Marketing Framework and Target Market
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Questions and Answers

Which strategy is suggested for achieving sustainable growth in a company?

  • Focus primarily on customer acquisition.
  • Prioritize customer retention, especially for those with high equity. (correct)
  • Invest heavily in marketing to new customers.
  • Utilize a one-size-fits-all approach for customer engagement.

    • What aspect is included in the strategic value of an offering?

  • Fixed costs associated with production.
  • Immediate revenue from service subscriptions.
  • Increased demand for other offerings in the portfolio. (correct)
  • Direct profits generated from the offering.

    • What is a potential drawback of collaboration in a business context?

  • Faster achievement of desired results.
  • Greater loss of control over core competencies. (correct)
  • Enhanced economies of scale.
  • Increased flexibility in operations.

    • In the context of customer equity, what important factor should be considered for different customers?

    <p>The future potential and changing preferences of customers.</p> Signup and view all the answers

    What does effective collaboration in a business network ensure?

    <p>Enhanced specialization and cost efficiency.</p> Signup and view all the answers

    What does a company's mission provide to employees and management?

    <p>A shared sense of purpose</p> Signup and view all the answers

    Which of the following is NOT one of the five main steps in market planning?

    <p>Defining the target audience</p> Signup and view all the answers

    In the 3C framework, which of the following factors is emphasized for achieving a sustainable competitive advantage?

    <p>Customer Satisfaction</p> Signup and view all the answers

    What is the primary focus of the 3V market value principle?

    <p>Creating value for all relevant entities</p> Signup and view all the answers

    What does company culture reflect?

    <p>The shared values and beliefs</p> Signup and view all the answers

    Which step is considered the first in defining a marketing plan?

    <p>Understanding the company culture and values</p> Signup and view all the answers

    What limitation does the 3C framework have?

    <p>It overlooks the company's collaborators</p> Signup and view all the answers

    Which aspect determines the code of behavior within a company culture?

    <p>Core values of the organization</p> Signup and view all the answers

    What is emphasized as a requirement for well-being?

    <p>Physiological or psychological need</p> Signup and view all the answers

    Which of the following does not contribute to well-being according to the provided content?

    <p>Personal achievements</p> Signup and view all the answers

    Which aspect is likely to be a physiological requirement for well-being?

    <p>Adequate sleep</p> Signup and view all the answers

    Which of these options could result from unmet physiological or psychological requirements?

    <p>Exacerbated anxiety levels</p> Signup and view all the answers

    Which requirement is least likely to be classified as a physiological need?

    <p>Healthy relationships</p> Signup and view all the answers

    How do psychological requirements influence well-being?

    <p>They affect emotional health.</p> Signup and view all the answers

    Which of the following is an outcome of fulfilling physiological and psychological needs?

    <p>Enhanced quality of life</p> Signup and view all the answers

    What might occur if both physiological and psychological needs are neglected?

    <p>Decreased overall health</p> Signup and view all the answers

    What can interrupt the path of repurchase?

    <p>Dissatisfaction</p> Signup and view all the answers

    Which model suggests that people have clear and consistent preferences?

    <p>Rational model</p> Signup and view all the answers

    What is an example of a cognitive bias in decision-making?

    <p>Making choices based on incomplete information</p> Signup and view all the answers

    What does bounded rationality involve?

    <p>A trade-off between accurate decisions and mental effort</p> Signup and view all the answers

    What is the satisficing heuristic?

    <p>Choosing the first acceptable option encountered</p> Signup and view all the answers

    What do heuristics help individuals to do in decision-making?

    <p>Minimize decision-making time</p> Signup and view all the answers

    Which outcome comes first in the path of repurchase?

    <p>Satisfaction</p> Signup and view all the answers

    In which situation might a person's decision-making be less than fully rational?

    <p>When making a decision under time pressure</p> Signup and view all the answers

    What is the primary benefit of customer loyalty for a company?

    <p>No need to reacquire loyal customers</p> Signup and view all the answers

    Which statement correctly describes customer satisfaction management?

