Podcast
Questions and Answers
Which of the following is NOT one of the five core marketplace concepts?
Which of the following is NOT one of the five core marketplace concepts?
- Exchanges and Relationships
- Market Offerings
- Customer Needs, Wants, and Demands
- Advertising Strategies (correct)
Market segmentation involves dividing customers into segments based on similar characteristics.
Market segmentation involves dividing customers into segments based on similar characteristics.
True (A)
What is the purpose of a brand's value proposition?
What is the purpose of a brand's value proposition?
To deliver benefits or values that satisfy customer needs.
In designing a marketing strategy, the process of identifying which segments to target is known as ______.
In designing a marketing strategy, the process of identifying which segments to target is known as ______.
Match the following concepts with their descriptions:
Match the following concepts with their descriptions:
What is the primary goal of marketing as defined in the content?
What is the primary goal of marketing as defined in the content?
Customer engagement is not important for creating value in marketing.
Customer engagement is not important for creating value in marketing.
What company is mentioned as a model for delivering customer value?
What company is mentioned as a model for delivering customer value?
Marketing is a process by which companies create value for customers and build strong customer __________.
Marketing is a process by which companies create value for customers and build strong customer __________.
Which objective focuses on the importance of understanding the marketplace and customers?
Which objective focuses on the importance of understanding the marketplace and customers?
Match the marketing process steps to their descriptions:
Match the marketing process steps to their descriptions:
The major trends and forces that change the marketing landscape are irrelevant to customer relationship management.
The major trends and forces that change the marketing landscape are irrelevant to customer relationship management.
What are companies aiming to capture in return for creating value and engagement?
What are companies aiming to capture in return for creating value and engagement?
What is the primary focus of the production concept in marketing management?
What is the primary focus of the production concept in marketing management?
The marketing concept suggests that a company should focus solely on selling its products effectively.
The marketing concept suggests that a company should focus solely on selling its products effectively.
What does the societal marketing concept take into account when making marketing decisions?
What does the societal marketing concept take into account when making marketing decisions?
The __________ concept focuses on continuous product improvements to meet consumer preferences.
The __________ concept focuses on continuous product improvements to meet consumer preferences.
Match the following marketing orientations with their primary focus:
Match the following marketing orientations with their primary focus:
Which marketing management orientation requires large-scale promotion to drive sales?
Which marketing management orientation requires large-scale promotion to drive sales?
The product concept focuses solely on the price of the product.
The product concept focuses solely on the price of the product.
What is the main goal of the marketing concept?
What is the main goal of the marketing concept?
Which of the following is NOT part of the marketing mix?
Which of the following is NOT part of the marketing mix?
Customer relationship management focuses solely on increasing sales without regard for customer satisfaction.
Customer relationship management focuses solely on increasing sales without regard for customer satisfaction.
What are the four Ps of the marketing mix?
What are the four Ps of the marketing mix?
Customer relationship management is aimed at building and maintaining _____ customer relationships.
Customer relationship management is aimed at building and maintaining _____ customer relationships.
Match the following marketing management orientations with their focus:
Match the following marketing management orientations with their focus:
What does customer perceived value refer to?
What does customer perceived value refer to?
An integrated marketing program communicates and delivers the intended value to chosen customers.
An integrated marketing program communicates and delivers the intended value to chosen customers.
What is the goal of building customer relationships?
What is the goal of building customer relationships?
What is the primary focus of customer engagement?
What is the primary focus of customer engagement?
Customer lifetime value only includes a customer’s first purchase.
Customer lifetime value only includes a customer’s first purchase.
What term is used for brand exchanges created by consumers themselves?
What term is used for brand exchanges created by consumers themselves?
Partner relationship management involves working closely with ______ to bring greater value to customers.
Partner relationship management involves working closely with ______ to bring greater value to customers.
Match the following customer engagement concepts with their descriptions:
Match the following customer engagement concepts with their descriptions:
Which of the following levels of customer relationships is characterized by high-margin customers?
Which of the following levels of customer relationships is characterized by high-margin customers?
The Hertz 'Share It Up' social media campaign promotes customer engagement.
The Hertz 'Share It Up' social media campaign promotes customer engagement.
What is the primary goal of engaging customers through marketing?
What is the primary goal of engaging customers through marketing?
What does 'share of customer' refer to?
What does 'share of customer' refer to?
Customer equity is the sum of all customer lifetime values of a company's customers.
Customer equity is the sum of all customer lifetime values of a company's customers.
What is customer relationship management (CRM)?
What is customer relationship management (CRM)?
Digital and social media marketing uses tools like websites, social media, and ______ to engage customers.
Digital and social media marketing uses tools like websites, social media, and ______ to engage customers.
