Podcast
Questions and Answers
Which of the following best describes the role of marketing in creating customer value and capturing value in return?
Which of the following best describes the role of marketing in creating customer value and capturing value in return?
- Developing profitable customer relationships by delivering superior value and satisfaction. (correct)
- Focusing primarily on product development and innovation to gain a competitive edge.
- Maximizing short-term sales revenue through aggressive promotional campaigns.
- Minimizing production costs to offer the lowest prices in the market.
A company's marketing strategy is solely determined by its marketing department and does not require input from other departments or leadership.
A company's marketing strategy is solely determined by its marketing department and does not require input from other departments or leadership.
False (B)
Name three actors in the microenvironment that affect a company's ability to serve its customers.
Name three actors in the microenvironment that affect a company's ability to serve its customers.
Customers, Competitors, Suppliers
The process of gathering marketing information to gain customer insights involves defining the problem, developing a research plan, implementing the plan, and then __________ the findings.
The process of gathering marketing information to gain customer insights involves defining the problem, developing a research plan, implementing the plan, and then __________ the findings.
Match the following marketing analysis techniques with their primary focus:
Match the following marketing analysis techniques with their primary focus:
Which of the following best describes the primary goal of marketing?
Which of the following best describes the primary goal of marketing?
A 'need' in marketing terms refers exclusively to basic physical requirements such as food and shelter.
A 'need' in marketing terms refers exclusively to basic physical requirements such as food and shelter.
What two elements combine to create 'demand' in the context of marketing?
What two elements combine to create 'demand' in the context of marketing?
The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics is known as market ______.
The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics is known as market ______.
Match each element of the marketing mix (4 P's) with its corresponding description:
Match each element of the marketing mix (4 P's) with its corresponding description:
Which of the following statements best reflects the idea that 'customers never buy products, they buy ways to get what they want'?
Which of the following statements best reflects the idea that 'customers never buy products, they buy ways to get what they want'?
In the context of customer value, 'sacrifices' refer solely to the monetary cost of a product or service.
In the context of customer value, 'sacrifices' refer solely to the monetary cost of a product or service.
What is the relationship between customer value and customer satisfaction?
What is the relationship between customer value and customer satisfaction?
A company is deciding whether to invest in a new MIS feature that would provide more detailed customer analytics. Which consideration is MOST important when making this decision?
A company is deciding whether to invest in a new MIS feature that would provide more detailed customer analytics. Which consideration is MOST important when making this decision?
Marketing intelligence primarily relies on primary data collected directly from consumers through surveys and experiments.
Marketing intelligence primarily relies on primary data collected directly from consumers through surveys and experiments.
What type of research is MOST suitable for initially exploring a vague problem or opportunity to formulate hypotheses?
What type of research is MOST suitable for initially exploring a vague problem or opportunity to formulate hypotheses?
The MOST common type of quantitative primary research is a ______.
The MOST common type of quantitative primary research is a ______.
Match the following data mining objectives with their descriptions:
Match the following data mining objectives with their descriptions:
Which of the following sampling methods gives every member of the population an equal chance of being selected?
Which of the following sampling methods gives every member of the population an equal chance of being selected?
Secondary data is generally more expensive and takes longer to gather than primary data.
Secondary data is generally more expensive and takes longer to gather than primary data.
What is the MOST challenging part of implementing a research plan?
What is the MOST challenging part of implementing a research plan?
What is the PRIMARY purpose of causal research?
What is the PRIMARY purpose of causal research?
The process of accessing a company’s internal data and transforming it into knowledge is called ______.
The process of accessing a company’s internal data and transforming it into knowledge is called ______.
Which of the following BEST describes a customer value-oriented firm?
Which of the following BEST describes a customer value-oriented firm?
A company's internal environment primarily influences the company's strengths and weaknesses.
A company's internal environment primarily influences the company's strengths and weaknesses.
What are the four key elements, also known as the 4 P's, of the marketing mix?
What are the four key elements, also known as the 4 P's, of the marketing mix?
