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Questions and Answers
What is the main goal of marketing strategy?
What is the main goal of marketing strategy?
What is marketing myopia?
What is marketing myopia?
What does a SWOT analysis primarily evaluate?
What does a SWOT analysis primarily evaluate?
What does DESTEP analysis assess?
What does DESTEP analysis assess?
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Which of the following is a technological factor that can impact a food company?
Which of the following is a technological factor that can impact a food company?
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Which factor is NOT part of the DESTEP model?
Which factor is NOT part of the DESTEP model?
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What is customer centricity?
What is customer centricity?
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In the context of Porter’s Five Forces, which factor signifies the ability of customers to affect pricing?
In the context of Porter’s Five Forces, which factor signifies the ability of customers to affect pricing?
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What differentiates a product-oriented company from a market-oriented company?
What differentiates a product-oriented company from a market-oriented company?
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What is an example of an external factor in SWOT analysis?
What is an example of an external factor in SWOT analysis?
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Which of the following best defines 'value creation' in marketing?
Which of the following best defines 'value creation' in marketing?
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What do the 4 Ps of marketing include?
What do the 4 Ps of marketing include?
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How can social-cultural factors impact a company’s marketing strategy?
How can social-cultural factors impact a company’s marketing strategy?
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How does the threat of substitutes affect a company?
How does the threat of substitutes affect a company?
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What is a potential weakness for a company identified through SWOT analysis?
What is a potential weakness for a company identified through SWOT analysis?
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Which factor is NOT part of Porter’s Five Forces framework?
Which factor is NOT part of Porter’s Five Forces framework?
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What is the primary purpose of promotion in marketing?
What is the primary purpose of promotion in marketing?
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What are the three types of scenarios that a business might prepare for?
What are the three types of scenarios that a business might prepare for?
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Which of the following best describes market segmentation?
Which of the following best describes market segmentation?
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What are the two main types of benchmarking?
What are the two main types of benchmarking?
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How does differentiation create value for a business?
How does differentiation create value for a business?
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Why is benchmarking considered important for companies?
Why is benchmarking considered important for companies?
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What role does scenario planning play in business strategy?
What role does scenario planning play in business strategy?
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How can a restaurant chain apply benchmarking effectively?
How can a restaurant chain apply benchmarking effectively?
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What does targeting in the STP process involve?
What does targeting in the STP process involve?
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What are the primary activities in Porter’s Value Chain?
What are the primary activities in Porter’s Value Chain?
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Which of the following is NOT a type of market segmentation?
Which of the following is NOT a type of market segmentation?
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Which of the following is NOT a support activity in the value chain?
Which of the following is NOT a support activity in the value chain?
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What is the focus of influencer marketing in the promotional strategy?
What is the focus of influencer marketing in the promotional strategy?
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What is the focus strategy in Porter’s Generic Strategies?
What is the focus strategy in Porter’s Generic Strategies?
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How does technology development support the value chain?
How does technology development support the value chain?
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What is the goal of cost leadership in competitive strategies?
What is the goal of cost leadership in competitive strategies?
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In a monopolistic market, which of Porter’s Five Forces is considered the least significant?
In a monopolistic market, which of Porter’s Five Forces is considered the least significant?
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How does reducing supplier power assist a company in lowering its costs?
How does reducing supplier power assist a company in lowering its costs?
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What marketing mix strategy is primarily used for luxury products?
What marketing mix strategy is primarily used for luxury products?
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Which scenario should a retail company pursue during an optimistic economic outlook?
Which scenario should a retail company pursue during an optimistic economic outlook?
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Why might a company choose to benchmark against a smaller competitor instead of an industry leader?
Why might a company choose to benchmark against a smaller competitor instead of an industry leader?
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What challenge is commonly faced by companies conducting external benchmarking?
What challenge is commonly faced by companies conducting external benchmarking?
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What initial step can a company take to improve low engagement in its digital ads?
What initial step can a company take to improve low engagement in its digital ads?
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Which industries are most likely to rely on scenario planning and why?
Which industries are most likely to rely on scenario planning and why?
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Why is it crucial for businesses to understand customer pain points in marketing?
Why is it crucial for businesses to understand customer pain points in marketing?
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What distinguishes a pull strategy from a push strategy in marketing?
What distinguishes a pull strategy from a push strategy in marketing?
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What does perceived value in marketing refer to?
What does perceived value in marketing refer to?
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What risk is associated with overly emphasizing product features over benefits?
What risk is associated with overly emphasizing product features over benefits?
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In which way might economic factors impact a company selling luxury cars in a low-income country?
In which way might economic factors impact a company selling luxury cars in a low-income country?
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How do ecological and social-cultural factors interact in the beverage industry?
How do ecological and social-cultural factors interact in the beverage industry?
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What internal strengths can be leveraged by a business entering a competitive market, as identified in a SWOT analysis?