Match the following components of customer relationship management with their descriptions:
Match the following components of customer relationship management with their descriptions:
Which of the following is a strategy to create value for customers?
Which of the following is a strategy to create value for customers?
Customer loyalty has no impact on the share of customer.
Customer loyalty has no impact on the share of customer.
The total combined customer lifetime values of all a company’s customers is defined as ______.
The total combined customer lifetime values of all a company’s customers is defined as ______.
What is the first step in company-wide strategic planning?
What is the first step in company-wide strategic planning?
Strategic planning only focuses on internal company goals and does not consider market opportunities.
Strategic planning only focuses on internal company goals and does not consider market opportunities.
What is one of the primary objectives of a customer value-driven marketing strategy?
What is one of the primary objectives of a customer value-driven marketing strategy?
The process of _____ planning is essential for aligning an organization’s capabilities with market opportunities.
The process of _____ planning is essential for aligning an organization’s capabilities with market opportunities.
Match the marketing strategy elements with their descriptions:
Match the marketing strategy elements with their descriptions:
Which of the following best describes the role of marketing in strategic planning?
Which of the following best describes the role of marketing in strategic planning?
Customer value-driven marketing strategy does not consider the external market forces.
Customer value-driven marketing strategy does not consider the external market forces.
The _____ strategy is essential for any company aiming to build strong customer relationships and create community engagement.
The _____ strategy is essential for any company aiming to build strong customer relationships and create community engagement.
What is the growth-share matrix used for?
What is the growth-share matrix used for?
Downsizing is the process of expanding a business's profitable operations.
Downsizing is the process of expanding a business's profitable operations.
What term describes the network made up of the company, suppliers, distributors, and customers?
What term describes the network made up of the company, suppliers, distributors, and customers?
The __________ is a series of departments that carry out value-creating activities.
The __________ is a series of departments that carry out value-creating activities.
Match the following business terms with their descriptions:
Match the following business terms with their descriptions:
What role does marketing play in strategic planning?
What role does marketing play in strategic planning?
Customer value can be improved by partnerships across different departments.
Customer value can be improved by partnerships across different departments.
What must a company do when it faces unprofitability in its business segments?
What must a company do when it faces unprofitability in its business segments?
What is the primary focus of the growth-share matrix?
What is the primary focus of the growth-share matrix?
The growth-share matrix focuses primarily on future market opportunities rather than current businesses.
The growth-share matrix focuses primarily on future market opportunities rather than current businesses.
What are strategic business units (SBUs)?
What are strategic business units (SBUs)?
The _______ matrix is used for portfolio planning methods to assess business units.
The _______ matrix is used for portfolio planning methods to assess business units.
Match the following types of business evaluations with their descriptions:
Match the following types of business evaluations with their descriptions:
Which of the following is a disadvantage of matrix approaches in portfolio planning?
Which of the following is a disadvantage of matrix approaches in portfolio planning?
The analysis of the current business portfolio starts by identifying strategic _______.
The analysis of the current business portfolio starts by identifying strategic _______.
The product/market expansion grid evaluates only existing products and markets.
The product/market expansion grid evaluates only existing products and markets.
What is the primary purpose of a mission statement in an organization?
What is the primary purpose of a mission statement in an organization?
Setting company objectives and goals focuses solely on financial performance.
Setting company objectives and goals focuses solely on financial performance.
What is a business portfolio?
What is a business portfolio?
The process of evaluating products and businesses within a company is known as __________.
The process of evaluating products and businesses within a company is known as __________.
Match the following objectives with their descriptions:
Match the following objectives with their descriptions:
Which of the following best describes Heinz's overall objective?
Which of the following best describes Heinz's overall objective?
Strategic planning consists of three main steps.
Strategic planning consists of three main steps.
What is the role of marketing in company-wide strategic planning?
What is the role of marketing in company-wide strategic planning?
What is the first step in a value-driven marketing strategy?
What is the first step in a value-driven marketing strategy?
Market targeting is the process of dividing a market into distinct groups of buyers.
Market targeting is the process of dividing a market into distinct groups of buyers.
What does market positioning involve?
What does market positioning involve?
Customer value-driven marketing strategy seeks to create value and achieve __________ customer relationships.
Customer value-driven marketing strategy seeks to create value and achieve __________ customer relationships.
Match the marketing terms with their definitions:
Match the marketing terms with their definitions:
Which marketing mix element is primarily focused on the product itself?
Which marketing mix element is primarily focused on the product itself?
Differentiation is the last step in creating a value-driven marketing strategy.
Differentiation is the last step in creating a value-driven marketing strategy.
What is a market segment?
What is a market segment?
What does the marketing mix primarily consist of?
What does the marketing mix primarily consist of?
The primary purpose of marketing control is to evaluate results and take corrective action.
