Strategic Marketing Concepts
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Questions and Answers

What is the primary function of a business according to the given content?

  • To innovate continuously
  • To create brand awareness
  • To sell products and make a profit (correct)
  • To expand into new markets

    • In a simplified market system, which of the following elements does not correctly represent the relationships among them?

  • Marketing connects companies with consumers
  • Suppliers provide goods to consumers
  • Consumers influence supplier decisions
  • Companies are indifferent to consumer preferences (correct)

    • Which aspect is essential for a business to be considered viable?

  • Making a profit from sales (correct)
  • Achieving high production rates
  • Having a large employee base
  • Maintaining a strong brand presence

    • What role does marketing play in a business according to the simplified market system?

    <p>It connects companies with consumers</p> Signup and view all the answers

    Which of the following statements best describes the relationship between suppliers and consumers?

    <p>Suppliers provide products based on consumer demand</p> Signup and view all the answers

    What is the formula for calculating profit?

    <p>Price – cost of production</p> Signup and view all the answers

    Which strategy allows a firm to create value from customers?

    <p>Identifying customer needs</p> Signup and view all the answers

    What does brand equity depend on?

    <p>The number of successful sales</p> Signup and view all the answers

    What does a company's value in the stock exchange primarily reflect?

    <p>Future profits</p> Signup and view all the answers

    What is the role of customer relationships in a business?

    <p>To create and capture value</p> Signup and view all the answers

    What is a key consideration for firms when designing a marketing strategy?

    <p>The demographics of their target segment</p> Signup and view all the answers

    Which option best describes the marketing process?

    <p>Analyze customer needs to deliver superior value</p> Signup and view all the answers

    What is a potential outcome of failing to create value for customers?

    <p>Loss of brand identity</p> Signup and view all the answers

    What is the primary aim of the societal concept discussed?

    <p>To ensure exchanges do not negatively impact society</p> Signup and view all the answers

    How does the sustainable concept differ from the societal concept?

    <p>It considers long-term effects on future generations</p> Signup and view all the answers

    Which of the following is NOT a condition required for an exchange to take place?

    <p>There must be a third-party mediator</p> Signup and view all the answers

    What type of exchange is characterized as 'product x money'?

    <p>Lucrative exchange</p> Signup and view all the answers

    What is a key question that marketing theory seeks to address?

    <p>How exchanges are created, resolved, or avoided</p> Signup and view all the answers

    What is one objective of corporate social responsibility?

    <p>To enhance societal and environmental well-being</p> Signup and view all the answers

    Which statement about exchanges is true?

    <p>Each party must be interested in negotiating with the other</p> Signup and view all the answers

    What is one implication of the sustainable concept for businesses?

    <p>Consider the long-term effects of their exchanges</p> Signup and view all the answers

    What type of exchange does the salesperson exhibit by knowing the customer and offering additional items?

    <p>Relational exchange</p> Signup and view all the answers

    What is one possible benefit of a customer loyalty program mentioned in the content?

    <p>Discounts or free items</p> Signup and view all the answers

    Which of the following best describes how a relational exchange differs from a transactional exchange?

    <p>Relational exchanges consider future expected returns</p> Signup and view all the answers

    What is an example of a pure transactional exchange as described in the content?

    <p>Buying items from a vending machine</p> Signup and view all the answers

    What could be a common misconception regarding relational exchanges?

    <p>They are always superior to transactional exchanges</p> Signup and view all the answers

    What does the example of a salesperson knowing the customer's family imply about relational exchanges?

    <p>They can enhance customer loyalty and engagement</p> Signup and view all the answers

    In what scenario could a relational exchange be more beneficial compared to a transactional exchange?

    <p>Establishing long-term partnerships</p> Signup and view all the answers

    Which of the following statements about exchanges is accurate?

    <p>Many exchanges fall between purely transactional and relational</p> Signup and view all the answers

    What is the first step in the marketing process?

    <p>Analyzing available resources and objectives</p> Signup and view all the answers

    In the context of the marketing process, what do the '4 Ps' consist of?

    <p>Price, Place, Product, Promotion</p> Signup and view all the answers

    Which tactic involves offering complementary products together at the point of sale?

    <p>Cross-selling</p> Signup and view all the answers

    What should be measured to evaluate the effectiveness of a marketing campaign?

    <p>Average ticket comparison</p> Signup and view all the answers

    Which strategy is mentioned as a way to increase ticket sales without raising prices?

    <p>Introduce cross-selling techniques</p> Signup and view all the answers

    What part of the marketing process entails deciding which complementary products to offer?

