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Questions and Answers
What is the first stage of the marketing process?
What is the first stage of the marketing process?
Which of the following best describes the strategic plan?
Which of the following best describes the strategic plan?
In the implementation stage of the marketing process, what is critical to know?
In the implementation stage of the marketing process, what is critical to know?
What method did Massimo Dutti employ to increase the average ticket?
What method did Massimo Dutti employ to increase the average ticket?
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What happens in the control stage of the marketing process?
What happens in the control stage of the marketing process?
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What does the executive summary provide in a marketing plan?
What does the executive summary provide in a marketing plan?
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What is the purpose of marketing actions according to the content?
What is the purpose of marketing actions according to the content?
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What is the primary purpose of a SWOT analysis in a marketing plan?
What is the primary purpose of a SWOT analysis in a marketing plan?
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Which of the following is NOT part of the three stages of marketing planning?
Which of the following is NOT part of the three stages of marketing planning?
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Which aspect does emotional marketing focus on?
Which aspect does emotional marketing focus on?
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What should a marketing plan begin with according to the marketing process?
What should a marketing plan begin with according to the marketing process?
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What type of marketing relies heavily on word of mouth and influencers?
What type of marketing relies heavily on word of mouth and influencers?
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Which tool is NOT considered a neuro-marketing method?
Which tool is NOT considered a neuro-marketing method?
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What does geo-marketing leverage to enhance marketing effectiveness?
What does geo-marketing leverage to enhance marketing effectiveness?
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What is a key characteristic of online marketing?
What is a key characteristic of online marketing?
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Which brain part is linked to the feeling of pleasure in neuro-marketing?
Which brain part is linked to the feeling of pleasure in neuro-marketing?
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What is selective attention primarily concerned with?
What is selective attention primarily concerned with?
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What does selective distortion describe?
What does selective distortion describe?
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Which of the following describes selective retention?
Which of the following describes selective retention?
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Which component is NOT part of the learning process?
Which component is NOT part of the learning process?
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In the example provided, what does the 'drive' refer to?
In the example provided, what does the 'drive' refer to?
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What role do cues play in the learning process?
What role do cues play in the learning process?
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What does reinforcement in the learning process refer to?
What does reinforcement in the learning process refer to?
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What does the final decision to purchase a product depend on?
What does the final decision to purchase a product depend on?
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What is the primary concern of Iberia regarding fuel costs during Easter?
What is the primary concern of Iberia regarding fuel costs during Easter?
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Which of the following is NOT classified as an intermediary?
Which of the following is NOT classified as an intermediary?
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Which market is characterized as B2C?
Which market is characterized as B2C?
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Why is controlling how products are presented in stores particularly important for businesses?
Why is controlling how products are presented in stores particularly important for businesses?
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Which of the following best describes a reseller market?
Which of the following best describes a reseller market?
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What is a significant challenge faced by companies like Tesla with respect to their distribution?
What is a significant challenge faced by companies like Tesla with respect to their distribution?
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What distinct advantage do premium apparel brands like Lacoste gain from their reseller policies?
What distinct advantage do premium apparel brands like Lacoste gain from their reseller policies?
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In business markets, products are primarily used for what purpose?
In business markets, products are primarily used for what purpose?
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What characteristic is NOT essential for a successful brand positioning?
What characteristic is NOT essential for a successful brand positioning?
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Which positioning strategy is described as providing a basic product at a very affordable price?
Which positioning strategy is described as providing a basic product at a very affordable price?
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The statement 'to busy, mobile professionals who need to always be in the loop, BlackBerry is a wireless connectivity solution that allows you to stay connected...' exemplifies which marketing concept?
The statement 'to busy, mobile professionals who need to always be in the loop, BlackBerry is a wireless connectivity solution that allows you to stay connected...' exemplifies which marketing concept?
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What phase follows identifying the target segment in a positioning statement?
What phase follows identifying the target segment in a positioning statement?
