18 Questions
What is the key element of a brand's value proposition?
The set of benefits or values it promises to deliver to customers
According to the concept of societal marketing, which of the following should companies consider in their marketing decisions?
Consumers' long-run interests and society's long-run interests
Which of the following is NOT part of the marketing mix?
Packaging
What is the key purpose of customer relationship management (CRM)?
To build and maintain profitable customer relationships
What is the purpose of an integrated marketing program?
To communicate and deliver intended value
What is the purpose of customer-engagement marketing?
To foster direct and continuous customer involvement in shaping brand conversations, experiences, and community
What is the most important aspect of partner relationship management according to the text?
All of the above
What does customer lifetime value represent according to the text?
The value of a customer's purchases over their lifetime of patronage
What is the definition of share of customer according to the text?
The percentage of a customer's total purchases that a company receives
Which of the following is NOT identified as a major trend or force changing the marketing landscape according to the text?
Increased consumer price sensitivity
Which of the following is a key aspect of customer-driven marketing strategy according to the text?
Focusing on customer needs and wants
What is the definition of customer equity according to the text?
The total combined customer lifetime values of all of the company's customers
Which of the following is NOT one of the five core marketplace concepts identified in the text?
Satisfaction
The text states that marketing is a process by which companies ___ for customers and build strong customer relationships in order to ___ from customers in return. Which of the following best completes this statement?
create value, capture value
Which of the following marketing management orientations focuses on the needs of the organization rather than the needs of the customer?
Production orientation
Which of the following is NOT identified in the text as a major trend or force changing the marketing landscape in this age of relationships?
Increased emphasis on social media marketing
The text states that wants are the form human ___ take as they are shaped by ___ and individual ___.
needs, culture, personality
Which of the following is a key element of a customer-driven marketing strategy according to the text?
Understanding customer needs and designing marketing programs to create value for customers
Study Notes
Value Proposition and Customer Value
- A brand's value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.
- Societal marketing considers consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
Marketing Mix and Integrated Marketing Program
- The marketing mix comprises the four Ps: product, price, promotion, and place.
- An integrated marketing program is a comprehensive plan that communicates and delivers intended value.
Customer Relationship Management
- Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
- Customer-Engagement Marketing fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community.
- Partner relationship management involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Creating Value for Customers and Capturing Value
- Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.
- Share of customer is the portion of the customer's purchasing that a company gets in its product categories.
- Customer equity is the total combined customer lifetime values of all of the company's customers.
Changing Marketing Landscape
- Digital and social media marketing involves using digital marketing tools such as web sites, social media, mobile ads and apps, online videos, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices.
- Major trends and forces changing the marketing landscape include rapid globalization, sustainable marketing, and not-for-profit marketing growth.
Marketing Definition and Process
- Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
- The marketing process involves understanding the marketplace and customers, identifying the five core marketplace concepts, and creating a customer-driven marketing strategy.
Marketplace Concepts
- Needs are states of felt deprivation, while wants are the form human needs take as they are shaped by culture and individual personality.
- The five core marketplace concepts include understanding the marketplace and customer needs.
Test your knowledge on managing customer relationships, partner relationship management, and customer lifetime value in the context of shaping brand experiences.
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