Podcast
Questions and Answers
What is the primary focus of Customer Relations?
What is the primary focus of Customer Relations?
- Establishing and maintaining customer loyalty (correct)
- Maximizing customer acquisition
- Increasing product visibility
- Reducing production costs
Which strategy is associated with expanding market base through product differentiation and low cost?
Which strategy is associated with expanding market base through product differentiation and low cost?
- Blue Ocean Strategy (correct)
- Customer Satisfaction
- Customer Lifetime Value
- Customization
What does Customer Lifetime Value represent?
What does Customer Lifetime Value represent?
- The satisfaction level of customers
- The total profit gained from each customer over time (correct)
- The number of customers acquired in a year
- The average cost of acquiring a new customer
Which contemporary marketing method involves using digital technologies?
Which contemporary marketing method involves using digital technologies?
Which of the following best describes the role of an Innovator in marketing?
Which of the following best describes the role of an Innovator in marketing?
What is the main purpose of marketing according to the marketing concept?
What is the main purpose of marketing according to the marketing concept?
What does the term 'Customization' in marketing refer to?
What does the term 'Customization' in marketing refer to?
Which contemporary marketing method makes use of mobile signs and ads on transportation vehicles?
Which contemporary marketing method makes use of mobile signs and ads on transportation vehicles?
What type of customers are typically more open to new products and technologies?
What type of customers are typically more open to new products and technologies?
What does Perceived Value refer to?
What does Perceived Value refer to?
Which utility ensures consumers have possession at the right time?
Which utility ensures consumers have possession at the right time?
What is the primary focus of the Product Concept?
What is the primary focus of the Product Concept?
What does Relationship Marketing aim to establish?
What does Relationship Marketing aim to establish?
Which concept suggests that customers prefer widely available and inexpensive products?
Which concept suggests that customers prefer widely available and inexpensive products?
What does Outdoor Promotion involve?
What does Outdoor Promotion involve?
What is the main function of Price in marketing?
What is the main function of Price in marketing?
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Study Notes
Marketing Management Driving Forces
- Blue Ocean Strategy: Focuses on creating new market space through product differentiation and low cost.
- Customer Lifetime Value (CLV): Represents total profit from each customer over a specific duration.
- Customer Relations: Aims to build and maintain customer loyalty.
- Customer Satisfaction: Relates to the perceived benefits and outcomes customers expect from a product or service.
- Customization: Involves tailoring products and services to meet specific customer needs and desires.
Contemporary Marketing Methods
- Digital Marketing: Utilizes digital technologies for presenting company offerings effectively.
- E-Marketing: Employs the internet to enhance promotional and marketing strategies.
- Events Marketing: Involves hosting specially themed events designed for specific products.
- Mobile Promotion: Uses advertising on vehicles, such as taxis and buses, to promote products.
- Outdoor Promotion: Displays promotional materials in outdoor environments.
Customer Segmentation
- New-generation Customers: Generally younger, more adaptable to new products and technologies.
- Old-generation Customers: Often loyal to traditional products; slower to adopt new technologies.
Marketing Objectives
- Goals: Long-term aims of the company; strategic in nature.
- Objectives: Specific, measurable targets achievable in the short (≤1 year) or long term (>1 year).
Roles of Marketers
- Implementer: Ensures strategy and production are aligned with customer insights.
- Innovator: Researches customer needs to create products that exceed expectations.
- Instigator: Analyzes market trends to inform company strategy.
- Integrator: Balances company interests with consumer needs during product development.
Marketing Core Concepts
- Marketing: Involves creating, communicating, delivering, and exchanging value offerings.
- Marketing Concept: Focuses on aligning product features with consumer preferences.
Value Assessment
- Perceived Value: Customer evaluation of benefits received compared to costs and alternatives.
Distribution and Pricing Strategies
- Place Utility: Ensures product availability at convenient locations.
- Possession Utility: Facilitates consumer ownership through swift payment and delivery processes.
- Price: Finding the right price is essential after determining product and distribution methods.
Promotion Strategies
- Task Utility: Offers services that customers may not wish to perform themselves.
- Relationship Marketing: Aims to foster and maintain positive customer relationships through strategic initiatives.
- Social Media Marketing: Leverages social networking sites for product promotion.
Marketing Concepts
- Product Concept: Prioritizes product improvement and innovation.
- Production Concept: Assumes consumers prefer low-cost, accessible products, focusing on selling manufactured goods rather than market-driven production.
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