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Questions and Answers
Which factor in the ACCORD model refers to how much better a product is compared to alternatives?
Which factor in the ACCORD model refers to how much better a product is compared to alternatives?
A higher perceived risk is likely to encourage product adoption.
A higher perceived risk is likely to encourage product adoption.
False
Name one key component of the 6 M’s Framework for Integrated Marketing Communications.
Name one key component of the 6 M’s Framework for Integrated Marketing Communications.
Market
The purpose of Integrated Marketing Communications (IMC) is to ensure that all promotional tools and channels work together to deliver a _____ message.
The purpose of Integrated Marketing Communications (IMC) is to ensure that all promotional tools and channels work together to deliver a _____ message.
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Match the following marketing communication tools with their descriptions:
Match the following marketing communication tools with their descriptions:
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Which factor of the ACCORD model addresses the ease of use for consumers?
Which factor of the ACCORD model addresses the ease of use for consumers?
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Observability is about how the benefits of a product are visible to consumers.
Observability is about how the benefits of a product are visible to consumers.
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What is one goal of promotions in marketing?
What is one goal of promotions in marketing?
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Which type of ad focuses on maintaining visibility for established products?
Which type of ad focuses on maintaining visibility for established products?
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Digital marketing does not involve customer engagement through social media.
Digital marketing does not involve customer engagement through social media.
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What is the primary purpose of 'advertainment' in modern advertising?
What is the primary purpose of 'advertainment' in modern advertising?
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The strategy to combine creative messaging with targeted media planning is an essential part of __________.
The strategy to combine creative messaging with targeted media planning is an essential part of __________.
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Match the type of media with its description:
Match the type of media with its description:
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Which of the following is NOT a function of Public Relations (PR)?
Which of the following is NOT a function of Public Relations (PR)?
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User-generated content is a type of execution style that involves customer participation.
User-generated content is a type of execution style that involves customer participation.
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What does the term 'frequency' refer to in media metrics?
What does the term 'frequency' refer to in media metrics?
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What pricing strategy involves setting prices based on perceived customer value rather than production costs?
What pricing strategy involves setting prices based on perceived customer value rather than production costs?
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Price skimming is a strategy that sets a low initial price to attract mass-market adoption.
Price skimming is a strategy that sets a low initial price to attract mass-market adoption.
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What is the primary goal of penetration pricing?
What is the primary goal of penetration pricing?
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In __________ pricing, different prices are set for products within a product line based on their features or perceived value.
In __________ pricing, different prices are set for products within a product line based on their features or perceived value.
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Which of the following could be a risk associated with competition-based pricing?
Which of the following could be a risk associated with competition-based pricing?
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Captive product pricing refers to setting a base price for a product, with additional charges for necessary accessories.
Captive product pricing refers to setting a base price for a product, with additional charges for necessary accessories.
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Name one advantage of using penetration pricing.
Name one advantage of using penetration pricing.
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Match the pricing strategies with their descriptions:
Match the pricing strategies with their descriptions:
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What is a key reason for soliciting consumer feedback during product development?
What is a key reason for soliciting consumer feedback during product development?
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Packaging failure can occur if the packaging is easy to open and visually appealing.
Packaging failure can occur if the packaging is easy to open and visually appealing.
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Name one internal source of ideas in the new product development process.
Name one internal source of ideas in the new product development process.
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Eliminating outdated alternatives is a strategy to address __________ in product development.
Eliminating outdated alternatives is a strategy to address __________ in product development.
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Match the steps in the New Product Development Process with their descriptions:
Match the steps in the New Product Development Process with their descriptions:
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Which of the following is NOT a key evaluation criterion during the idea screening process?
Which of the following is NOT a key evaluation criterion during the idea screening process?
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Conducting feasibility studies is part of the Development and Testing phase in product development.
Conducting feasibility studies is part of the Development and Testing phase in product development.
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What is one tool used during the idea screening process?
What is one tool used during the idea screening process?
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What was one of the initial target audiences for Apple's first Mac computers?
What was one of the initial target audiences for Apple's first Mac computers?
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Increasing usage is one of the strategies to extend the product life cycle.
Increasing usage is one of the strategies to extend the product life cycle.
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Name one challenge that Pokemon Go faced after its initial launch.
Name one challenge that Pokemon Go faced after its initial launch.
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Pokemon Go encourages players to explore real-world locations to capture virtual ______.
Pokemon Go encourages players to explore real-world locations to capture virtual ______.
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Match the following challenges Pokemon Go faced with their descriptions:
Match the following challenges Pokemon Go faced with their descriptions:
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Which revenue source contributed to Pokemon Go's financial success?
Which revenue source contributed to Pokemon Go's financial success?