__________ are individuals or organizations that help a company promote, sell, and distribute its goods to final buyers.
__________ are individuals or organizations that help a company promote, sell, and distribute its goods to final buyers.
Match the following growth strategies with their descriptions:
Match the following growth strategies with their descriptions:
Which of the following is the MOST risky growth strategy?
Which of the following is the MOST risky growth strategy?
A company's mission statement should only focus on financial goals to drive profitability.
A company's mission statement should only focus on financial goals to drive profitability.
Name at least three methods that companies use to learn about their customers.
Name at least three methods that companies use to learn about their customers.
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics is known as __________.
The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics is known as __________.
Which of the following is an example of a technological force in the macroenvironment?
Which of the following is an example of a technological force in the macroenvironment?
The microenvironment includes larger societal forces such as economic and technological changes.
The microenvironment includes larger societal forces such as economic and technological changes.
What is the first step in the customer value strategy process?
What is the first step in the customer value strategy process?
A __________ is a group that has an interest in or impact on an organization's ability to achieve its objectives.
A __________ is a group that has an interest in or impact on an organization's ability to achieve its objectives.
A Strategic Business Unit (SBU) can be a:
A Strategic Business Unit (SBU) can be a:
Match the areas inside a company with what they define:
Match the areas inside a company with what they define:
Flashcards
Customer Value
Customer Value
The perceived benefits minus the cost of a product or service to a customer.
Marketing Mix (The 4 P's)
Marketing Mix (The 4 P's)
The set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market.
Microenvironment
Microenvironment
Actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Macroenvironment
Macroenvironment
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Marketing Research
Marketing Research
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MIS Balancing Act
MIS Balancing Act
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Internal Databases
Internal Databases
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Marketing Intelligence
Marketing Intelligence
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Primary Data
Primary Data
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Secondary Data
Secondary Data
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Exploratory Research
Exploratory Research
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Descriptive Research
Descriptive Research
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Causal Research
Causal Research
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Data Mining
Data Mining
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Convenience Sample
Convenience Sample
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Marketing
Marketing
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Need
Need
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Want
Want
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Demand
Demand
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Market Offer
Market Offer
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Market Segmentation
Market Segmentation
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Targeting
Targeting
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Value Proposition
Value Proposition
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Customer Goals
Customer Goals
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Customer Value Culture
Customer Value Culture
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Customer Learning Methods
Customer Learning Methods
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Customer Value Strategy
Customer Value Strategy
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Strategic Planning
Strategic Planning
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Steps In Strategic Planning
Steps In Strategic Planning
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Strategic Business Unit (SBU)
Strategic Business Unit (SBU)
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Market Penetration
Market Penetration
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Market Development
Market Development
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Product Development
Product Development
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Diversification
Diversification
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Microenvironment Factors
Microenvironment Factors
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Demographic Forces
Demographic Forces
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Economic Forces
Economic Forces
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Political Forces
Political Forces
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Study Notes
- Marketing manages customer relationships and focuses on customers.
- Marketing secures needs and wants via creation and exchange of products and value.
Goals of Marketing Activity
- Goal is to attract new customers with superior value.
- Existing customers can be retained and grown through satisfaction.
- Marketing creates customer value and relationships
Core Concepts
- Needs are felt deprivations (physical, social, individual)
- Wants are shaped by culture, personality, marketing
- Real demand requires wants + buying power.
- Market offers fulfills needs and wants.
- Demands are wants + buying power.
Marketing Management Questions
- Customer selection is handled through segmentation and targeting.
- Customer service is handled by establishing value proposition.
- Markets are buyers of a product or service
- Market segmentation divides the market into segments.
- Targeting selects the segments to focus on.
- Value proposition is the delivery of benefits or values that satisfies needs.
- Solutions to problems and goal achievement matter to customers
- Marketing Mix includes the 4 P's: Product, Price, Promotion, and Place with customer needs at the center.
Customer Focus
- Central focus is the customer
- Rapid globalization and the digital age (AI and more technology) are key trends.
- Customer value is the customer's perception of what they want to happen in a specific use situation, aided by a product or service, to achieve a goal.
