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 (D)</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 (B)</p> Signup and view all the answers

What is the formula for calculating profit?

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

Which strategy allows a firm to create value from customers?

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

What does brand equity depend on?

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

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

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

What is the role of customer relationships in a business?

<p>To create and capture value (A)</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 (D)</p> Signup and view all the answers

Which option best describes the marketing process?

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

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

<p>Loss of brand identity (B)</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 (C)</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 (B)</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 (D)</p> Signup and view all the answers

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

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

What is one objective of corporate social responsibility?

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

Which statement about exchanges is true?

<p>Each party must be interested in negotiating with the other (D)</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 (A)</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 (D)</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 (C)</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 (C)</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 (A)</p> Signup and view all the answers

What could be a common misconception regarding relational exchanges?

<p>They are always superior to transactional exchanges (A)</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 (B)</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 (D)</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 (B)</p> Signup and view all the answers

What is the first step in the marketing process?

<p>Analyzing available resources and objectives (A)</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 (C)</p> Signup and view all the answers

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

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

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

<p>Average ticket comparison (D)</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 (A)</p> Signup and view all the answers

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

<p>Implementation (A)</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 (B)</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? (B)</p> Signup and view all the answers

What property is associated with hemoglobin when neurons connect?

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

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

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

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

<p>They dilate. (B)</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. (C)</p> Signup and view all the answers

What does customer equity represent?

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

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

<p>Neural connections. (A)</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. (B)</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. (C)</p> Signup and view all the answers

Flashcards

Profit

The difference between the cost of producing a product or service and the price at which it is sold.

The Marketing Process

The process of understanding the market and customer needs, designing marketing strategies to attract customers, building relationships with customers, and ultimately capturing value from those relationships.

Customer Value

A company's ability to create value for its customers by providing products or services that meet their needs and wants.

Brand Equity

The perceived worth of a brand in the market. It's based on factors like customer loyalty, brand recognition, and perceived quality.

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Customer-Driven Marketing

A strategic approach to marketing that focuses on delivering superior value to customers, building long-term relationships, and creating a positive customer experience.

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Integrated Marketing Program

A marketing program that involves identifying customer segments, tailoring marketing messages accordingly, and delivering the right product, service, or experience to the right people.

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Profitable Relationships

Building strong, mutually beneficial relationships with customers, going beyond just selling.

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Customer Delight

Creating value for customers through consistent delivery of excellent products or services, leading to customer delight and loyalty.

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Brand

A business's unique identification in the market, conveying its values and offerings.

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Suppliers

Individuals or entities that provide resources or materials to a company for its operations.

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Consumers

The individuals or groups that purchase goods or services offered by a company.

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Marketing

The process of promoting and communicating a company's brand and offerings to potential customers.

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Company

The central entity that produces and sells goods or services in a market system.

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What is an exchange?

The act of getting something you want from someone by offering something in return.

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What is a lucrative exchange?

An exchange where one party gives a product or service and the other party gives money.

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What is a transaction?

The act of obtaining something through an exchange.

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What are relationships?

The process of creating and maintaining relationships between individuals, organizations, or even countries.

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What is a societal concept?

Considering the impact of an exchange on society, including potential negative effects like pollution.

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What is a sustainable concept?

Considering the long-term effects of an exchange on resources and the environment.

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What are the two central questions of marketing theory?

Understanding why people or organizations engage in exchanges and how those exchanges are built, maintained, or avoided.

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What is 'Corporate Social Responsibility'?

A concept that promotes ethically responsible and socially conscious business practices to benefit society.

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Relational Exchange

Exchanges that go beyond simple transactions and involve building relationships, trust, and understanding. They prioritize long-term value and consider future benefits for both parties. Examples include a loyal customer receiving a discount or a salesperson knowing a customer's preferences.

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Transactional Exchange

Exchanges solely based on the exchange of goods or services for money. These exchanges typically involve minimal interaction or emotional connection. Vending machines and currency exchanges are examples of pure transactional exchanges.

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What is the Marketing Process?

The process of planning, implementing, and controlling the marketing activities to meet organizational objectives. It starts with an analysis of resources and objectives, then develops a marketing plan and implements it, followed by controlling the execution and measuring the results.

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What are the 4 Ps of marketing?

The 4 Ps of marketing are product, price, place, and promotion. They are key aspects of creating and delivering value to customers.

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What is Marketing Analysis?

A marketing analysis involves understanding the current internal and external environment of the company, as well as identifying opportunities and threats in the market.

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What is a Marketing Plan?

A marketing plan outlines the marketing strategies, tactics, and resources needed to achieve marketing objectives. It's a roadmap for successful marketing.

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What is Marketing Implementation?

Implementation involves putting the marketing plan into action. This includes activities like creating marketing materials, launching campaigns, and managing sales.

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What is Marketing Control?

Control involves monitoring the marketing process and evaluating its effectiveness in achieving objectives. It includes measuring results, assessing performance, and making adjustments as needed.

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What is Cross-Selling?

Cross-selling refers to offering complementary products or services along with the main purchase. It increases the average ticket and encourages customers to buy more.

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What is the Average Ticket?

The average ticket refers to the average amount spent by customers per purchase. Increasing it can be achieved by offering additional products or services, not necessarily by raising prices.

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Magnetoencephalography (MEG)

A brain imaging technique that measures magnetic fields produced by brain activity.

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Eye Tracking in Marketing

A neuromarketing technique that measures eye movements to track where consumers look when viewing an advertisement or product.

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Customer Lifetime Value (CLTV)

A marketing metric that refers to a customer's total lifetime value to a company.

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Customer Equity

The total value that a company can potentially capture from its customer base in the future.

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Customer Equity Aggregation

The combination of all customer lifetime values from a company's potential customer base.

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Marketing Measurement

The process of measuring and understanding the effectiveness of a company's marketing efforts.

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Customer Analytics

The practice of collecting and analyzing data related to customer behavior, preferences, and interactions with a brand.

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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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