20 Questions
What is the main focus of relationship marketing?
Building long-lasting relationships between customers and suppliers
Which segment of the external environment includes changing demographics, values, religion, and buying behaviors?
Sociocultural Environment
What is the primary goal of customer relationship management (CRM)?
To build better information connections with clients
How does the technological environment impact marketing?
By making existing products obsolete quickly
In service marketing, what are examples of products with intangible features?
Haircuts and arrangements for a vacation
What is the formula for determining value as per the text?
Value = Benefits / Costs
What are the four kinds of utility that marketing strives to provide?
Form utility, time utility, place utility, possession utility
What is the definition of marketing provided by the American Marketing Association?
Marketing is creating and exchanging offerings that have value for customers and society at large.
What is the main difference between form utility and possession utility as per the text?
Form utility relates to product design, while possession utility relates to product ownership.
What is the role of consumer marketing as per the text?
Consumer marketing involves selling tangible products to individual consumers for personal use.
What is the starting point for attracting qualified new employees?
Job analysis
What reflects the organization’s investment in attracting, retaining, and motivating an effective workforce?
Human capital
Which activity is directed at attracting, developing, and maintaining an effective workforce?
Human resource management
What are the two results of a job analysis within an organization?
Job description and job specification
What is critical for effective organizational functioning?
Human resources
What is the primary purpose of job analysis?
To develop relevant performance appraisal systems
Which method involves listing each important managerial position, the occupant, and the expected duration in the role before moving on?
Replacement Charts
What type of information do skills inventories contain?
Information on each employee's education and career aspirations
What is the first step in staffing a company with new employees?
Attracting qualified persons to apply for jobs
How can shortfalls in staffing be managed according to the text?
By encouraging early retirement and investing in productivity-enhancing systems
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
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.
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