing concept differentiate itself?
What is a main focus of the Production concept in marketing?
What is a main focus of the Production concept in marketing?
What is the fundamental message behind branding products with high-quality associations like Sonos?
What is the fundamental message behind branding products with high-quality associations like Sonos?
What should a company consider according to the Societal Marketing concept?
What should a company consider according to the Societal Marketing concept?
What is the main purpose of customer-engagement marketing?
What is the main purpose of customer-engagement marketing?
Which of the following is an example of consumer-generated marketing?
Which of the following is an example of consumer-generated marketing?
What does partner relationship management involve?
What does partner relationship management involve?
What is the significance of customer lifetime value?
What is the significance of customer lifetime value?
What strategy does Stew Leonard’s employ to retain customers?
What strategy does Stew Leonard’s employ to retain customers?
Which statement correctly describes the role of consumer-generated content?
Which statement correctly describes the role of consumer-generated content?
What is one of the rules that Stew Leonard’s implements for customer service?
What is one of the rules that Stew Leonard’s implements for customer service?
How does American Airlines' AAdvantage program primarily function?
How does American Airlines' AAdvantage program primarily function?
Flashcards
What is Marketing?
What is Marketing?
A set of actions that companies take to engage customers, build strong relationships and create value for customers. This process involves gaining value in return from customers.
What are Needs?
What are Needs?
These are the fundamental requirements for human survival, like food, water, shelter, and safety.
What are Wants?
What are Wants?
These are needs shaped by culture and an individual's personality. They are the desires that are formed based on what we want.
What are Demands?
What are Demands?
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What is the Process of Creating and Capturing Customer Value?
What is the Process of Creating and Capturing Customer Value?
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What are market offerings?
What are market offerings?
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What is marketing myopia?
What is marketing myopia?
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What is a total experience offering?
What is a total experience offering?
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What is marketing experiences?
What is marketing experiences?
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Mahali Mzuri: An immersive experience at the world's number-one hotel
Mahali Mzuri: An immersive experience at the world's number-one hotel
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What are customer expectations?
What are customer expectations?
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What is exchange?
What is exchange?
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What is a market?
What is a market?
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What is marketing management?
What is marketing management?
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What is a value proposition?
What is a value proposition?
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What is a target market?
What is a target market?
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Marketing Concept
Marketing Concept
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Production Concept
Production Concept
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Selling Concept
Selling Concept
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Product Concept
Product Concept
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Societal Marketing Concept
Societal Marketing Concept
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Triple Bottom Line
Triple Bottom Line
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Woke-washing
Woke-washing
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Giving away a company to fight climate crisis
Giving away a company to fight climate crisis
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What is Customer-Engagement Marketing?
What is Customer-Engagement Marketing?
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What is Consumer-Generated Marketing?
What is Consumer-Generated Marketing?
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What is Relationship Marketing?
What is Relationship Marketing?
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What is Partner Relationship Management?
What is Partner Relationship Management?
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What is Customer Lifetime Value?
What is Customer Lifetime Value?
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How does Innocent Drinks engage with customers?
How does Innocent Drinks engage with customers?
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How did Heinz use consumer-generated marketing?
How did Heinz use consumer-generated marketing?
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What is the Internet of Things?
What is the Internet of Things?
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What is Digital and Social Media Marketing?
What is Digital and Social Media Marketing?
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What is Mobile Marketing?
What is Mobile Marketing?
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What is Big Data and AI in Marketing?
What is Big Data and AI in Marketing?
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What is Not-for-Profit Marketing?
What is Not-for-Profit Marketing?
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What is Rapid Globalization in Marketing?
What is Rapid Globalization in Marketing?
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What is Sustainable Marketing?
What is Sustainable Marketing?
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What is the Potential of Social Media in Marketing?
What is the Potential of Social Media in Marketing?
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Study Notes
Marketing Lesson 2
- Marketing is defined as engaging customers and managing profitable customer relationships.
- It is also the process by which companies engage customers, build strong relationships and create customer value and capture value from customers in return.
- Marketing is about delighting a consumer, customer to achieve a profit or other pre-established goal.
- The process is all-encompassing, encompassing traditional methods as well as new forms like websites, mobile apps, online videos, and social media.
- Market offerings are combinations of products, services, information, or experiences offered to a market to satisfy a need or want.
- Marketing myopia is focusing on products rather than the benefits and experiences products produce.
- Needs are states of felt deprivation (e.g., food, clothing, safety).
- Wants are the form human needs take, shaped by culture and individual personality.
- Demands are human wants backed by buying power.
- The difference between wants and demands is that wants are desires and preferences, while demands are wants with the ability and willingness to buy.
- A market is the set of existing and potential buyers.
- The marketing process involves understanding marketplace and customers needs, creating value for customers and building relationships, designing value-driven marketing strategies, creating integrated marketing programs, engaging customers and building profitable relationships, capturing value from customers to create profits and customer equity.
- The marketing mix tools are product, price, place and promotion.
- Partner relationship management involves working closely with company departments and external partners to bring more value to customers.
- Customer lifetime value is the value of the entire stream of purchases a customer makes over a lifetime of patronage.
- The changing marketing landscape encompasses issues like a digital age, changing economic environment, growth of not-for-profit marketing, rapid globalization, and sustainable marketing.
- Digital and social media marketing utilizes digital marketing tools (websites, social media, mobile ads, online videos, email, and blogs) to engage consumers anytime, anywhere.
- The Internet of Things (IoT) involves interconnected devices.
- Artificial intelligence, represented by emerging tools like Bard AI, Chat GPT, and others, plays a significant role in modern marketing strategies.
- Greenwashing and wokewashing are terms used to describe practices in businesses that give the appearance of social consciousness without real substance.
Creating and Capturing Customer Value
- The topic outline includes what is marketing, understanding the marketplace and customer needs.
- Designing a customer-driven marketing strategy, preparing an integrated marketing plan and program, building customer relationships.
- Capturing value from customers and the changing marketing landscape.
Designing a Customer Value-Driven Marketing Strategy
- Marketing management is the art and science of choosing target markets and building profitable relationships with them.
- Key questions in constructing a marketing strategy include: What customers will we serve (target market)?
- How can we best serve these customers (value proposition)?
- A brand's value proposition is the set of benefits or values that it promises to deliver to customers to satisfy their needs. Some concepts used in marketing include production, product, selling, marketing, and societal marketing.
- Marketing concept focuses on satisfying customer needs.
- Societal marketing concept considers consumer wants, company requirements, consumer long-run interests, and society's long-run interests.
- The triple bottom line concept includes people, planet, and profit.
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