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Questions and Answers
Which marketing concept focuses on ensuring that consumers will buy enough of the firm's products?
In the context of market orientations, what strategy is Molly Malone likely adopting when she shouts, 'Fresh seafood, get your fresh seafood here!'?
Which of the following concepts reflects the belief that consumers will buy a firm's products only if a large-scale selling and promotion effort is undertaken?
What does market segmentation aim to achieve?
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Which orientation focuses on the internal capabilities of the company rather than customer needs and wants?
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Is it true that under the selling concept consumers will buy enough of a firm's products without the need for significant selling efforts?
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Greater consumer control means that companies can no longer rely on ________.
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What strategy involves inviting consumers to participate in creating advertisements to promote a product?
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Which concept emphasizes developing strong relationships with customers to create and capture value?
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In customer relationship management, what approach involves viewing the marketing process from the customer's perspective?
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Which strategy focuses on tailoring products and messages to specific groups of customers?
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What has the increased consumer control shifted companies away from in their marketing approach?
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Selecting which segments of a population to serve is called ________.
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Which term refers to dividing the market into various groups of customers that a company may serve?
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What is the term for the process of tailoring products or services to meet the needs of individual customers?
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Which strategy focuses on creating differences in a firm's product or service offerings to make them more appealing to the target market?
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In marketing, what does positioning primarily involve?
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When a company selects specific segments of a population to focus on, what is this strategy known as?
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Study Notes
Marketing Concepts
- Concepts ensure consumers buy enough products focus on demand and supply balance.
- Molly Malone’s shout of 'Fresh seafood, get your fresh seafood here!' exemplifies a selling orientation.
- The belief that consumers will buy products only with extensive selling and promotion efforts aligns with the selling concept.
Market Segmentation and Orientation
- Market segmentation aims to identify distinct customer groups to tailor marketing efforts effectively.
- The internal capabilities of a company rather than customer needs are emphasized in the production orientation.
Consumer Control and Marketing Shift
- Increased consumer control indicates companies can no longer rely solely on traditional marketing tactics.
- This shift has moved companies toward more interactive and customer-focused marketing approaches.
Consumer Participation and Relationship Building
- Inviting consumers to participate in creating advertisements is known as co-creation or participatory marketing.
- The concept of developing strong relationships with customers is central to relationship marketing.
Customer Relationship Management
- In customer relationship management, the customer perspective approach focuses on understanding needs and preferences.
Tailored Marketing Strategies
- Tailored marketing strategies target specific groups, enhancing engagement and relevance.
- Creating differences in products or services to appeal to target markets is known as differentiation.
Positioning and Targeting
- Positioning involves establishing a distinct image or identity for a product in the minds of consumers.
- Selecting specific segments of a population to pursue is known as target marketing.
Market Division Techniques
- Dividing the market into various customer groups is referred to as market segmentation.
- The customization process to meet individual customer needs is called personalization.
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Description
Test your knowledge on marketing management, customer value-driven strategies, and marketing orientations. This quiz covers key elements of a customer value-driven marketing strategy as well as marketing management orientations that guide marketing strategy.
