13 Questions
What is the main purpose of collecting information in Customer Relationship Management?
To figure out what customers want
Which of the following is NOT a basis for segmenting consumer markets?
Product usage
What are the two main categories of marketing research data?
Primary and Secondary
What is the main benefit of conducting marketing research?
To identify external opportunities and threats
What is the term for marketing that contributes to the needs of the larger society?
Social responsibility marketing
What is mass customization?
A personalized approach to building customer relationships
What are the four elements of a marketing strategy?
Product, Place, Price, Promotion
What is the ultimate goal of understanding customer needs?
To build customer loyalty
What is the primary reason for studying consumer and business buyer behavior?
To understand customer needs and build customer loyalty
Which of the following is a characteristic used to segment business markets?
Customer types
What is the ultimate goal of creating, communicating, and delivering value to customers?
To provide customer satisfaction
What is the primary difference between consumer and business markets in terms of segmentation?
Consumer markets are segmented based on psychographics, while business markets are segmented based on customer types
What is the main impact of advances in technology on marketing strategies?
More mass customization for a personalized approach to building customer relationships
Study Notes
Marketing Overview
- Marketing involves creating, communicating, and delivering value to customers.
Customer Relationship Management
- Collecting information is an integral part of Customer Relationship Management.
- Figuring out what customers want is vital to provide satisfaction and build customer loyalty.
Marketing Strategy
- Elements of marketing strategy include:
- Product strategies
- Price strategies
- Place strategies
- Promotion strategies
Market Segmentation
- Consumer markets are segmented based on:
- Demographic characteristics
- Geographic locations
- Psychographics (attitudes and lifestyles)
- Behaviorals (how they act) with a product
- Business markets are segmented based on:
- Geographics
- Customer types
- How products are used
Customer Needs
- Understanding customer needs involves:
- Studying consumer and business buyer behavior
- Identifying influences that impact their decision making
Marketing Research
- Categories of marketing research data include:
- Secondary data (from other sources)
- Primary data (collected by the company)
- Marketing research helps to:
- Identify external opportunities and threats
- Monitor and predict customer behavior
- Evaluate and improve each area of the marketing mix
Social Responsibility and Technology
- The social responsibility movement has led to:
- Marketers actively contributing to the needs of the larger society
- Increased green marketing
- Changes in technology have led to:
- More mass customization
- A more personalized approach to building customer relationships
Marketing Overview
- Marketing involves creating, communicating, and delivering value to customers.
Customer Relationship Management
- Collecting information is an integral part of Customer Relationship Management.
- Figuring out what customers want is vital to provide satisfaction and build customer loyalty.
Marketing Strategy
- Elements of marketing strategy include:
- Product strategies
- Price strategies
- Place strategies
- Promotion strategies
Market Segmentation
- Consumer markets are segmented based on:
- Demographic characteristics
- Geographic locations
- Psychographics (attitudes and lifestyles)
- Behaviorals (how they act) with a product
- Business markets are segmented based on:
- Geographics
- Customer types
- How products are used
Customer Needs
- Understanding customer needs involves:
- Studying consumer and business buyer behavior
- Identifying influences that impact their decision making
Marketing Research
- Categories of marketing research data include:
- Secondary data (from other sources)
- Primary data (collected by the company)
- Marketing research helps to:
- Identify external opportunities and threats
- Monitor and predict customer behavior
- Evaluate and improve each area of the marketing mix
Social Responsibility and Technology
- The social responsibility movement has led to:
- Marketers actively contributing to the needs of the larger society
- Increased green marketing
- Changes in technology have led to:
- More mass customization
- A more personalized approach to building customer relationships
Test your understanding of marketing principles, including customer relationship management, marketing strategies, and target market segmentation.
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