Podcast
Questions and Answers
What is the main focus of relationship marketing?
What is the main focus of relationship marketing?
- Building long-lasting relationships between customers and suppliers (correct)
- Creating clearer pictures of customer preferences through data mining
- Building long-lasting relationships between businesses and government
- Strengthening relationships with suppliers through data warehousing
Which segment of the external environment includes changing demographics, values, religion, and buying behaviors?
Which segment of the external environment includes changing demographics, values, religion, and buying behaviors?
- Sociocultural Environment (correct)
- Political and Legal Environment
- Economic Environment
- Technological Environment
What is the primary goal of customer relationship management (CRM)?
What is the primary goal of customer relationship management (CRM)?
- To build better information connections with clients (correct)
- To strengthen relationships with suppliers
- To sift, sort, and search for undiscovered customer information
- To compile and store consumer data
How does the technological environment impact marketing?
How does the technological environment impact marketing?
In service marketing, what are examples of products with intangible features?
In service marketing, what are examples of products with intangible features?
What is the formula for determining value as per the text?
What is the formula for determining value as per the text?
What are the four kinds of utility that marketing strives to provide?
What are the four kinds of utility that marketing strives to provide?
What is the definition of marketing provided by the American Marketing Association?
What is the definition of marketing provided by the American Marketing Association?
What is the main difference between form utility and possession utility as per the text?
What is the main difference between form utility and possession utility as per the text?
What is the role of consumer marketing as per the text?
What is the role of consumer marketing as per the text?
What is the starting point for attracting qualified new employees?
What is the starting point for attracting qualified new employees?
What reflects the organization’s investment in attracting, retaining, and motivating an effective workforce?
What reflects the organization’s investment in attracting, retaining, and motivating an effective workforce?
Which activity is directed at attracting, developing, and maintaining an effective workforce?
Which activity is directed at attracting, developing, and maintaining an effective workforce?
What are the two results of a job analysis within an organization?
What are the two results of a job analysis within an organization?
What is critical for effective organizational functioning?
What is critical for effective organizational functioning?
What is the primary purpose of job analysis?
What is the primary purpose of job analysis?
Which method involves listing each important managerial position, the occupant, and the expected duration in the role before moving on?
Which method involves listing each important managerial position, the occupant, and the expected duration in the role before moving on?
What type of information do skills inventories contain?
What type of information do skills inventories contain?
What is the first step in staffing a company with new employees?
What is the first step in staffing a company with new employees?
How can shortfalls in staffing be managed according to the text?
How can shortfalls in staffing be managed according to the text?
Study Notes
Relationship Marketing
- Main focus: building long-term relationships with customers and other stakeholders
External Environment
- Demographic environment: includes changing demographics, values, religion, and buying behaviors
Customer Relationship Management (CRM)
- Primary goal: to understand and respond to customer needs
Technological Environment
- Impact on marketing: facilitates efficient and effective marketing, enables personalization, and reduces costs
Service Marketing
- Examples of intangible products: services, experiences, and ideas
Value Formula
- Value = Benefits / Cost
Utilities in Marketing
- Four kinds of utility: form, time, place, and possession
Definition of Marketing (American Marketing Association)
- Marketing: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Form Utility vs. Possession Utility
- Main difference: form utility is the value added to a product through its production and distribution, while possession utility is the value added through ownership
Consumer Marketing
- Role: to create value for customers by meeting their needs and wants
Human Resource Management
- Starting point for attracting qualified new employees: job analysis
- Investment in attracting, retaining, and motivating an effective workforce: human resource management
- Activity for attracting, developing, and maintaining an effective workforce: staffing
Job Analysis
- Two results: job description and job specification
- Primary purpose: to define the tasks, duties, and responsibilities of a job
Succession Planning
- Method: REPLACING (listing each important managerial position, the occupant, and the expected duration in the role before moving on)
- Skills inventories: contain information about employees' skills, knowledge, and abilities
Staffing
- First step: job analysis
- Managing shortfalls: can be managed through recruitment, training, and development of current employees
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Description
Test your knowledge of marketing and customer value with this quiz. Explore the concepts of delivering value, benefits, and the definition of marketing according to the American Marketing Association.
