10 Questions
What is the primary focus of a customer-centric organization?
Meeting the needs and preferences of its customers
Which activities are involved in marketing management for launching a new product like a smartphone?
Market research, strategic planning, and implementation of promotional activities
What are examples of things that can be marketed according to the text?
Goods, services, events, experiences
What major forces are shaping today’s market according to the text?
Technology, globalization, physical environment, social responsibility
What do new consumer capabilities refer to according to the text?
Evolving skills, knowledge, and technologies empowering individuals to make informed choices
What is the primary focus of a customer-centric organization?
Meeting the needs and preferences of its customers
What does marketing management involve for launching a new product like a smartphone?
Market research, strategic planning, and promotional activities
What are the major forces shaping today’s market according to the text?
E-commerce, globalization, physical environment, and social responsibility
What can be marketed according to the text?
Goods, services, events, experiences, people, places, properties, organization, information, and ideas
What do new consumer capabilities refer to according to the text?
Evolving skills, knowledge, and technologies empowering individuals to make informed choices
Study Notes
Customer-Centric Organization
- The primary focus is on creating customer value and building strong customer relationships.
Marketing Management
- Involves planning, organizing, and controlling marketing activities to achieve business objectives.
- For launching a new product like a smartphone, it involves:
- Market research and analysis
- Segmenting and targeting specific markets
- Positioning and differentiating the product
- Developing a marketing mix (4 Ps: product, price, promotion, and place)
- Executing and controlling marketing strategies
Marketing Scope
- Various things can be marketed, including:
- Goods (physical products)
- Services (intangible experiences)
- Ideas (concepts or philosophies)
- Experiences (events or activities)
Market Forces
- The major forces shaping today's market include:
- Globalization
- Technology
- Consumer empowerment
Consumer Capabilities
- New consumer capabilities refer to:
- The ability of consumers to access and share information through digital platforms
- The power of consumers to influence other customers through social media and online reviews
Test your knowledge about the scope of marketing and the role of marketing management in satisfying customer needs. This quiz covers the planning, execution, and control of activities to facilitate the exchange of goods and services, illustrated with a smartphone launch example.
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