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Questions and Answers
What is the main purpose of differentiation in marketing?
What is the main purpose of differentiation in marketing?
Which of the following elements is NOT included in the marketing mix?
Which of the following elements is NOT included in the marketing mix?
What does the 'promotion' component of the marketing mix involve?
What does the 'promotion' component of the marketing mix involve?
What is the first step in the marketing management functions?
What is the first step in the marketing management functions?
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In a SWOT analysis, which factor represents internal capabilities?
In a SWOT analysis, which factor represents internal capabilities?
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What is the primary purpose of marketing control?
What is the primary purpose of marketing control?
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What does the return on marketing investment (marketing ROI) measure?
What does the return on marketing investment (marketing ROI) measure?
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Which of the following best defines the microenvironment in marketing?
Which of the following best defines the microenvironment in marketing?
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What does differentiated marketing entail?
What does differentiated marketing entail?
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Which targeting strategy focuses on tailoring products to individual customer preferences?
Which targeting strategy focuses on tailoring products to individual customer preferences?
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What is the primary goal of positioning in marketing?
What is the primary goal of positioning in marketing?
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What is meant by competitive advantage in a marketing context?
What is meant by competitive advantage in a marketing context?
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What aspect does micromarketing consider more than other marketing strategies?
What aspect does micromarketing consider more than other marketing strategies?
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Which marketing strategy would likely involve favoring an entire market rather than targeting segments?
Which marketing strategy would likely involve favoring an entire market rather than targeting segments?
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What does a perceptual positioning map illustrate?
What does a perceptual positioning map illustrate?
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Which factor is NOT typically considered when deciding on a targeting strategy?
Which factor is NOT typically considered when deciding on a targeting strategy?
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What is a unique selling point (USP) intended to highlight?
What is a unique selling point (USP) intended to highlight?
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Which of the following describes a value proposition of 'more for less'?
Which of the following describes a value proposition of 'more for less'?
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Which of the following is NOT a characteristic of differences worthy to promote?
Which of the following is NOT a characteristic of differences worthy to promote?
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What is the primary focus of a positioning statement?
What is the primary focus of a positioning statement?
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What is the first level that product planners need to consider when developing services and products?
What is the first level that product planners need to consider when developing services and products?
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Which type of product is characterized by frequent, immediate purchases with minimal comparison effort?
Which type of product is characterized by frequent, immediate purchases with minimal comparison effort?
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Which of the following best describes the concept of 'less for much less'?
Which of the following best describes the concept of 'less for much less'?
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What do 'consumer products' primarily refer to?
What do 'consumer products' primarily refer to?
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What is a mission statement?
What is a mission statement?
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Which of the following describes the purpose of portfolio analysis?
Which of the following describes the purpose of portfolio analysis?
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In the BCG growth-share matrix, which type of SBU requires investment due to high growth and high market share?
In the BCG growth-share matrix, which type of SBU requires investment due to high growth and high market share?
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What does globalization enable companies to do?
What does globalization enable companies to do?
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Which of the following is included in the growth-share matrix as a low-growth, high-share unit?
Which of the following is included in the growth-share matrix as a low-growth, high-share unit?
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What is involved in designing a business portfolio?
What is involved in designing a business portfolio?
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Which Web iteration focuses on connecting information with people?
Which Web iteration focuses on connecting information with people?
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What do cultural factors influence in consumer behavior?
What do cultural factors influence in consumer behavior?
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What characterizes a subculture?
What characterizes a subculture?
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What characterizes a 'dog' in the BCG growth-share matrix?
What characterizes a 'dog' in the BCG growth-share matrix?
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What is the role of opinion leaders in consumer behavior?
What is the role of opinion leaders in consumer behavior?
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Which best describes 'buzz marketing'?
Which best describes 'buzz marketing'?
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How do social factors influence consumer behavior?
How do social factors influence consumer behavior?
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Which of the following best describes a membership group?
Which of the following best describes a membership group?
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Which factor heavily influences buying roles within families?
Which factor heavily influences buying roles within families?
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What is a defining characteristic of social classes?
What is a defining characteristic of social classes?
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What is the primary purpose of crowdsourcing in new product innovation?
What is the primary purpose of crowdsourcing in new product innovation?
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What does the concept of idea screening involve?
What does the concept of idea screening involve?
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Which part of marketing strategy development focuses on the target market?
Which part of marketing strategy development focuses on the target market?