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Pokemon Go's use of augmented reality was a factor in its initial success.
Pokemon Go's use of augmented reality was a factor in its initial success.
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What motivated users to want more structured gameplay in Pokemon Go?
What motivated users to want more structured gameplay in Pokemon Go?
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What is a potential advantage of banning third-party developers in games like Pokemon Go?
What is a potential advantage of banning third-party developers in games like Pokemon Go?
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The core user base of Pokemon Go suggests that it is solely a fad.
The core user base of Pokemon Go suggests that it is solely a fad.
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Name one type of service that is typically funded by taxes.
Name one type of service that is typically funded by taxes.
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__________ organizations operate to fulfill social, cultural, or educational missions rather than to generate profits.
__________ organizations operate to fulfill social, cultural, or educational missions rather than to generate profits.
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Match the service characteristics with their definitions:
Match the service characteristics with their definitions:
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Which marketing strategy focuses on ensuring that employees embody the firm’s values?
Which marketing strategy focuses on ensuring that employees embody the firm’s values?
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The service-recovery paradox suggests that resolving service failures can negatively impact customer loyalty.
The service-recovery paradox suggests that resolving service failures can negatively impact customer loyalty.
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What is a common cause of new product failure related to its uniqueness?
What is a common cause of new product failure related to its uniqueness?
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Which of the following is NOT a component of a marketing strategy?
Which of the following is NOT a component of a marketing strategy?
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Marketing only focuses on sales and advertising.
Marketing only focuses on sales and advertising.
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What does SBU stand for in marketing?
What does SBU stand for in marketing?
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The purpose of a mission statement is to define the organization's __________, goals, and values.
The purpose of a mission statement is to define the organization's __________, goals, and values.
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Match the following marketing elements with their descriptions:
Match the following marketing elements with their descriptions:
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Which of the following best describes what marketing should focus on?
Which of the following best describes what marketing should focus on?
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A business portfolio consists of unrelated businesses managed by a company.
A business portfolio consists of unrelated businesses managed by a company.
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What is one key characteristic a mission statement should possess?
What is one key characteristic a mission statement should possess?
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Which of the following is NOT a condition for effective market segmentation?
Which of the following is NOT a condition for effective market segmentation?
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The differentiated targeting strategy targets the entire market with a single offer.
The differentiated targeting strategy targets the entire market with a single offer.
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Name one factor that must be considered when creating customer segments.
Name one factor that must be considered when creating customer segments.
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Psychographic segmentation focuses on __________, beliefs, and personality traits.
Psychographic segmentation focuses on __________, beliefs, and personality traits.
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Match the type of segmentation with its description:
Match the type of segmentation with its description:
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Which targeting strategy involves tailoring marketing efforts to individual customers?
Which targeting strategy involves tailoring marketing efforts to individual customers?
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Actionable segments allow companies to make effective programs for serving those segments.
Actionable segments allow companies to make effective programs for serving those segments.
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What is the primary purpose of positioning in marketing?
What is the primary purpose of positioning in marketing?
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Which pricing strategy involves setting a high introductory price that decreases over time?
Which pricing strategy involves setting a high introductory price that decreases over time?
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Value-Based Pricing relies primarily on production costs to set prices.
Value-Based Pricing relies primarily on production costs to set prices.
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In _____ pricing, multiple products are combined into a single offering at a reduced price.
In _____ pricing, multiple products are combined into a single offering at a reduced price.
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What is a significant risk of competition-based pricing?
What is a significant risk of competition-based pricing?
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Match the following pricing strategies with their definitions:
Match the following pricing strategies with their definitions:
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Optional Product Pricing includes the base product and all features at one set price.
Optional Product Pricing includes the base product and all features at one set price.
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The process of setting different prices within a product line based on features or perceived value is known as _____ pricing.
The process of setting different prices within a product line based on features or perceived value is known as _____ pricing.
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What is a primary resolution to horizontal conflict in retail channels?
What is a primary resolution to horizontal conflict in retail channels?
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Exclusive distribution is designed to maximize product availability across all types of retailers.
Exclusive distribution is designed to maximize product availability across all types of retailers.
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What term describes the practice of consumers testing products in physical stores but purchasing them online?
What term describes the practice of consumers testing products in physical stores but purchasing them online?
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In the push strategy, manufacturers __________ products down toward consumers.
In the push strategy, manufacturers __________ products down toward consumers.
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Match the types of distribution with their descriptions:
Match the types of distribution with their descriptions:
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Which retailing strategy involves a high level of customer interaction and personalized service?
Which retailing strategy involves a high level of customer interaction and personalized service?
