Questions and Answers
To conduct a good marketing strategy, we always need a place to sell our product.
True
When the price drops, there will be more people who are interested in buying more products.
True
When we sell a premium product, then we don’t have to care whether we must have good service.
False
Everybody is our customer.
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Customers always like to buy from a shop that can be easily accessed by them.
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Branding means to have a beautiful logo.
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Customers always like products which we can produce up to the highest quality.
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What are the four Ps of marketing?
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What is the difference between male and female customers?
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Which of the following is NOT a customer classification approach?
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What is customer equity?
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Study Notes
Principles of Customer Value and Engagement
- Lower prices typically increase consumer interest and boost sales volume.
- Effective marketing requires establishing a sales location for products.
- High-end products often necessitate quality service to enhance customer experience.
- Not all individuals qualify as potential customers; targeting is essential.
- Accessibility significantly influences consumer purchase behavior.
- Branding encompasses more than aesthetics; it includes the overall perception of the brand.
- Customers generally prefer products that meet high-quality standards.
Understanding Marketing
- Marketing blends understanding of consumer needs, wants, and the willingness to pay for products.
- Distinction between people-centric and product-centric marketing approaches.
Customer Classification
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General Approach:
- Demographic: Analyzes age, gender, income, occupation, etc.
- Geographic: Considers location factors like city size and climate.
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Specific Approach:
- Psychographic: Focuses on lifestyles, social classes, and personality traits.
- Behavior: Examines purchasing habits, loyalty, and consumer readiness.
Customer Insights
- Gender influences purchasing behavior and decision-making roles in various contexts.
- Different life stages present distinct needs and preferences.
- Identifying wealthy customers and those with more leisure time aids targeted marketing.
- Recognizing differences between male and female customers helps refine strategies.
- Each continent exhibits unique similarities and differences in human needs.
Consumer Segmentation Examples
- Customers can be categorized into segments like functionalists, hedonists, sporty individuals, and more based on behaviors and lifestyles.
Loyalty vs Brand Switching
- Understanding the motivations behind personal consumption versus purchasing gifts is crucial for product positioning.
Fundamental Marketing: The 4Ps
- Product: Defined by its features and perceived value.
- Price: Strategies range from budget-friendly to premium.
- Place: Emphasizes product accessibility and visibility.
- Promotion: Involves diverse communication channels and promotional tactics.
Customer Relationship Management
- The value of a company is intrinsically linked to its current and future customers, termed 'customer equity.'
- Strategic customer relationship management ensures valuable customers are prioritized and maximized for profitability.
- Not all customers or brand loyalists represent healthy investments—strategic selection is essential.
Examples of Customer Engagement Initiatives
- Membership programs such as Shopee tiers enhance customer loyalty and engagement.
- Loyalty cards like PTT Blue Card and Kbank’s the WISDOM credit card provide added value to consumers.
- Exclusive perks like Bangkok Airways’ lounge access and The One’s exclusive parking improve brand image and customer satisfaction.
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Description
This quiz explores key principles of customer value and engagement in marketing, focusing on factors like pricing, service quality, and consumer targeting. Understand how effective marketing strategies are shaped by consumer behavior and classification. Test your knowledge on the critical elements that influence consumer preferences and brand perception.