- Customer satisfaction measures whether expectations are met or exceeded.
- Customer value equals importance, customer satisfaction equals performance.
Key Aspects of Customer Value
- Value involves benefits and sacrifices, maximizing what one gets versus what one gives up.
- Dynamic and interactive value between the customer and product
- Value is relative to competitors, individuals, and situations.
- Value is goal-driven (attributes, outcomes, end goals)
- Value is dynamic (environment, consumers, companies)
- Customer goals include hierarchy: product attributes, desired consequences, goals, and purposes
- A Customer value oriented firms innovate, foster a customer value culture, and learn continuously.
Customer Learning Methods
- Customer interaction (Sales, calls, reports, presentations)
- Customer research (Interviews, panels, surveys, observation)
- 3rd party customer research (consultants)
- Secondary reports (Journals, industry reports)
- Analyzing market trends
- Analyzing customer complaints
- Mining customer databases for buying patterns and market segments.
- Customer value strategy involves identifying, choosing, providing, communicating, and assessing value.
Strategic Planning
- Strategic planning aligns organizational goals and capabilities with changing market opportunities.
- Corporate level strategic planning
- Defining the company mission, setting objectives, and designing the business portfolio are all components of strategic planning
- Strategic business unit, product, and market levels also have strategic planning.
Business Strategy Questions
- Key mission statement questions includes defining the business, identifying the customer, and determining their values
- A Strategic business unit (SBU) operates independently and an SBU can be divisions, product lines, or brands.
- Product analysis evaluates contributions to the company.
- The BCG Growth-Share Matrix analyzes SBUs based on market share and growth rate, categorizing them as:
- Stars
- Cash cows
- Question marks
- Dogs
Growth Strategies
- Includes market penetration, market development, product development, and diversification.
- Market penetration increases sales
- Market development identifies markets
- Product development offers new or modified products
- Diversification buys businesses
- Marketing Mix includes analysis, intermediaries, target market, competitors, product, price, place (distribution), and promotion.
Marketing Mix Defined
- The marketing mix aims to achieve the desired response from the target market.
- 4 P's of the marketing mix are:
- Product
- Price
- Promotion
- Place
Marketing Environment Factors
Microenvironment
- Has actors close to the company that effects customer service.
- The internal environment defines capabilities.
- Suppliers provides resources.
- Third parties help promote and sell goods.
- Customers are classified into consumer and business markets.
Macroenvironment
- Has societal forces impacting the microenvironment.
- Demographic forces study population size.
- Economic forces affect consumer spending.
- Natural forces involve needed resources.
- Technological and political forces.
- Cultural forces impact basic society values.
- Reseller, government, international markets
Competition
- Competitors have substitutable products.
- Publics have an interest to the organization's objectives (financial, media, government, citizen-action, local, general, internal)
Chapter 4 - Managing Marketing Information
- Information is needed about customer needs, the marketing environment, and competition
Information Requirements
- Information needs must be useful and carefully gathered
- Information gathering shouldn't be free
- Info sources includes internal databases, marketing intelligence, marketing research
- Primary data is information created.
- Secondary data is existing data
Research Types
- Exploratory research helps to suggest hypothesis
- Descriptive research describes market potential.
- Causal research tests cause-and-effect relationships.
- Secondary data comes from internal databases.
- Secondary data is quicker and cheap, but must be accurate, current, impartial.
- Primary data is for a specific purpose.
- Primary data includes research approach, contact method, sampling plan, research instruments.
Research Types
Primary Research
- Quantitative research uses surveys, experiments, analytics.
- Qualitative research involves observations and interviews.
- Probability sampling includes random samples.
- Non-probability sampling uses convenience.
- Research implementation includes collecting, processing, analyzing data.
Data Mining & Objectives
- Data mining transforms internal data into wisdom
- Data mining includes:
- Customer profiling
- Lost customer analysis
- Market basket
- Contribution analysis
- Data mining includes:
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Description
Marketing focuses on managing profitable customer relationships. It's a social and managerial process where people secure needs and wants. Marketing aims to attract new customers and retain existing ones by creating value and cultivating relationships.
