Podcast
Questions and Answers
What is the main purpose of collecting information in Customer Relationship Management?
What is the main purpose of collecting information in Customer Relationship Management?
- To create a customer database
- To reduce the product price
- To increase customer loyalty
- To figure out what customers want (correct)
Which of the following is NOT a basis for segmenting consumer markets?
Which of the following is NOT a basis for segmenting consumer markets?
- Product usage (correct)
- Demographic characteristics
- Geographic locations
- Customer types
What are the two main categories of marketing research data?
What are the two main categories of marketing research data?
- Online and Offline
- Internal and External
- Qualitative and Quantitative
- Primary and Secondary (correct)
What is the main benefit of conducting marketing research?
What is the main benefit of conducting marketing research?
What is the term for marketing that contributes to the needs of the larger society?
What is the term for marketing that contributes to the needs of the larger society?
What is mass customization?
What is mass customization?
What are the four elements of a marketing strategy?
What are the four elements of a marketing strategy?
What is the ultimate goal of understanding customer needs?
What is the ultimate goal of understanding customer needs?
What is the primary reason for studying consumer and business buyer behavior?
What is the primary reason for studying consumer and business buyer behavior?
Which of the following is a characteristic used to segment business markets?
Which of the following is a characteristic used to segment business markets?
What is the ultimate goal of creating, communicating, and delivering value to customers?
What is the ultimate goal of creating, communicating, and delivering value to customers?
What is the primary difference between consumer and business markets in terms of segmentation?
What is the primary difference between consumer and business markets in terms of segmentation?
What is the main impact of advances in technology on marketing strategies?
What is the main impact of advances in technology on marketing strategies?
Flashcards are hidden until you start studying
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
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