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In the pull strategy, consumers are attracted to the product through direct promotions, enhancing brand loyalty.
In the pull strategy, consumers are attracted to the product through direct promotions, enhancing brand loyalty.
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Name one type of retail store mentioned that specializes in a particular category of products.
Name one type of retail store mentioned that specializes in a particular category of products.
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What is the primary benefit of brand equity for companies?
What is the primary benefit of brand equity for companies?
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Rebranding requires inconsistency across the marketing mix.
Rebranding requires inconsistency across the marketing mix.
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What are the four stages of the Product Life Cycle (PLC)?
What are the four stages of the Product Life Cycle (PLC)?
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A product that involves substantial effort and brand loyalty, such as luxury cars, is classified as __________.
A product that involves substantial effort and brand loyalty, such as luxury cars, is classified as __________.
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Match the following product classifications with their descriptions:
Match the following product classifications with their descriptions:
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Which strategy involves expanding product offerings within existing categories?
Which strategy involves expanding product offerings within existing categories?
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Product mix refers to a company's total offerings measured by the number of product lines.
Product mix refers to a company's total offerings measured by the number of product lines.
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What is one method companies can use to extend the product life cycle?
What is one method companies can use to extend the product life cycle?
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What is a common reason for new product failure related to market characteristics?
What is a common reason for new product failure related to market characteristics?
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Poor timing can lead to new product failure if the product is launched during peak demand.
Poor timing can lead to new product failure if the product is launched during peak demand.
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What is one example of a product that failed due to poor timing?
What is one example of a product that failed due to poor timing?
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The lack of a clear target audience in a product's definition, such as Google Glass, can lead to __________.
The lack of a clear target audience in a product's definition, such as Google Glass, can lead to __________.
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Match the following product failure reasons with their examples:
Match the following product failure reasons with their examples:
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Which of the following describes a product that lacks a significant point of difference?
Which of the following describes a product that lacks a significant point of difference?
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Flawed research on customer needs can lead to a product's failure.
Flawed research on customer needs can lead to a product's failure.
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Name a product that exemplified the importance of problem-solving and customer-centric strategies.
Name a product that exemplified the importance of problem-solving and customer-centric strategies.
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Study Notes
Introduction to Marketing
- Marketing is a process companies use to create value for customers and build strong relationships, ultimately capturing value in return.
- It focuses on understanding customer needs and wants better than competitors.
- Marketing is not just sales, advertising, or misleading tactics; it's about identifying and fulfilling market demand before a product is even developed.
What is Marketed?
- Products are tangible goods.
- Services are intangible offerings.
- Organizations promote themselves as a product.
- People use personal branding.
- Places are marketed (tourism and location branding).
- Causes can be marketed (social or environmental initiatives).
Marketing Strategy Overview
- Marketing logic for creating customer value and building profitable relationships with customers.
- Strategic Planning Steps:
- Define company mission.
- Set objectives and goals.
- Design business portfolio.
- Plan marketing and other strategies.
Steps of Strategic Planning
- Define company mission.
- Mission Statement: defines the organization's purpose, goals, and values.
- Should be market-oriented, focused on customer needs.
- Meaningful and specific.
- Highlight unique strengths.
- Mission Statement: defines the organization's purpose, goals, and values.
- Set objectives and goals.
- Business objectives examples: profitability, customer focus, sustainability.
Designing the Business Portfolio
- A collection of businesses or products managed by a company.
- Portfolio analysis: Strategic planning activity to evaluate existing products and businesses.
- Strategic Business Units (SBUs): Independent parts of a company.
- Evaluate market potential for each SBU.
- Allocate resources wisely.
- Strategic Business Units (SBUs): Independent parts of a company.
- Tools for Portfolio Analysis:
- BCG Growth-Share Matrix: Categorizes SBUs based on market growth and relative market share.
- Stars: High growth, high share.
- Cash Cows: Established, requiring less investment.
- Question Marks: High growth, but need dominance.
- Dogs: Low growth, low share.
- GE/McKinsey Matrix: Analyzes SBUs on market attractiveness and business position.
- BCG Growth-Share Matrix: Categorizes SBUs based on market growth and relative market share.
Marketing Planning and Strategy
- Segmentation: Grouping consumers based on shared traits.
- Conditions for segments:
- Differentiable: React differently to marketing.
- Accessible: Effectively reached.
- Actionable: Effective programs designed.
- Substantial: Large enough and profitable.
- Measurable: Size, purchasing power, and profiles.
- Conditions for segments:
- Types of Segmentation: Geographic, demographic, psychographic, and behavioral.
Developing the Marketing Plan
- Key principles for creative marketing: involve customers, identify pain points, create a complete experience.
