Podcast
Questions and Answers
Which pricing strategy is based on the perceived value to the customer?
Which pricing strategy is based on the perceived value to the customer?
Cost pricing involves setting a product's price based on market demand.
Cost pricing involves setting a product's price based on market demand.
False
What is the strategic pricing gap?
What is the strategic pricing gap?
The difference between a company's current pricing and the optimal price that could improve profitability or market share.
The ______ is a term used to describe a product's features that provide value to the customer.
The ______ is a term used to describe a product's features that provide value to the customer.
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Match the following pricing strategies with their definitions:
Match the following pricing strategies with their definitions:
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What is one of the main benefits of product differentiation at the extended level?
What is one of the main benefits of product differentiation at the extended level?
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Brands must have aided awareness to be recognized by customers.
Brands must have aided awareness to be recognized by customers.
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What does the customer adoption process refer to?
What does the customer adoption process refer to?
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What is one benefit of marketing coordination?
What is one benefit of marketing coordination?
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Economies of scale mean that the cost per unit produced increases with higher production volume.
Economies of scale mean that the cost per unit produced increases with higher production volume.
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What does the VRIO framework evaluate?
What does the VRIO framework evaluate?
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The _______ Matrix is a tool used to evaluate growth strategies by comparing products and markets.
The _______ Matrix is a tool used to evaluate growth strategies by comparing products and markets.
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Which of the following is NOT one of the four strategies in the Ansoff Matrix?
Which of the following is NOT one of the four strategies in the Ansoff Matrix?
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Match the following concepts with their definitions:
Match the following concepts with their definitions:
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Direct costs include raw materials and wages.
Direct costs include raw materials and wages.
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What is the primary goal of marketing planning?
What is the primary goal of marketing planning?
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What does market development involve?
What does market development involve?
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Brand equity only supports market penetration.
Brand equity only supports market penetration.
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What is the function of a brand?
What is the function of a brand?
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The ________ mechanism is used to analyze how changes in supply and demand affect market price.
The ________ mechanism is used to analyze how changes in supply and demand affect market price.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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Which of the following factors is NOT part of the decision-making process for market investments?
Which of the following factors is NOT part of the decision-making process for market investments?
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What is a market?
What is a market?
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A positive shift in the demand curve results in a decrease in market price.
A positive shift in the demand curve results in a decrease in market price.
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Which step in the effect hierarchy models focuses on consumer behavior and purchase intention?
Which step in the effect hierarchy models focuses on consumer behavior and purchase intention?
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The AIDA model includes Attention, Interest, Satisfaction, and Action.
The AIDA model includes Attention, Interest, Satisfaction, and Action.
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What does the Exposure Effect suggest about consumer preferences?
What does the Exposure Effect suggest about consumer preferences?
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The _____ route in Elaboration Likelihood Model requires deeper processing of information.
The _____ route in Elaboration Likelihood Model requires deeper processing of information.
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Match the marketing concept with its definition:
Match the marketing concept with its definition:
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Which factor is NOT a prerequisite for thorough processing in the Elaboration Likelihood Model?
Which factor is NOT a prerequisite for thorough processing in the Elaboration Likelihood Model?
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Customer expectations can lead to satisfaction if met or exceeded.
Customer expectations can lead to satisfaction if met or exceeded.
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What is the primary focus of a message strategy?
What is the primary focus of a message strategy?
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What is one strategy Dale of Norway should use to improve its influencer partnerships?
What is one strategy Dale of Norway should use to improve its influencer partnerships?
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Limited domestic distribution is a strength for Dale of Norway.
Limited domestic distribution is a strength for Dale of Norway.
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Name one opportunity in the market for Dale of Norway.
Name one opportunity in the market for Dale of Norway.
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Dale of Norway should emphasize __________ and heritage in their marketing.
Dale of Norway should emphasize __________ and heritage in their marketing.
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Which product category should Dale of Norway consider expanding into?
Which product category should Dale of Norway consider expanding into?
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Match the following countries with their potential as key markets for Dale of Norway:
Match the following countries with their potential as key markets for Dale of Norway:
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Dale of Norway has a diverse product range as a threat in the market.
Dale of Norway has a diverse product range as a threat in the market.
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What is one way Dale of Norway can showcase its heritage?
What is one way Dale of Norway can showcase its heritage?
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What is a primary objective of customer portfolio management?
What is a primary objective of customer portfolio management?
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Ethical and sustainable production is a weakness of Dale products.
Ethical and sustainable production is a weakness of Dale products.
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What framework helps businesses understand the relationship between products and customer segments?
What framework helps businesses understand the relationship between products and customer segments?
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The market-matrix serves as a foundation for coordinating customer portfolio management, product portfolio management, and __________.
The market-matrix serves as a foundation for coordinating customer portfolio management, product portfolio management, and __________.
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Match the following areas of marketing management with their descriptions:
Match the following areas of marketing management with their descriptions:
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Which partnership opportunity is NOT mentioned in the content?
Which partnership opportunity is NOT mentioned in the content?
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The competitive retail landscape is a strength for Dale.
The competitive retail landscape is a strength for Dale.
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Dale merchandise could be sold in on-site stores at __________.
Dale merchandise could be sold in on-site stores at __________.
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Study Notes
Marketing Management and Strategy
- Businesses need a plan to generate income, remain profitable, and compete. Regular analysis of competitors, customers, and results are crucial to adjust strategy.
- A well-structured marketing plan aligns efforts, understands financial impacts, and assigns responsibilities for achieving company goals.
