Digital Marketing Week 1 Quiz

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Questions and Answers

What does customer lifetime value represent?

The value of a single purchase from a customer

The customer's influence on marketing strategies

The total stream of purchases over a customer's lifetime (correct)

The average spending of customers in a product category

What is meant by partner relationship management?

Evaluating financial performance with partners

Managing customer complaints effectively

Building relationships solely within the marketing department

Working closely with various stakeholders to create customer value (correct)

What does 'share of customer' indicate?

The loyalty program engagement of a customer

The total number of purchases made by a customer

The demographic profile of the customer base

The percentage of a customer's total spending captured by a company (correct)

What is customer equity?

The total of all customer lifetime values in a company Signup and view all the answers

Which of the following is a major trend in today's marketing landscape?

Focus on consumer-generated marketing efforts Signup and view all the answers

What is the definition of marketing?

A process by which companies create value for customers and build relationships to capture value in return. Signup and view all the answers

What do 'demands' represent in marketing terms?

Human wants that are backed by buying power. Signup and view all the answers

Which concept refers to the risk of focusing on existing wants and ignoring underlying consumer needs?

Marketing Myopia Signup and view all the answers

What are 'market offerings' comprised of?

A mixture of goods, services, information, or experiences offered to satisfy needs or wants. Signup and view all the answers

In marketing, what is the purpose of an exchange?

To obtain a desired object by offering something in return. Signup and view all the answers

Which of these is NOT one of the five core marketplace concepts?

Creating competitive pricing structures Signup and view all the answers

What primarily characterizes a market?

A set of actual and potential buyers. Signup and view all the answers

What does it mean to create customer value?

Delivering benefits and satisfaction to meet customer needs. Signup and view all the answers

What is the primary focus of a customer-driven marketing strategy?

Choosing target markets and establishing relationships Signup and view all the answers

Which element is not part of the marketing mix?

People Signup and view all the answers

What does a brand’s value proposition represent?

The set of benefits promised to consumers Signup and view all the answers

Which of the following best describes societal marketing?

Considering long-term consumer and societal interests Signup and view all the answers

What is the goal of customer relationship management?

To build and maintain profitable relationships Signup and view all the answers

Which of the following describes customer-engagement marketing?

Direct and continuous involvement of customers Signup and view all the answers

Which factor does not typically influence the marketing strategy of a company?

Self-interest of marketing staff Signup and view all the answers

What is a comprehensive plan that communicates and delivers intended value to customers called?

Integrated marketing program Signup and view all the answers

Study Notes

Course Information

Course: Digital Marketing
Introduction
Week 1
Instructor: Asst. Prof. Dr. Gülsüm Vezir Oğuz
University: Istanbul Gelisim University

Learning Objectives

Define marketing and outline the steps in the marketing process.
Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Describe the major trends and forces that are changing the marketing landscape in this age of relationships.

What is Marketing?

A process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Marketing is all around you, in traditional and new forms (websites, mobile apps, videos, social media).

Learning Objective 1:

Define marketing and outline the steps in the marketing process.

Learning Objective 2:

Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
- Needs are states of felt deprivation.
- Wants are the form human needs take, shaped by culture and individual personality.
- Demands are human wants that are backed by buying power.

Understanding the Marketplace and Customer Needs

Market offerings are combinations of products, services, information, or experiences offered to a market to satisfy a need or want.
Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs.
Exchange is the act of obtaining a desired object from someone by offering something in return.
Marketing actions create, maintain, and grow desirable exchange relationships.
A market is set of actual and potential buyers. Consumers search for products, interact with companies to obtain information, and make purchases.
(Note: More detailed diagram showing major elements of a marketing system is included in the presentation.)

Learning Objective 3:

Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
- Marketing management (the art and science of choosing target markets and building profitable relationships with them)
  - 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 it promises to deliver to customers to satisfy their needs.
- (Discussion of marketing concepts: production, product, selling, marketing, societal marketing)

Designing a Customer Value-Driven Marketing Strategy

The marketing mix consists of the four Ps: product, price, promotion, and place.
An integrated marketing program is a comprehensive plan to communicate and deliver intended value.

Learning Objective 4:

Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
- Customer relationship management (CRM) is the overall process of building and maintaining profitable customer relationships.
- Customer-perceived value: the difference between the total customer perceived benefits and customer cost.
- Customer satisfaction: the extent to which perceived performance matches a buyer's expectations.
- Customer-engagement marketing: fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community.
- Consumer-generated marketing: marketing activities that make use of consumers to shape their own brand experiences
- Partner relationship management: working closely with partners within and outside the company to jointly bring greater value to customers.
- Customer lifetime value: The total value of purchases that a customer will make over their lifetime.
- Share of customer: the portion of the customer's purchasing that a company gets in its product categories.
- Customer equity: the combined customer lifetime values of all company customers.
- Customer relationship groups: (Diagram depicting customer relationship groups based on potential profitability and projected loyalty)

Learning Objective 5:

Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
- Digital and social media marketing uses digital tools (websites, social media, mobile ads, online videos, email, blogs) to engage customers anytime, anywhere.
- Not-for-profit marketing growth
- Rapid globalization
- Sustainable marketing

Additional Information

A more detailed flow chart, or process model, illustrating the "So, what is marketing?" concept is included in the presentation.

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Description

Test your knowledge on the fundamental concepts of marketing introduced in Week 1 of the Digital Marketing course. Explore key elements such as customer-driven strategies and the changing marketing landscape. This quiz will help reinforce your understanding of the marketing process and the importance of customer relationships.