    <p>Unhappy customers are more likely to share negative experiences.</p> Signup and view all the answers

    What role do reward programs serve in customer loyalty?

    <p>Encourage customer data collection and enhance perception of value.</p> Signup and view all the answers

    What are switching costs, and why are they significant?

    <p>They deter customers from moving to competitors by creating discomfort.</p> Signup and view all the answers

    How do brand communities contribute to customer loyalty?

    <p>They enhance a sense of connection and encourage support among users.</p> Signup and view all the answers

    What is customer equity?

    <p>The overall value generated by customers over their lifetime.</p> Signup and view all the answers

    Which factor significantly influences customer perceptions on positioning maps?

    <p>Brand perception and individual customer perceptions</p> Signup and view all the answers

    What is a crucial aspect of managing customer dissatisfaction?

    <p>Unrealistic expectations can lead to adverse customer reactions.</p> Signup and view all the answers

    Which system is primarily focused on analysis and comparison?

    <p>System 2</p> Signup and view all the answers

    Which factor is unlikely to influence new product adoption?

    <p>Time spent on social media</p> Signup and view all the answers

    A consumer displaying a high degree of care is more likely to rely on which system?

    <p>System 2</p> Signup and view all the answers

    What does Rogers' model suggest about product adoption?

    <p>It assumes that adoptions follow a normal distribution pattern.</p> Signup and view all the answers

    Which of the following describes the process of product adoption?

    <p>The stages leading from discovery to long-term consumption.</p> Signup and view all the answers

    Which aspect does consumer involvement likely affect?

    <p>The reliance on cognitive processing systems</p> Signup and view all the answers

    What influence does the transparency of a product have on adoption?

    <p>It enhances understanding and trust in the product.</p> Signup and view all the answers

    How does a consumer with low involvement typically behave?

    <p>They rely on heuristics and quick judgments.</p> Signup and view all the answers

    Which of the following factors relates positively to the likelihood of product adoption?

    <p>Frequent purchases of similar products</p> Signup and view all the answers

    Which of the following is NOT a component influencing new product adoption?

    <p>Product aesthetics</p> Signup and view all the answers

    Study Notes

    Marketing Framework

    • Markets are categorized into business-to-customer, business-to-business, and customer-to-customer.
    • Marketing aims to create value through identifying value, designing value (product, branding, pricing), communicating value (to stakeholders), and delivering value (through distribution channels).
    • A market value map consists of target market, value proposition, and market offering.
    • Marketing myopia involves focusing on product instead of customer needs, believing growth is assured by market expansion, and underestimating alternative products .

    Defining the Target Market

    • The target market is crucial for value creation and comprises customer needs, competitors, collaborators, the company itself, and operating context (sociocultural, technological, regulatory, economic, physical).
    • Customer needs and profile are key factors in identifying the target market, including demographics, geolocation, psychographics, and behavior.
    • Competitors with similar offerings to the same customer base are essential to understand to gain a competitive edge.
    • Collaborators, those working with the company to offer the product, are essential to identify and utilize.

    Market Strategies and Tactics

    • Strategies differ from tactics; strategies are the defined plans while tactics are the steps to execute the plans
    • Targeting customers based on particular needs and profile allows to efficiently create strategies
    • Understanding competitors and their value propositions helps position the product
    • Customer value, company value, and collaborator value are all key considerations

    Overall Framework

    • The 3C framework (company, customers, competition) assists in evaluating the market environment
    • The 5C framework (competing factors, co-operators, customers, company, context) is a more comprehensive approach than the 3C framework
    • Frameworks help analyze market issues and identify approaches to address those issues
    • The 5 forces framework (Porter) assesses competition within an industry
    • Understanding company goals, resources, collaborators, and the context help design and execute strategies
    • Analyzing the customer journey (need recognition, information search, evaluation, purchase, use, repurchase) and consumer behaviour is essential

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    Marketing Framework PDF

    Description

    This quiz explores key concepts in marketing, including the classification of markets, value creation strategies, and the importance of defining a target market. Dive into the intricacies of marketing myopia and learn how to effectively position your offerings by understanding customer needs and competitor dynamics.

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