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What is involved in the business analysis stage of new product development?
What is involved in the business analysis stage of new product development?
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In the product development process, what does test marketing aim to evaluate?
In the product development process, what does test marketing aim to evaluate?
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What characterizes customer-centered new product development?
What characterizes customer-centered new product development?
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Which of the following describes team-based new product development?
Which of the following describes team-based new product development?
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What does the product life cycle (PLC) illustrate?
What does the product life cycle (PLC) illustrate?
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Study Notes
Marketing Concepts
- Marketing is managing profitable relationships with customers, attracting new customers and retaining existing ones by delivering satisfaction.
- Customer needs, wants, and demands are fundamental to marketing.
- Human needs are states of felt deprivation (physical, social, individual).
- Wants are the form human needs take as they are shaped by culture and personality.
- Demands are human wants backed by buying power.
- Market offerings are combinations of products, services, and experiences offered to satisfy needs and wants.
- Value and satisfaction are critical for building customer relationships.
- Exchanges are the act of obtaining a desired object from someone by offering something in return.
- The market is all actual and potential buyers of a given product or service.
- Marketing involves serving a market of final consumers while competing with other businesses.
Customer-driven Marketing Strategy
- Marketing management is choosing target markets and building profitable relationships with them
- Five core concepts businesses use: Production, Product, Selling, Marketing and Societal Marketing
- The production concept assumes customers favour offerings that are readily available and cheaply priced
- The product concept assumes customers favour offerings with superior quality and features
- The selling concept assumes customers will not buy enough of the company's product unless the company engages in large-scale promotion and selling
- The marketing concept holds that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the promised satisfaction better than competitors.
- The societal marketing concept states that marketing decisions should consider consumers' wants, the company's requirements, the consumers long-term interests and society's long-term interests.
Integrated Marketing Plan
- A marketing strategy outlines which customers a company will serve and how.
- The marketing mix, including the four Ps (product, price, place, promotion) implement the strategy.
Building Customer Relationships
- Customer relationship management (CRM) is building profitable customer relationships by delivering superior customer value.
- Customer perceived value is the difference consumers perceive between the benefits and costs of a product or service.
- Customer delight occurs when a product's performance exceeds customer expectations.
- Relationships can vary from basic to full partnerships
- Modern companies employ customer managed relationships and consumer-generated marketing.
Capturing Customer Value
- Customer lifetime value (CLTV) is the total stream of purchases that a customer makes over a lifetime of relationship
- Customer equity is the combined CLTV of all of the company's customers.
- Building customer relationships includes recognizing high- and low-profit customers, and those with short- and long-term orientations.
The Marketing Environment
- The marketing environment encompasses factors external to marketing that affect the company's ability to build and maintain customer relationships.
- Includes the microenvironment (factors close to the company, such as the company itself, suppliers, intermediaries, competitors, and publics) and the macroenvironment (larger societal forces, such as demographic, economic, natural, technological, political, and cultural forces).
Consumer Buyer Behaviour
- Consumer buyer behaviour is the buying behaviour of final consumers, individual households, and individuals.
- Key factors influence consumer behaviour, including cultural, social, personal, and psychological factors.
Chapter 7 - Customer-Driven Strategy
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Market segmentation involves dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
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Ways to segment the market: geographic, demographic, psychographic, behavioural.
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Target marketing involves evaluating segments' attractiveness and selecting one or more segments to enter.
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Several target marketing strategies: undifferentiated (mass), differentiated (segmented), concentrated (niche), and micromarketing
Chapter 8 - Building Customer Value
- A product is anything offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
- Consumer products are bought by final consumers for personal consumption. (Convenience, shopping, specialty, and unsought)
Chapter 9 - Product Life Cycle
- The product life cycle (PLC) describes the stages a new product goes through from introduction to decline.
Chapter 10 - Pricing Strategies
- Pricing is the amount of money charged for a product or service.
- Includes good-value, value-added, cost-plus (or markup), break-even (or target return), and competition-based pricing.
- Price elasticity of demand measures how responsive demand is to changes in price.
Chapter 11 - Pricing Considerations
- Pricing strategies, including market skimming (high initial price) and market penetration (low initial price), can affect market response.
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Description
This quiz covers essential marketing concepts, including customer needs, wants, and demands. It also explores customer-driven marketing strategies and emphasizes the importance of value and satisfaction in building relationships. Test your understanding of these foundational marketing principles!
