77 Questions
What is the main purpose of the video according to Professor Hunter?
To give a quick overview of marketing strategy and management
How many graphics does Professor Hunter use to teach marketing management?
50
What is the intent of the video in relation to students' background in marketing?
To indoctrinate all students in marketing, regardless of their background
How does Professor Hunter describe the perspectives on marketing?
Varied and numerous
What is the professor's perspective on strategic marketing and marketing management?
It is important to consider multiple perspectives
What does the professor aim to achieve by providing an introduction to 50 graphics?
To simplify complex marketing concepts
What does a heuristic help you do when considering your offering?
Simplify factors that might help improve the value of your offering
What does the 'STP and D' stand for?
Segmenting, Targeting, Differentiation, Positioning
What type of analytics can be used to develop or link a marketing strategy?
Qualitative or quantitative analytics
What does the text suggest are the focal points of many businesses?
Profit and customer satisfaction
Why does the professor refer back to the slide with 'STP and D' components?
To help achieve desired results
In what way does a heuristic play a role in improving a business offering?
By simplifying factors for improvement
What is the main goal of a customer-centric marketing strategy?
To serve and satisfy unmet needs
What is the term used in marketing to describe anything that can be changed about an offering to add more value to the target market?
Marketing mix
What is a group of people or entities with shared characteristics that a marketer selects as the intended audience for their products or services?
Market segment
Which term describes tailoring offerings to fit a chosen customer market?
Market differentiation
What is the process called when marketers tailor their offerings by changing different characteristics to add more value to the target markets?
Marketing mix adjustment
What is the primary focus of strategic marketing planning?
To identify unmet needs and satisfy them over time
In marketing, what does a physiological need refer to?
Basic needs like hunger or thirst
What creates a state of discomfort in customers according to the text?
Difference between current state and desired state
What is the main goal of marketers according to the text?
To satisfy customers by delivering products that meet their unmet needs
What is the undesired output mentioned in the text after a customer buys a product?
Buyer's remorse
What drives people's evolving expectations over time?
New and better product offerings
What is the continuous process mentioned in the text regarding marketing?
Constantly revisiting how to satisfy needs
What is a value proposition according to the text?
An explicit promise that the product will deliver value
What does the text suggest drives people's expectations to evolve and expect more from products?
'Competition' providing better products
What does 'buyer's remorse' refer to as mentioned in the text?
'Feeling that another choice should have been made' after purchasing
How does discomfort arise in customers according to the text?
'Difference between current and desired state'
'Value propositions' are focused on delivering what?
'Lower costs' for customers
What is the main focus of marketing strategy according to the text?
Delivering on customer equity and brand equity
How is a marketing program defined in the text?
A collection of all the different marketing strategies
What are the three components of customer equity mentioned in the text?
Customer acquisition, customer expansion, customer retention
According to Professor Hunter, what are the two main goals focused on in the center of the diagram?
Brand and customer equity
What does the text suggest is a key aspect of the marketing strategy planning process?
Providing value to targeted customers
How is a marketing program different from a marketing strategy?
They are synonyms, meaning the same thing
What is one way to achieve customer equity, as discussed in the text?
Retaining existing customers for repeat purchases
In the context of marketing strategy, what does 'customer expansion' refer to?
'Customer expansion' means gaining new customers
How are brand equity and customer equity related in marketing strategy?
'Brand equity' and 'customer equity' are both goals that marketing strategies try to enhance
'Customer retention,' as mentioned in the text, refers to:
'Customer retention' involves keeping customers for repeat purchases over time
What are the two main components of a marketing strategy as mentioned in the text?
Marketing mix and target market
Which techniques are used to connect the market opportunity analysis to marketing strategies?
Segmenting and targeting
What is marketing's focus according to Drucker?
Creating customer relationships
What are the components of the marketing mix, as described in the text?
Product, price, place, promotion
What is the concept of value in marketing?
Value is the difference between what is received and what is given
Which of the following is a part of the five C's used in defining and assessing a market for a product?
Company
What are the four key aspects mentioned in the AMA definition of marketing?
Creating, communicating, delivering, exchanging value
What does the term 'heuristic' mean in the context provided?
A simplification
Where does Professor Hunter suggest the concept of strategy originated from?
Military strategy
Which side of the graphic represents the market according to the text?
Left side
According to Professor Hunter, what is the essence of business strategy?
Choosing a unique and valuable position with difficult-to-copy activities
What are the four P's that represent the marketing mix in the text?
'Product, price, place, promotion'
What is the primary focus of marketing strategy?
Combining marketing with the idea of strategy
What is meant by 'the third module' mentioned in the text?
'Strategic design'
In marketing, what does 'customer-centric' mean?
'Customer-centric' means being centered on customers in business operations
According to Professor Hunter, what role does marketing play in creating customers?
Marketing is about creating customers by delivering value
'Fab slides' referred to in the text focus on:
'Fab slides' cover key aspects of marketing strategy and management
'What is marketing strategy?' According to Professor Hunter, it combines marketing with:
'Strategy'
What is one of the main purposes of understanding the five C's in marketing?
To tailor opportunities to customers
In the context of Mercedes-Benz, who falls under the category of 'competitors'?
BMW, Porsche, Audi, Volkswagen
What does 'S.T.D.and P' stand for in marketing?
Segmenting, Targeting, Differentiation, and Positioning
What is 'positioning' in marketing?
How a company is perceived in the consumers' minds
What does the acronym PESTEL represent in marketing?
A model for understanding the external environment
Which of the following is NOT part of the four P's of marketing?
People
What does 'localization' involve in marketing?
Customizing products or services for different markets
Which market has the largest percentage of sales for Mercedes-Benz according to the text?
China
'Positioning' in marketing primarily concerns:
How a company communicates its brand message
What is 'segmenting' in marketing?
Breaking down a larger market into smaller groups based on common characteristics
What does Professor Hunter emphasize in crafting a value proposition?
Competitive advantage and customer interests
According to Professor Hunter, what is an 'irrelevant strength'?
Not being strong in an area customers do not care about
When does Professor Hunter mention that objections often arise?
During buyer's objections and two-way communications
What does Professor Hunter suggest regarding objections to an offering?
Expect objections if the benefits are important but not well delivered
What is the primary focus of a value proposition according to Professor Hunter?
Highlighting strong aspects of a brand or product
What does Professor Hunter describe as one of the major modules in strategic marketing?
Market opportunity analysis
How does Professor Hunter define 'market opportunity analysis'?
'Market opportunity analysis' refers to analyzing the target market demands
What does Professor Hunter use to characterize the market in 'market opportunity analysis'?
'Five C's'
'Irrelevant strengths' are described by Professor Hunter as?
'Weaknesses in areas that have no value for the customer'
In crafting a value proposition, what does Professor Hunter refer to as 'really important'?
Finding areas where you have strong aspects that are valuable to the target market.
This is an overview of marketing strategy as discussed by Professor Hunter.
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