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Questions and Answers
What is the primary goal of the marketing plan discussed?
What is the primary goal of the marketing plan discussed?
Which strategy is mentioned for promoting complementary products?
Which strategy is mentioned for promoting complementary products?
What is an essential aspect of the control stage of the marketing plan?
What is an essential aspect of the control stage of the marketing plan?
What type of promotional phrase is suggested for encouraging customers to purchase accessories?
What type of promotional phrase is suggested for encouraging customers to purchase accessories?
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What is a key consideration when implementing the proposed marketing actions?
What is a key consideration when implementing the proposed marketing actions?
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What distinguishes 'barnacles' from 'true friends' in customer relationships?
What distinguishes 'barnacles' from 'true friends' in customer relationships?
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What is a common strategy companies use to manage barnacle customers?
What is a common strategy companies use to manage barnacle customers?
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What is NOT a stage of Marketing Planning mentioned?
What is NOT a stage of Marketing Planning mentioned?
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Which statement about customer treatment is true according to the content?
Which statement about customer treatment is true according to the content?
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Why is there no single best strategy for marketing across different companies?
Why is there no single best strategy for marketing across different companies?
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What is the primary focus of a corporate level strategic plan?
What is the primary focus of a corporate level strategic plan?
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Which of the following best describes the starting point of the marketing process?
Which of the following best describes the starting point of the marketing process?
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What are the 4 Ps in marketing that should be considered during the planning process?
What are the 4 Ps in marketing that should be considered during the planning process?
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In the context of strategic planning, what must a company assess after knowing its available resources?
In the context of strategic planning, what must a company assess after knowing its available resources?
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What is the purpose of defining a company mission at the corporate level?
What is the purpose of defining a company mission at the corporate level?
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Why is it important for a company to know where it can go with its resources?
Why is it important for a company to know where it can go with its resources?
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How should the decisions made at the corporate level influence the marketing process?
How should the decisions made at the corporate level influence the marketing process?
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What is one key consideration when planning marketing strategies?
What is one key consideration when planning marketing strategies?
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What does the term 'lucrative' refer to in the context of exchanges?
What does the term 'lucrative' refer to in the context of exchanges?
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Which of the following describes a complex exchange?
Which of the following describes a complex exchange?
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What is indicated as not allowed regarding the work discussed in the content?
What is indicated as not allowed regarding the work discussed in the content?
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Which type of exchange occurs only once and is separate from past and future?
Which type of exchange occurs only once and is separate from past and future?
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In the example provided, what do the citizens receive from the construction project?
In the example provided, what do the citizens receive from the construction project?
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Which of the following best describes a non-lucrative exchange?
Which of the following best describes a non-lucrative exchange?
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What is one of the outcomes for the town hall in the hypothetical exchange scenario?
What is one of the outcomes for the town hall in the hypothetical exchange scenario?
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What is meant by 'restricted' in the context of exchanges?
What is meant by 'restricted' in the context of exchanges?
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What is the primary goal of customer-engagement marketing?
What is the primary goal of customer-engagement marketing?
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Which type of customer is described as a 'butterfly'?
Which type of customer is described as a 'butterfly'?
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What does customer equity measure?
What does customer equity measure?
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Why shouldn't marketers invest heavily in relationships with 'strangers'?
Why shouldn't marketers invest heavily in relationships with 'strangers'?
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What aspect does customer loyalty primarily relate to?
What aspect does customer loyalty primarily relate to?
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In customer-engagement marketing, what is deemed as a probable characteristic of customers?
In customer-engagement marketing, what is deemed as a probable characteristic of customers?
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What does 'share of wallet' refer to?
What does 'share of wallet' refer to?
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How can brands foster direct customer involvement according to the concept of customer engagement?
How can brands foster direct customer involvement according to the concept of customer engagement?
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What is an example of a pure transactional exchange?
What is an example of a pure transactional exchange?
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When can we say that a relational exchange is developing with a customer?
When can we say that a relational exchange is developing with a customer?
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What indicates the loyalty of a customer towards a brand?
What indicates the loyalty of a customer towards a brand?
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Why is it generally more challenging to sell products to existing customers than to acquire new ones?
Why is it generally more challenging to sell products to existing customers than to acquire new ones?
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In the context of B2C exchanges, which of the following statements is true?
In the context of B2C exchanges, which of the following statements is true?
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How might companies approach customers with a shared wallet differently?
How might companies approach customers with a shared wallet differently?
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What’s the primary difference between B2C and B2B transactions?
What’s the primary difference between B2C and B2B transactions?
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Which statement about customer loyalty and purchases is false?
Which statement about customer loyalty and purchases is false?
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Study Notes
Strategic Marketing
- Marketing is a social and managerial process, enabling individuals and groups to obtain what they need and want. This involves creating and exchanging products/services with value.
- Simply advertising or selling are part of the marketing function; it makes people discover products.
- The marketing process involves:
- Understanding the marketplace and customer needs/wants
- Designing a customer-driven marketing strategy
- Constructing an integrated marketing program to provide superior value
- Building profitable relationships and customer delight
- Capturing value from customers (price, cost of production = profit) to ensure profits and customer equity
- Firms target segments and try to sell their product/service, sometimes forming relationships. Branding is also considered part of target marketing.
- Companies exist to create value for shareholders. Brand equity is dependent on future profits, and the volume of successful sales. Value is essential for a brand's success. A business makes sense only if it can sell and make a profit.
Needs, Wants, and Demands
- Needs are states of deprivation (physical – hunger, clothing, warmth; social – belonging, affection; individual – knowledge, self-expression)
- Wants are shaped by culture/personality (e.g. coffee vs. tea) as well as buying power.
- Wants aren't necessarily related to the same need.
- Every want does not become a demand unless it is backed by purchasing power. E.g. the desire for a Ferrari but lack of enough money prevents a demand.
Simplified Market System
- The market system includes suppliers, competitors, intermediaries (e.g., Mediamarkt) and consumers.
- A part of the environmental forces involved may be the consumer themselves in B2B relationships.
Value, Satisfaction, and Loyalty
- Companies create value propositions in response to consumers' needs.
- Consumers evaluate market offerings primarily based on their expectations of customer value and satisfaction.
- Too high expectations can lead to dissatisfaction and lower sales in the long run. Too low expectations can prevent long-term success.
- Firms need to strike a balance between exceeding expectations (and potentially under-performing promises) and fulfilling what they can reasonably achieve;
- Customer satisfaction, when the offering exceeds expectations, leads to loyalty and higher customer lifetime value.
Exchanges, Transactions, and Relations
- An exchange is obtaining a desired object by offering something in return. This can include product-for-product, or product-for-money exchanges.
- For an exchange, at least two parties are necessary, both with something of value and a desire to trade.
- Transactional exchanges are one-time interactions without future intentions.
- Relational exchanges involve ongoing communication and relationships between customer and brand beyond the initial exchange.
Marketing Plan
- A marketing plan is a strategy unique to each company based on their situation, opportunities, objectives, and resources.
- Key stages of planning include a strategic plan, which sets corporate-level objectives, and the marketing process.
- A marketing plan will often have steps to implement and control based on the goals set.
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Description
Explore the essential principles of strategic marketing in this quiz. Understand the process of creating value through targeted marketing strategies and customer relationship management. Assess your knowledge on marketplace dynamics and brand equity.