    <p>Implementation</p> Signup and view all the answers

    Why is it essential to know what resources are available before setting marketing goals?

    <p>To assess the feasibility of reaching goals</p> Signup and view all the answers

    What is a critical question to ask during the analysis phase of the marketing process?

    <p>What resources do we currently have?</p> Signup and view all the answers

    What property is associated with hemoglobin when neurons connect?

    <p>It emits iron with magnetic properties.</p> Signup and view all the answers

    How frequently does the measurement of actions occur in the described system?

    <p>Every 3 seconds.</p> Signup and view all the answers

    What effect does attraction to a product have on a person's pupils?

    <p>They dilate.</p> Signup and view all the answers

    Why are eye tracking and skin conductivity not considered neuromarketing (NM)?

    <p>They are not directly related to brain activity.</p> Signup and view all the answers

    What does customer equity represent?

    <p>The future value captured from potential customers.</p> Signup and view all the answers

    What is measured by the skin's conductivity during brain activity?

    <p>Neural connections.</p> Signup and view all the answers

    What does the term 'share of wallet' refer to?

    <p>The portion of a customer's spending allocated to a brand.</p> Signup and view all the answers

    Which of the following is true about the measurement of actions?

    <p>It is precise with a timed interval.</p> Signup and view all the answers

    Study Notes

    Strategic Marketing

    • Marketing is a social and managerial process, enabling individuals and groups to achieve their needs and wants through value exchange.
    • The marketing process involves understanding the marketplace, customer needs, and designing a customer-driven strategy. This also includes creating a superior value proposition.
    • Building profitable relationships and customer delight is crucial for capturing value from customers and creating profits.
    • Companies should target customers' needs and wants, and target specific segments efficiently.

    Needs, Wants, and Demands

    • Needs are basic requirements/states of deprivation (e.g., physical, social, individual needs).
    • Wants are the form needs take based on culture and individual personality (e.g., coffee vs. tea).
    • Demands are wants backed by buying power.
    • Wants are not always directly related to the same need; some may stem from self-expression or status.
    • A demand occurs when a want is backed by the consumer's purchasing power.

    Goods, Services, and Experiences

    • Market offerings encompass products, services, experiences, and information.
    • Services are inseparable from the consumer.
    • Experiences require product and service components.
    • Value proposition encompasses product, service, experience, and information components.
    • Brand recognition adds perceived value to an offering, and successful brands aim to sell value to the customer.

    Value, Satisfaction, and Loyalty

    • Companies create value propositions to respond to customer needs.
    • Customer satisfaction results from meeting or exceeding expectations.
    • Companies should strive to balance high expectations with realistic promises.

    Exchanges, Transactions, and Relations

    • Exchange involves obtaining a desired object by offering something in return.
    • Exchanges can involve a product for a product, a product for money, and other forms.
    • Relational exchanges involve further communication and relationships beyond the initial transaction.

    Marketing Theory

    • Marketing theory focuses on why people and organizations engage in exchange relationships and how these exchanges are created, managed, and/or avoided.
    • Marketing theory differentiates between lucrative and non-lucrative exchanges, and identifies restricted and generalized exchanges.
    • Transactional exchanges are one-time events, while relational exchanges involve continuing relationships. Relational exchanges can involve loyalty programs and ongoing interaction.

    Customer Engagement Marketing

    • Fostering customer involvement in shaping brands through experiences and interactions.
    • Customer engagement marketing aims to make brands meaningful and relevant to consumers' lives.
    • Not all customers are equally profitable; some relationships require investment in building loyalty, and others may be transaction-focused.

    Marketing Plan

    • Marketing planning involves defining the strategic plan, the marketing process, and specific actions to execute.
    • Marketing plans include corporate and business-unit-level aspects, with specific objectives, goals, and analysis of resources needed.
    • Marketing plans are contingent on the specific company situation, opportunities, and resources.
    • Business strategies may target specific customers or segments, to maximize profits.

    Marketing Investments and Returns

    • Marketing investments aim to generate returns.
    • Effective marketing plans often focus on measurable results and adjustments.
    • Assessing various marketing channels, tools, and strategies is crucial for achieving goals.

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    Related Documents

    Unit 1 Strategic Marketing PDF

    Description

    This quiz explores key concepts in strategic marketing, including the marketing process, customer needs, and building profitable relationships. Understand the distinctions between needs, wants, and demands, and learn how companies can efficiently target specific market segments. Test your knowledge on how these principles guide marketing strategies.

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