The primary purpose of marketing control is to evaluate results and take corrective action.
What does ROI in a marketing context refer to?
What does ROI in a marketing context refer to?
The four components of the marketing mix are product, price, place, and ______.
The four components of the marketing mix are product, price, place, and ______.
Match the marketing functions with their definitions:
Match the marketing functions with their definitions:
Which of the following elements is part of a marketing plan?
Which of the following elements is part of a marketing plan?
Marketing ROI is a measurement of the profits generated by investments in marketing activities.
Marketing ROI is a measurement of the profits generated by investments in marketing activities.
What is the focus of the marketing implementation phase?
What is the focus of the marketing implementation phase?
SWOT analysis evaluates a company's ______ and external ______.
SWOT analysis evaluates a company's ______ and external ______.
Which of the following best describes customer value-driven marketing strategy?
Which of the following best describes customer value-driven marketing strategy?
Which of the following best describes the macroenvironment in marketing?
Which of the following best describes the macroenvironment in marketing?
The microenvironment includes all the external factors affecting a company's marketing operations.
The microenvironment includes all the external factors affecting a company's marketing operations.
What are the two main components of a company's marketing environment?
What are the two main components of a company's marketing environment?
The __________ environment includes demographic, economic, natural, technological, political, and cultural forces.
The __________ environment includes demographic, economic, natural, technological, political, and cultural forces.
Match the environmental forces with their descriptions:
Match the environmental forces with their descriptions:
Which forces in the macroenvironment can significantly affect marketing strategies?
Which forces in the macroenvironment can significantly affect marketing strategies?
Companies have no control over environmental forces in their marketing environment.
Companies have no control over environmental forces in their marketing environment.
Name one factor in the microenvironment that affects a company's ability to serve its customers.
Name one factor in the microenvironment that affects a company's ability to serve its customers.
Which of the following groups is NOT included in the company's microenvironment?
Which of the following groups is NOT included in the company's microenvironment?
Competitors are considered part of a company's microenvironment.
Competitors are considered part of a company's microenvironment.
Name one type of market mentioned in the content.
Name one type of market mentioned in the content.
Marketing intermediaries are firms that help the company to promote, sell, and distribute its goods to final ______.
Marketing intermediaries are firms that help the company to promote, sell, and distribute its goods to final ______.
Match the following types of publics with their correct definitions:
Match the following types of publics with their correct definitions:
Which of these best describes suppliers in the microenvironment?
Which of these best describes suppliers in the microenvironment?
All customers are part of the microenvironment.
All customers are part of the microenvironment.
What is the role of marketing intermediaries?
What is the role of marketing intermediaries?
What is included in the demographic environment?
What is included in the demographic environment?
Generational marketing focuses on segmenting customers solely based on their age.
Generational marketing focuses on segmenting customers solely based on their age.
What are the four generations mentioned in the content?
What are the four generations mentioned in the content?
The changing __________ structure influences demographic marketing strategies.
The changing __________ structure influences demographic marketing strategies.
Match the following generations with their birth years:
Match the following generations with their birth years:
Which factor contributes to the growing diversity in markets?
Which factor contributes to the growing diversity in markets?
Changing economic factors have a minimal effect on marketing decisions.
Changing economic factors have a minimal effect on marketing decisions.
What key social factor is highlighted as affecting demographic markets?
What key social factor is highlighted as affecting demographic markets?
Which economic environment describes markets where most of the agricultural and industrial output is consumed by the population?
Which economic environment describes markets where most of the agricultural and industrial output is consumed by the population?
Changes in demographics and the economic environment have no impact on marketing decisions.
Changes in demographics and the economic environment have no impact on marketing decisions.
What is value marketing?
What is value marketing?
The natural environment includes the __________ environment and natural resources needed as inputs by marketers.
The natural environment includes the __________ environment and natural resources needed as inputs by marketers.
Match the following types of economies with their descriptions:
Match the following types of economies with their descriptions:
Which of the following statements is true regarding income distribution in recent decades?
Which of the following statements is true regarding income distribution in recent decades?
What is one major trend affecting the natural environment in marketing?
What is one major trend affecting the natural environment in marketing?
Telecommuting has influenced changes in where people work.
Telecommuting has influenced changes in where people work.
Which of the following is a trend in the natural environment?
Which of the following is a trend in the natural environment?
Environmental sustainability aims to create an economy that the planet can support indefinitely.
Environmental sustainability aims to create an economy that the planet can support indefinitely.
Which of the following is an example of secondary cultural values?
Which of the following is an example of secondary cultural values?
What are the main focuses of the technological environment in marketing?
What are the main focuses of the technological environment in marketing?
Core beliefs and values are typically more open to change than secondary beliefs.
Core beliefs and values are typically more open to change than secondary beliefs.