Marketing Research 1
- Systematic design, collection, analysis, and reporting of data to solve marketing problems.
- Information Systems: Components, including internal databases.
- Research Stages: Define the problem, develop the research plan, collect and analyze data, interpret results, and create recommendations.
- Qualitative Research: Small samples, unstructured methods (focus groups, interviews, projective techniques).
- Quantitative Research: Large samples, structured methods (surveys).
Marketing Research 2
- Survey design; use surveys to collect data on knowledge, attitudes, preferences, and behaviors.
- Defining the sample, information needs, drafting survey questions.
- Ordering and Randomization; attention checks; test and re-evaluate survey questions.
Types of Questions
- Open-ended: Freely answers. Used sparingly due to needed analysis.
- Closed-ended: predefined responses (yes/no, multiple choice).
- Scaled-response: Measures intensity (e.g., Likert scales).
- Rank-order: Ranks preferences and priorities.
Attitude Measurement
- A predisposition to respond favorably or unfavorably to a product, service, idea, or person.
- Focus on specificity and context for better responses.
Sampling Methods
- A sample represents the population for research.
- Sample size considerations; how to select people to participate.
- Probability sampling; every member of the population has a known, equal chance of selection.
- Simple random sampling.
- Systematic sampling.
- Stratified sampling.
- Non-probability sampling; not every member has an equal chance.
- Convenience sampling.
- Judgmental sampling.
- Quota sampling.
- Sampling losses: Lack of motivation, social desirability bias, disinterest in participation.
Branding
- Brand Salience: Customers recognize and recall the brand in relevant situations.
- Brand Performance: Measures how well the brand meets functional needs.
- Brand Imagery: Brand associations (e.g., personality traits).
- Brand Judgments: Customer evaluations of the brand's credibility, and relevance.
- Brand Feelings: Emotional responses.
- Brand Resonance: Strong relationship and loyalty; community belonging.
Products and Services
- Products are classified by the consumer: Convenience, shopping, specialty, and unsought.
- Products are classified by the industry: Materials, parts, capital items, supplies.
Product Life Cycle (PLC)
- Stages: Introduction, growth, maturity, decline.
- Technology Adoption Curve: Outlines the rate of new technology adoption.
- Innovators (2.5%).
- Early adopters (13.5%).
- Early majority (34%).
- Late majority (34%).
- Laggards (16%).
New Product Failures
- Insignificant point of difference.
- Incomplete market, definition.
- Insufficient market attractiveness.
- Poor timing.
- Flawed Research.
- Packaging failure
Product Development Process
- Idea generation, idea screening, development and testing, strategy development, business analysis, test marketing, and commercialization.
Promotion
- Tools to engage, build relationships, communicate value, and manage reputation.
- Advertising, sales promotion, public relations, personal selling and digital marketing.
Integrated Marketing Communications (IMC)
- Aligning all communication strategies to drive a unified message.
- Market research to understand the audience.
Digital Marketing Overview
- Using digital media, data, and technology to create, communicate, and deliver value.
- Goals: awareness, lead conversion, engagement, and retention.
- Benefits: Cost-effectiveness, personalized communication, relationship building, and retention.
Marketing Channels
- Includes companies, suppliers, distributors, and customers involved in delivery.
- Direct channels (no intermediaries).
- Indirect channels (use intermediaries).
- Channel Decisions: Design choices; distribution intensity: intensive, selective, or exclusive.
Retailing
- Involves selling directly to final consumers: Activities in physical stores, services (self-service, limited, or full).
- Store types (specialty vs. department stores, discount stores).
Sustainable Marketing
- Emphasis on meeting current needs without compromising future generations.
- Triple bottom line (environmental, social, and financial concerns).
- Challenges: premium pricing, consumer skepticism, lack of immediate tangible benefits, limited market.
Sales Promotions and Personal Selling and Pricing
- Sales promotions (incentives for immediate purchase).
- Personal selling (face-to-face communication).
- Pricing strategies; value-pricing; cost-based pricing; competition-based pricing.
Additional Information
- Price Adjustment Strategies: Discounts and Allowances, Promotional Pricing, Segmented Pricing
- Dynamic Pricing: adjusting prices in real time based on different factors.
- Participative Pricing: Pay-What-You-Want (PWYW), Pay-It-Forward (PIF).
- Competition-Based Pricing: Setting prices based on competitor strategies and market offerings.
- New Product Pricing: Price Skimming, Penetration Pricing
- Product Line Pricing: Setting different prices for different products within the same product line.
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Description
Explore the fundamental concepts of marketing in this quiz. Understand how companies create value, identify customer needs, and build lasting relationships. Test your knowledge on marketing strategies, product types, and the importance of branding.