What internal strengths can be leveraged by a business entering a competitive market, as identified in a SWOT analysis?
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How can addressing a weakness transform into a competitive advantage for a business?
How can addressing a weakness transform into a competitive advantage for a business?
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Study Notes
Marketing Fundamentals
- Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.
- Customer centricity focuses on the customer in all business decisions to improve satisfaction and loyalty.
- Marketing myopia is focusing on the product instead of customer needs.
- The historical eras of marketing are Production Era, Product Era, Sales Era, Marketing Era, and Social Marketing Era.
- A product-oriented company focuses on product quality/features, while a market-oriented company focuses on customer needs and satisfaction.
- Value creation in marketing means creating products/services that provide greater benefits than their cost.
- Relationship marketing is crucial for building long-term customer loyalty and increasing customer lifetime value.
- Target market is a specific group of consumers a company aims to serve.
- Needs are basic requirements, wants are specific ways to fulfill needs, and demands are wants backed by purchasing power.
DESTEP Analysis
- DESTEP stands for Demographic, Economic, Social-Cultural, Technological, Ecological, and Political.
- Examples of demographic factors include age distribution, population growth, and education levels.
- Economic factors might include income levels, inflation, or interest rates.
- Social-cultural factors are changes in lifestyles, values, and consumer preferences.
- Technological factors encompass advancements in AI, e-commerce platforms, or automation.
- Ecological factors include sustainability requirements and regulations.
- Political factors include government regulations and trade policies.
- DESTEP analysis helps companies identify opportunities and threats in the macro-environment.
SWOT Analysis
- SWOT analysis is a tool to evaluate Strengths, Weaknesses, Opportunities, and Threats.
- Strengths and weaknesses are internal factors (e.g., efficient production, poor customer service).
- Opportunities and threats are external factors (e.g., new markets, rising competition).
- SWOT is used to match strengths with opportunities and minimize weaknesses and threats in strategic planning.
Porter's Five Forces
- Porter's Five Forces are threat of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers, and industry rivalry.
- Threat of substitutes refers to the ability of customers to switch to alternative products.
- Bargaining power of suppliers refers to the ability of suppliers to affect businesses by raising prices or reducing product quality.
- Porter's Five Forces are used for analyzing industry structures and competitive rivalry.
Marketing Mix (4 Ps)
- The 4 Ps of marketing are Product, Price, Place, and Promotion.
- Product encompasses the good or service offered to satisfy customer needs.
- Price is how sensitive customers are to price changes.
- Place refers to where the product is available, such as online platforms or retail stores.
- Promotion communicates product benefits and encourages purchases through marketing efforts.
Scenario Planning
- Scenario planning prepares strategies for multiple possible future outcomes.
- Optimistic, neutral, and pessimistic scenarios are common types.
- This helps companies reduce uncertainty and improve preparedness for potential risks and changes.
Generic Strategies
- Porter's three generic strategies are Cost Leadership, Differentiation, and Focus.
- Cost Leadership aims to have the lowest production costs.
- Differentiation offers unique features that competitors cannot match.
- Focus concentrates on a specific niche market segment.
Market Segmentation, Targeting, and Positioning (STP)
- Market segmentation divides a market into smaller groups of people with similar needs, behaviors, or characteristics.
- Demographic, geographic, psychographic, and behavioral factors are used for segmentation.
- Targeting involves choosing the most profitable and relevant market segment for marketing efforts.
- Positioning creates a unique image and value in the minds of customers compared to competitors.
Benchmarking
- Benchmarking is a process of comparing a company's performance with competitors or industry leaders to identify best practices and improvement areas.
- Internal benchmarking compares performance within a company, while external benchmarking compares performance with competitors or industry standards.
- Benchmarking helps identify performance gaps and areas for improvement and helps companies stay competitive.
Customer Behavior
- Consumer behavior studies how individuals make purchase decisions for goods and services, taking into account psychological, personal, social, and cultural influences.
- The stages in the buyer decision-making process include need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
- Culture, traditions, and values significantly impact consumer choices.
Digital Marketing
- Digital marketing uses digital channels to promote products and engage customers, including social media, email, search engines, and content marketing.
- Key components of digital marketing include content marketing, SEO (Search Engine Optimization), social media marketing, email marketing, and paid advertising.
- Digital marketing impacts brand awareness, customer engagement, and sales conversion.
Omni-Channel Marketing
- Omni-channel marketing ensures a seamless customer experience across multiple channels, such as online, in-store, or mobile.
- Omni-channel marketing aims to offer consistent branding and maximize customer convenience.
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Description
This quiz covers the essential concepts of marketing, including the importance of customer centricity, the different marketing eras, and the distinction between product-oriented and market-oriented strategies. Explore how value creation and relationship marketing can enhance customer loyalty and satisfaction. Test your knowledge on the foundations of effective marketing strategies.