The __________ environment consists of institutions and forces that affect a society’s basic values, perceptions, and behaviors.
The __________ environment consists of institutions and forces that affect a society’s basic values, perceptions, and behaviors.
Match the following political and social environment elements with their descriptions:
Match the following political and social environment elements with their descriptions:
What are the two categories of cultural values discussed in the content?
What are the two categories of cultural values discussed in the content?
Cultural values are passed on from ______ to children.
Cultural values are passed on from ______ to children.
Which of these is NOT associated with environmental sustainability?
Which of these is NOT associated with environmental sustainability?
The cultural environment has no impact on marketing strategies.
The cultural environment has no impact on marketing strategies.
What is a key change observed in the political and social environment?
What is a key change observed in the political and social environment?
How should companies ideally respond to changes in the marketing environment?
How should companies ideally respond to changes in the marketing environment?
Secondary beliefs are less influenced by external factors than core beliefs.
Secondary beliefs are less influenced by external factors than core beliefs.
What are two examples of forces in the uncontrollable marketing environment?
What are two examples of forces in the uncontrollable marketing environment?
What is a significant challenge of using focus groups for primary research?
What is a significant challenge of using focus groups for primary research?
Online contact methods have low costs and speed in data collection.
Online contact methods have low costs and speed in data collection.
What is defined as a segment of the population selected for marketing research?
What is defined as a segment of the population selected for marketing research?
What is the primary purpose of a marketing information system (MIS)?
What is the primary purpose of a marketing information system (MIS)?
A good marketing information system focuses solely on the information users want without considering feasibility.
A good marketing information system focuses solely on the information users want without considering feasibility.
A ______ sample allows every member of the population an equal chance of selection.
A ______ sample allows every member of the population an equal chance of selection.
Match the data collection methods with their strengths:
Match the data collection methods with their strengths:
What is a key characteristic that companies should consider when forming customer insights teams?
What is a key characteristic that companies should consider when forming customer insights teams?
The process of assessing and developing marketing information needs is a function of the __________.
The process of assessing and developing marketing information needs is a function of the __________.
Which of the following is NOT considered a strength of personal contact methods?
Which of the following is NOT considered a strength of personal contact methods?
Stratified random sampling divides the population into mutually exclusive groups.
Stratified random sampling divides the population into mutually exclusive groups.
Who benefits from the information provided by the marketing information system (MIS)?
Who benefits from the information provided by the marketing information system (MIS)?
Match the functions of a marketing information system (MIS) with their descriptions:
Match the functions of a marketing information system (MIS) with their descriptions:
What is one advantage of online contact methods?
What is one advantage of online contact methods?
Customer insights teams only gather information from internal sources.
Customer insights teams only gather information from internal sources.
What is one of the main roles of customer insights teams?
What is one of the main roles of customer insights teams?
What is the systematic collection and analysis of publicly available information about consumers and competitors called?
What is the systematic collection and analysis of publicly available information about consumers and competitors called?
Internal databases are collections of consumer information obtained from external sources.
Internal databases are collections of consumer information obtained from external sources.
What are the three types of marketing research mentioned?
What are the three types of marketing research mentioned?
The process of marketing research includes designing, collecting, analyzing, and __________ data.
The process of marketing research includes designing, collecting, analyzing, and __________ data.
Match the following steps in the marketing research process with their descriptions:
Match the following steps in the marketing research process with their descriptions:
Which of the following is NOT a part of competitive marketing intelligence?
Which of the following is NOT a part of competitive marketing intelligence?
Marketing research includes identifying the key components of the marketing environment.
Marketing research includes identifying the key components of the marketing environment.
What is the main purpose of developing a research plan in marketing research?
What is the main purpose of developing a research plan in marketing research?
What is the primary difference between primary data and secondary data?
What is the primary difference between primary data and secondary data?
Observational research does not require interaction with the subjects being studied.
Observational research does not require interaction with the subjects being studied.
List one advantage of gathering secondary data.
List one advantage of gathering secondary data.
___________ research involves gathering primary data by asking people questions about their preferences.
___________ research involves gathering primary data by asking people questions about their preferences.
Which research approach involves sending trained observers to interact with consumers?
Which research approach involves sending trained observers to interact with consumers?
Experimental research is performed without controlling any related factors.
Experimental research is performed without controlling any related factors.
Match each research approach with its description:
Match each research approach with its description:
What is one potential disadvantage of primary data collection?
What is one potential disadvantage of primary data collection?
Which sampling method involves the researcher selecting the easiest population members?
Which sampling method involves the researcher selecting the easiest population members?
In judgment sampling, researchers rely solely on random selection of subjects.
In judgment sampling, researchers rely solely on random selection of subjects.
What is the purpose of implementing the research plan in marketing research?
