Marketing Strategies Quiz

Study Notes

The best products or services are determined through several key decisions:
- Market Segment Decision: Selecting the specific customer group that the product or service will target.
- Product Mix Decisions: Offering variety in a product to cater to different preferences, this could include changes in design, color, texture, etc., while maintaining the same core value.
- Product Specifications: Ensuring the product meets exact customer requirements, such as size, shape, materials, or composition.
- Positioning and Communication: Establishing a clear image of the product in the minds of customers and communicating this effectively through advertising and marketing strategies.

Value Proposition: A concise statement that communicates the value a product or service provides to customers. This should be a key consideration when selecting the best option.

Physiological Satisfactions: Focuses on basic needs for survival such as sleep, food, air, and reproduction.
Economic Satisfactions: Relates to obtaining good value for money in terms of price and quality.
Social Satisfactions: Concerns how the product interacts with the customer's social environment and social approval.
Psychological Satisfactions: Connects the product to the customer's emotions, experiences, memories, and sense of self.

Best Product: One that effectively fulfills all or most of the customer's needs, encompassing physiological, economic, social, and psychological satisfactions.

The best product or service is one that meets the market need.
Market need satisfaction considers market segment decisions, product mix decisions, product specifications, positioning and communication decisions.

A market segment decision is a decision about a product or service considering the market group or segment.
The decision should consider the demand for the product or service in a specific market segment.
Market research and surveys are methods to analyze market needs.

Product mix decisions are about offering varieties of a product for a target market to ensure market need is met.
Product mix decisions can include changes in design, color, texture, etc. to create varieties to choose from.

Some customers, particularly in the industry, need exact specifications and details for a product.
Product specifications include information about size, shape, materials, composition, and descriptions.
6 M's of management (Man, machine, method, materials, money, and management) are important for achieving quality products that meet specifications.

Positioning and communication decisions involve how you position your products to your customers.
You align your product to satisfy the customer's needs and create a desired image.
Communicating the product's value to customers can be done through advertising, surveys, interviews, and product testing.

A value proposition is a promise of value to be delivered to the customer.
The best product should have a value proposition that is attractive to the customer.

Physiological satisfaction is about meeting basic needs for survival like sleep, food, air, and reproduction.
Economic satisfaction is about offering value for money and includes considerations about price and quality.
Social satisfaction is about how the product fits into social groups and is influenced by recommendations from friends.
Psychological satisfaction is about meeting emotional needs and connecting with the customer's experiences, memories, and feelings.