- Strategy focuses on achieving overall company goals. Segmentation, targeting, and positioning are key elements.
- Segmentation involves dividing the market into segments.
- Targeting selects specific segments to focus on.
- Positioning creates a desirable image for the product.
- Marketing builds lasting relationships with customers by understanding their needs, preferences, and values. This builds trust and loyalty.
- Repeated interaction between the company and customer forms strong relationships.
Market Orientation
- Market orientation involves gathering information on current and future customer needs, interpreting it, and acting on it.
- Continuously gathering and analyzing information about customer needs, both present and future, is essential.
- This approach promotes customer satisfaction, drives innovation, and helps businesses stay adaptable in a changing market.
Segments, Customer Management, Product Management, Brands
- Segment: Customers with similar needs and behaviors. Segmenting customers allows for tailoring individualized strategies to improve loyalty and lifetime value.
- Different levels of market segmentation: Mass marketing (one size fits all), Market segmentation (somewhat different segments), and One-to-one marketing (each unique customer).
- Segmentation criteria: measurable, substantial, accessible, differentiable, and actionable. Variables include gender, education, lifestyle, usage, and intensity.
Customer Management
- Goal: Develop a valuable customer portfolio by enhancing customer satisfaction, loyalty, and lifetime value (CLV).
- Strategies include attracting new customers, retaining existing customers encouraging existing customers to expand their relationship, and motivating existing customers to recommend the company to others.
- Companies strive to increase future cash flow.
- Customer Lifetime Value (CLV) is the total anticipated profit from a customer throughout their relationship with the business.
- Customer equity is the total value of a company's customers over their lifetime.
- Customer centricity is a strategy that focuses on customer needs and preferences in marketing decisions. Overall goal is to increase the financial value of the customer portfolio.
Macro and Micro Segments/Pilars of Customer Value Management
- Macrosegments: Broader, fewer groups based on stable characteristics like age or geography.
- Microsegments: Smaller, detailed groups based on behaviour, preferences, or demographics, changing frequently.
- Key pillars of customer value management: customer acquisition, customer retention, customer expansion.
- Upselling is encouraging customers to buy more expensive or feature-rich versions of products; cross-selling involves suggesting complementary products.
- Service concept outlines how to solve customer inquiries; and customer relationship repair programs are strategies for resolving issues with customer experiences.
Product Management
- Product value is the economic value generated by products and their ability to maintain a high cash flow.
- Product categories are defined as products customers consider to be close substitutes.
- Product attributes (features/characteristics) generate benefits for customers.
- Product differentiation involves adding unexpected extras to differentiate a product.
- Customer adoption process describes the mental stages a customer goes through in using a product, from awareness to regular use.
- Synergy in product management involves using multiple product categories to create added benefits and stronger brand strength.
Price Elasticity and Price Setting
- Price elasticity is the sensitivity of demand to changes in price. It's higher for durable goods in the growth stage of the product life cycle.
- Price setting involves considering consumer, cost, and competitors (3Cs).
- Cost pricing sets prices based on production cost plus markup.
- Value pricing prices based on perceived customer value (not production cost).
- A strategic pricing gap is the difference between the current price and the optimized price that can maximize profit or market share.
Additional Marketing Concepts
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Distribution: How products are moved from production to customer; the customer's perception of a normal price for a product is reference price.
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Brand management: Brands are symbols distinguishing products and services. Role includes identification, signaling uniqueness and quality, and creating desired associations. Brand awareness and brand preference are essential for customers.
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Marketing Planning: Companies adjust marketing strategies based on changing market conditions. Setting goals, market analysis, and strategy development for customer needs. Efficient use of resources.
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Marketing Knowledge and Management: Strategic areas for revenue and profitability include customer portfolio (managing, building loyalty), product portfolio (offering/meeting customer needs/market demands) and brand equity (building reputation/customer loyalty).
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VRIO Analysis: Strategic analysis that evaluates a company's resources and capabilities. Value, Rarity, Imitability, and Organization.
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Market Matrix: A tool evaluating growth strategies (Ansoff Matrix). Key categories include Market Penetration, Market Development, Product Development, and Diversification.
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Market: An arrangement (or mechanism) where sellers and buyers exchange products and services. The market mechanism analysis tracks supply and demand impact on market trades and price.
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PESTEL Analysis: Analysis of Political, Economic, Social, Technological, Environmental, and Legal factors impacting business operations.
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Product Life Cycle Theory: Product performance (sales) throughout introduction, growth, maturity, and decline phases.
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Customer decision-making process: Problems recognition, Information search, Evaluation of alternatives, Purchase, and Consumption.
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Marketing Communication: Different objectives include brand familiarity, communication adapting to target audiences, mass communication, and modified mass communication. Effective communication involves different models like AIDA and effect hierarchy. Exposure effect, elaboration likelihood model also influence customer perception.
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Programmatic Buying: Automated online advertising purchase.
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SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats): Dale of Norway SWOT analysis identifies internal brand strengths/weaknesses and external opportunities/threats.
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Marketing Strategy for Dale of Norway
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Embracing digital transformation, Leveraging influencer partnerships, emphasizing sustainability, diversifying product offering, expanding into domestic and international markets, leveraging partnerships.
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Description
This quiz explores the essential elements of marketing management including strategy formulation, market orientation, and customer relationship building. Understand the importance of segmentation, targeting, and positioning in achieving business goals. Assess your knowledge on how marketing strategies influence profitability and competitive edge.