What is the purpose of implementing the research plan in marketing research?
The primary data collection method that allows flexibility in question types is called a ______.
The primary data collection method that allows flexibility in question types is called a ______.
Match the following methods of primary data collection with their descriptions:
Match the following methods of primary data collection with their descriptions:
Which step follows the collection of information in the marketing research process?
Which step follows the collection of information in the marketing research process?
Secondary data collection happens before primary data collection in the research process.
Secondary data collection happens before primary data collection in the research process.
Name one type of research instrument commonly used in marketing research.
Name one type of research instrument commonly used in marketing research.
What is the main purpose of Customer Relationship Management (CRM)?
What is the main purpose of Customer Relationship Management (CRM)?
CRM only involves how companies sell to customers.
CRM only involves how companies sell to customers.
What are customer touch points?
What are customer touch points?
Information distribution involves making information available in a timely and ______ way.
Information distribution involves making information available in a timely and ______ way.
Match the following CRM touch points with their descriptions:
Match the following CRM touch points with their descriptions:
Which of the following is a concern relating to marketing research?
Which of the following is a concern relating to marketing research?
Public policy issues have no impact on marketing research.
Public policy issues have no impact on marketing research.
Why is analyzing marketing information important for companies?
Why is analyzing marketing information important for companies?
Which of the following best describes selective attention?
Which of the following best describes selective attention?
Selective distortion refers to the tendency to interpret information in a way that aligns with existing beliefs.
Selective distortion refers to the tendency to interpret information in a way that aligns with existing beliefs.
Name the first stage of the buyer decision process.
Name the first stage of the buyer decision process.
In the buyer decision process, the second stage is called _____ search.
In the buyer decision process, the second stage is called _____ search.
Which factor is considered the most important consumer-buying organization in society?
Which factor is considered the most important consumer-buying organization in society?
Which type of buying behavior involves a significant amount of research and consideration before making a purchase?
Which type of buying behavior involves a significant amount of research and consideration before making a purchase?
Match the following types of buying behavior to their descriptions:
Match the following types of buying behavior to their descriptions:
The role and status of a person can only be determined by their age.
The role and status of a person can only be determined by their age.
What does the PRIZM Lifestage Groups system categorize?
What does the PRIZM Lifestage Groups system categorize?
Habitual buying behavior suggests that consumers always seek new brands to try.
Habitual buying behavior suggests that consumers always seek new brands to try.
What are the two main sources of information during the information search stage of the buyer decision process?
What are the two main sources of information during the information search stage of the buyer decision process?
A person's pattern of living as expressed in their psychographics is known as ______.
A person's pattern of living as expressed in their psychographics is known as ______.
Which stage of the buyer decision process involves evaluating alternative brands?
Which stage of the buyer decision process involves evaluating alternative brands?
Match the following social factors affecting consumer behavior:
Match the following social factors affecting consumer behavior:
The purchase intention always leads to the purchase decision.
The purchase intention always leads to the purchase decision.
Which of the following is NOT a personal factor influencing consumer behavior?
Which of the following is NOT a personal factor influencing consumer behavior?
Personality traits have no effect on consumer behavior.
Personality traits have no effect on consumer behavior.
What is cognitive dissonance?
What is cognitive dissonance?
The process an individual goes through from first learning about an innovation to regular use is called the ______ process.
The process an individual goes through from first learning about an innovation to regular use is called the ______ process.
Name one brand personality trait that could influence consumer preferences.
Name one brand personality trait that could influence consumer preferences.
Match the following stages in the buyer decision process with their descriptions:
Match the following stages in the buyer decision process with their descriptions:
Which type of buying decision behavior involves a high level of involvement and extensive research?
Which type of buying decision behavior involves a high level of involvement and extensive research?
Selective retention refers to the process where consumers forget information about brands over time.
Selective retention refers to the process where consumers forget information about brands over time.
Define selective distortion.
Define selective distortion.
What is the first step in the business buying decision process?
What is the first step in the business buying decision process?
Internal stimuli are the only triggers for problem recognition in business buying.
Internal stimuli are the only triggers for problem recognition in business buying.
What does 'Value analysis' aim to achieve in the business buying process?
What does 'Value analysis' aim to achieve in the business buying process?
The step that involves compiling a list of qualified suppliers is known as __________.
The step that involves compiling a list of qualified suppliers is known as __________.
Match the buying process stages with their descriptions:
Match the buying process stages with their descriptions:
Which of the following best describes 'general need description'?
Which of the following best describes 'general need description'?
Supplier selection involves creating a list of desired supplier attributes.
Supplier selection involves creating a list of desired supplier attributes.
Which of the following is NOT an advantage of online purchasing?
Which of the following is NOT an advantage of online purchasing?
What is the purpose of order-routine specifications in the buying process?
What is the purpose of order-routine specifications in the buying process?
Government markets primarily award contracts to the highest bidder.
Government markets primarily award contracts to the highest bidder.
What characteristics define institutional markets?
What characteristics define institutional markets?
Government markets are affected by __________ factors not directly related to economics.
Government markets are affected by __________ factors not directly related to economics.
Match the following buyer motivations with their descriptions:
Match the following buyer motivations with their descriptions:
What is one of the disadvantages of e-procurement?
What is one of the disadvantages of e-procurement?
Institutional and government buyers use the same decision-making processes.
Institutional and government buyers use the same decision-making processes.
What do institutional markets primarily consist of?
What do institutional markets primarily consist of?
What is a key factor that defines organizational buyers?
What is a key factor that defines organizational buyers?
Deciders have no power to select and approve final suppliers.
Deciders have no power to select and approve final suppliers.
Name one factor that affects individual buyer motivations.
Name one factor that affects individual buyer motivations.
In the buying decision process, the _____ evaluates alternatives.
In the buying decision process, the _____ evaluates alternatives.
Match the buyer roles with their definitions:
Match the buyer roles with their definitions:
Which of the following describes the influence of interpersonal factors on business buying behavior?
Which of the following describes the influence of interpersonal factors on business buying behavior?
Environmental factors include the current economic outlook and technology.
Environmental factors include the current economic outlook and technology.
What role do economic factors play in business buying behavior?
What role do economic factors play in business buying behavior?
The _____ influences buyers based on their expertise and experience within a field.
The _____ influences buyers based on their expertise and experience within a field.
Match the factors with their respective types:
Match the factors with their respective types:
Flashcards
Marketing Defined
Marketing Defined
A process where companies create value for customers, build strong relationships, and capture value in return.
Marketing Process
Marketing Process
The steps a company takes to create, build and capture value from customers.
Customer Value
Customer Value
Benefits customers receive from a product or service that go beyond just the price paid.
Customer Relationships
Customer Relationships
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Marketplace Concepts
Marketplace Concepts
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Customer-driven marketing strategy
Customer-driven marketing strategy
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Marketing Management Orientations
Marketing Management Orientations
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Customer Relationship Management (CRM)
Customer Relationship Management (CRM)
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Customer Value Proposition
Customer Value Proposition
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Marketing Management
Marketing Management
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Market Segmentation
Market Segmentation
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Target Marketing
Target Marketing
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Customer Needs, Wants, and Demands
Customer Needs, Wants, and Demands
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Marketing Mix
Marketing Mix
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Integrated Marketing Program
Integrated Marketing Program
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Customer Perceived Value
Customer Perceived Value
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Customer Satisfaction
Customer Satisfaction
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Capturing Value from Customers
Capturing Value from Customers
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Production Concept
Production Concept
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Product Concept
Product Concept
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Selling Concept
Selling Concept
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Marketing Concept
Marketing Concept
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Societal Marketing Concept
Societal Marketing Concept
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What is the difference between the Production and Product Concepts?
What is the difference between the Production and Product Concepts?
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What does the Selling Concept assume?
What does the Selling Concept assume?
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What is the main focus of the Marketing Concept?
What is the main focus of the Marketing Concept?
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Customer Engagement
Customer Engagement
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Social Media Marketing
Social Media Marketing
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Consumer-Generated Marketing
Consumer-Generated Marketing
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Customer Lifetime Value
Customer Lifetime Value
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Partner Relationship Management
Partner Relationship Management
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Basic Customer Relationships
Basic Customer Relationships
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Full Partnerships
Full Partnerships
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Share of Customer
Share of Customer
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Customer Equity
Customer Equity
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What are the two main strategies for gaining a bigger 'Share of Customer'?
What are the two main strategies for gaining a bigger 'Share of Customer'?
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Customer Relationship Groups
Customer Relationship Groups
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Engaging Customers
Engaging Customers
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Building Customer Loyalty & Retention
Building Customer Loyalty & Retention
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Building Customer Equity
Building Customer Equity
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Strategic Planning
Strategic Planning
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Market-Oriented Mission
Market-Oriented Mission
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Company Objectives
Company Objectives
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Marketing Objectives
Marketing Objectives
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Business Portfolio
Business Portfolio
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Portfolio Analysis
Portfolio Analysis
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Growth Strategies
Growth Strategies
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Company-Wide Strategic Planning
Company-Wide Strategic Planning
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Marketing's Role in Strategic Planning?
Marketing's Role in Strategic Planning?
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Customer Value-driven Marketing Strategy
Customer Value-driven Marketing Strategy
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What are the elements of a Marketing Mix?
What are the elements of a Marketing Mix?
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Marketing Management Functions
Marketing Management Functions
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Marketing Plan
Marketing Plan
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Marketing Return on Investment (ROI)
Marketing Return on Investment (ROI)
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Strategic Business Unit (SBU)
Strategic Business Unit (SBU)
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Growth-Share Matrix
Growth-Share Matrix
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Boston Consulting Group (BCG) Approach
Boston Consulting Group (BCG) Approach
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Product/Market Expansion Grid
Product/Market Expansion Grid
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Stars
Stars
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Cash Cows
Cash Cows
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Question Marks
Question Marks
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Dogs
Dogs
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Value Chain
Value Chain
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Downsizing
Downsizing
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Value Delivery Network
Value Delivery Network
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Partnering to Build Customer Relationships
Partnering to Build Customer Relationships
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Marketing Strategy
Marketing Strategy
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Customer Value-Driven Strategy
Customer Value-Driven Strategy
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Market Targeting
Market Targeting
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Market Positioning
Market Positioning
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Differentiation
Differentiation
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Value Proposition
Value Proposition
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Integrated Marketing Mix
Integrated Marketing Mix
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SWOT Analysis
SWOT Analysis
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Marketing Implementation
Marketing Implementation
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Marketing Control
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Marketing ROI (Return on Investment)
Marketing ROI (Return on Investment)
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What is the main purpose of a Marketing Plan?
What is the main purpose of a Marketing Plan?
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How does Marketing ROI help businesses?
How does Marketing ROI help businesses?
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What is demography?
What is demography?
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What are baby boomers?
What are baby boomers?
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What is generational marketing?
What is generational marketing?
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How is the American family changing?
How is the American family changing?
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What is geographic population shift?
What is geographic population shift?
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What is the economic environment?
What is the economic environment?
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What is the natural environment?
What is the natural environment?
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What is the technological environment?
What is the technological environment?
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Marketing Environment
Marketing Environment
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Microenvironment
Microenvironment
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Macroenvironment
Macroenvironment
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Demographic Environment
Demographic Environment
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Economic Environment
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Natural Environment
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Technological Environment
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Political Environment
Political Environment
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Company Microenvironment
Company Microenvironment
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Suppliers
Suppliers
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Marketing Intermediaries
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Competitors
Competitors
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Publics
Publics
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Customer Markets
Customer Markets
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Strategic Advantage
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Gaining Strategic Advantage
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Value Marketing
Value Marketing
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Income Distribution
Income Distribution
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Industrial Economies
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Developing Economies
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Subsistence Economies
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Environmental Sustainability
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Technological Environment Impact
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Political & Social Environment's Role
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Growing Shortage of Raw Materials
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Increased Pollution
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Increased Government Intervention
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Cause-Related Marketing
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Cultural Environment Impact
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Core Beliefs
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Secondary Beliefs
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Cultural Shifts
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Proactive Response
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Reactive Response
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Uncontrollable Forces
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Marketing Environment Analysis
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Responding to the Marketing Environment
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Customer Insights Team
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Marketing Information System (MIS)
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Assessing Marketing Information Needs
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Balancing Needs and Feasibility
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Developing Marketing Information
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Gaining Customer Insights
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Importance of Information in Marketing
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Parts of the Marketing Information System
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Contact Methods: Flexibility
Contact Methods: Flexibility
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Contact Methods: Quantity of Data
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Contact Methods: Control of Interviewer Effects
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Focus Groups: Challenges
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Online Research: Advantages
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Sampling Plan: Purpose
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Probability Sample: Simple Random Sample
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Probability Sample: Stratified Random Sample
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Management Problem
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Research Objectives
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Primary Data
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Secondary Data
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Internal Data
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Observational Research
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Ethnographic Research
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Competitive Marketing Intelligence
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Survey Research
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Experimental Research
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Descriptive Research
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Causal Research
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Steps in the Marketing Research Process
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Cluster Sample
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Convenience Sample
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Judgment Sample
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Quota Sample
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Closed-Ended Questions
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Open-Ended Questions
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Marketing Research Process
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Marketing Information Analysis
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CRM
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CRM Touch Points
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Distribute Marketing Info
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Ethics in Marketing Research
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Small Business Marketing Research
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Misuse of Research Findings
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Alternative Evaluation
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Purchase Decision
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Postpurchase Behavior
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Cognitive Dissonance
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What are the stages of the Buyer Decision Process?
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Adoption Process
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Stages of the Adoption Process
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What is the difference between Purchase Decision and Postpurchase Behavior?
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Belief
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Attitude
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What are the four major factors influencing consumer behaviour?
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What are the types of buying decision behavior?
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Need Recognition
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What are the sources of information in the Information Search stage?
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Social Factors
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Family
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Role & Status
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Age & Life-cycle Stage
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Occupation
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Lifestyle
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Personality
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Problem Recognition
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General Need Description
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Product Specification
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Supplier Search
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Proposal Solicitation
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Supplier Selection
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Order-Routine Specifications
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Performance Review
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Who participates in the buying center?
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Influencers
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Buyers
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Deciders
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Gatekeepers
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Environmental Factors
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Organizational Factors
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E-Procurement
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Company-buying sites
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Extranets
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What are the advantages of e-procurement?
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What is a major disadvantage of e-procurement?
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Institutional Market
Institutional Market
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Government Market
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How do institutional and government buyers make decisions?
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Study Notes
Principles of Marketing
- Kotler and Armstrong's textbook, Chapter 1, focuses on creating customer value and engagement.
- Amazon's passion for customer engagement, value, and relationships has made it a leading online retailer.
- Marketing is a process where companies create value for customers and build relationships to capture value in return.
- Four main learning objectives are defined, namely defining the marketing process, the understanding of marketplace concepts, identifying elements of a customer-driven marketing strategy, and discussing customer relationship management strategies.
What is Marketing?
- Marketing involves creating value and developing strong customer relationships.
- The marketing process includes:
- Understanding the marketplace and customer needs and wants.
- Creating value for customers and building relationships.
- Design a customer value-driven marketing strategy.
- Constructing an integrated marketing program delivering superior value.
- Building profitable customer relationships and creating customer delight.
- Capturing value from customers.
What is Marketing? Learning Objective 1
- Marketing involves defining marketing and outlining the steps in the marketing process.
- Defining marketing, including creating customer value and capturing value in return.
Understanding the Marketplace and Customer Needs
- Needs are states of deprivation, such as food, shelter, or clothing.
- Wants describe the form that needs take, as shaped by culture and personality.
- Demands are wants backed by buying power.
- Market offerings include products, services, information, or experiences designed to satisfy a need or want.
- Marketing myopia is the mistake of limiting your marketing strategy to existing wants and forgetting to look for what customers may want in the future.
Customer Value and Satisfaction
- Marketers aim for setting the level of customer expectations correctly.
- An exchange is obtaining a desired object by offering something in return.
- Marketing fosters desirable exchange relationships.
Markets
- A modern marketing system includes companies, suppliers, competitors, marketing intermediaries, and consumers.
- Relationships and managing those relationships are vital to creating customer value and profitable customer relationships
Marketing Management Orientations
- Production concept: Customers favor highly available and affordable products.
- Product concept: Customers prefer products with superior quality, performance, and features.
- Selling concept: Customers buy only if they see substantial selling and promotional campaigns.
- Marketing concept: Knowing customer needs and delivering desired satisfaction.
- Societal concept: Companies should consider their customers’ wants, requirements, and society's long-run interests.
Designing a Customer Value-Driven Marketing Strategy
- Selecting customers to serve.
- Choosing a value proposition.
- Marketing management orientations (production, product, selling, marketing, and societal).
Preparing an Integrated Marketing Plan and Program
- The marketing mix includes product, price, promotion, and place.
- An integrated marketing program communicates and delivers intended value to chosen customers
Building Customer Relationships
- Customer relationship management (CRM) is building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
- Elements of CRM include:
- Customer perceived value (the difference between total customer perceived benefits and customer costs)
- Customer satisfaction (the extent to which perceived performance matches a buyer's expectations)
- Levels and tools for customer relationships are basic relationships (low-margin customers) and frequency marketing, full partnerships (high-margin customers).
- Engaging customers and how customer engagement is a meaningful part of consumers' conversations and lives. Key elements of the concept is fostering direct and continuous customer involvement.
- Consumer-generated marketing: The approach where consumers themselves influence brand exchanges, and participation.
Capturing Value from Customers
- Customer lifetime value (CLTV): The value of all future purchases that the customer makes over a lifetime of patronage.
- Share of customer: The percentage of the customer's purchasing a company gets in its product categories.
- Customer equity: The combined customer lifetime values of all the company's customers.
Building the Right Relationships with the Right Customers
- A framework categorizes customers into groups categorized according to potential profitability and projected loyalty (High/Low-profitability * High/Low-loyalty).
The Changing Marketing Landscape
- Digital and social media marketing using digital tools (websites, social media, mobile ads, online videos, e-mail, blogs) to engage consumers anywhere, anytime.
- Not-for-profit marketing growth.
- Rapid globalization.
- Sustainable marketing.
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Description
This quiz covers the key concepts from Chapter 1 of Kotler and Armstrong's Principles of Marketing textbook. Focus on understanding the marketing process, the importance of customer value, and strategies for effective customer engagement. Test your knowledge of creating lasting customer relationships and the foundations of a customer-driven marketing strategy.