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Which market segment represents consumers currently purchasing a company's product?
Which market segment represents consumers currently purchasing a company's product?
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Which of the following is the first step in market forecasting?
Which of the following is the first step in market forecasting?
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Which of these is NOT a valid market dimension to consider?
Which of these is NOT a valid market dimension to consider?
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What is a major challenge of the 'More for less' strategy?
What is a major challenge of the 'More for less' strategy?
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What aspect is NOT considered when evaluating the structural attractiveness of a market segment?
What aspect is NOT considered when evaluating the structural attractiveness of a market segment?
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What is a main disadvantage of undifferentiated marketing?
What is a main disadvantage of undifferentiated marketing?
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What is concentrated (niche) marketing primarily focused on?
What is concentrated (niche) marketing primarily focused on?
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What is an example of differentiated marketing?
What is an example of differentiated marketing?
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What is the primary purpose of segmenting and targeting in marketing?
What is the primary purpose of segmenting and targeting in marketing?
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Which marketing strategy focuses on the common characteristics among consumers?
Which marketing strategy focuses on the common characteristics among consumers?
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What is likely a result of selecting a segment that is too small?
What is likely a result of selecting a segment that is too small?
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Which example illustrates differentiated marketing?
Which example illustrates differentiated marketing?
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Study Notes
Strategic Marketing
- Course taught by Santiago González Hernando
- Level: 2nd Year, Commerce and Marketing
- Academic Year: 2024-2025
Topic 1: The Marketing Scope
- Marketing: A social and managerial process where individuals and groups obtain what they need and want through creating and exchanging products and value with others.
- Needs, Wants, and Demands: Needs are basic necessities for survival (e.g., food, water), wants are shaped by culture and individual preferences (e.g., coffee or tea), and demands represent wants with buying power.
- Value Proposition & Customer Relationships: Marketing aims to create value for customers and build strong relationships to capture customer value and create profits and customer equity.
- Marketing Process: Understand the marketplace, design a customer-driven marketing strategy, construct an integrated marketing program that delivers superior value, and build profitable relationships to create customer delight.
Topic 2: Marketing Environment
- Environment: Any aspect that might affect a company or can be affected by marketing—including internal and external variables.
- Microenvironment: Internal factors like top management, finance, R&D, purchasing, operations, accounting, and suppliers.
- Macroenvironment: External factors like demographics, economics, societal culture, technology, and politics.
Topic 3: Consumer Markets
- Consumer Market: A market of individuals and households buying goods and services for personal consumption
- Buyer Decision Process: A process with 5 stages: Need recognition, Information search, Evaluation of alternatives, Purchase decision, and Post-purchase behavior.
- Characteristic Affecting Consumer Behavior: Factors that influence consumer behavior like cultural factors (culture, subculture, social class), social factors (reference groups, family, roles, status), personal factors (age and life-cycle stage, occupation, economic situation, lifestyle, personality, self-concept), and psychological factors (motivation, perception, learning, beliefs, attitudes).
Topic 4: Industrial Markets
- Industrial Market: Organizations buying goods and services for use in production of other goods or services, resale, or renting.
- Nature of the Buying Unit: This market often comprises more participants (e.g., technical experts, top management, etc.) compared to consumer markets. Decisions might be more complex, involve more formal procedures (POs), and involve larger sums of money.
- Differences to Consumer Markets: Business markets have far fewer but larger buyers than consumer-driven markets. Demand is often derived and inelastic, and it frequently fluctuates.
Topic 5: Segmentation and Positioning
- Market Segmentation: Dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.
- Market Targeting: Choosing which segments to pursue and tailor actions.
- Market Positioning: Creating a specific image and identify a distinctive position in the consumer's mind.
- Different Positioning Strategies: Using a positioning statement that targets the right segment for each brand.
Topic 6: Market and Demand Forecasting
- Demand Dimensions: Analyzing each market segment's size, potential, and estimated sales.
- Measuring Demand: Assessing the potential market, available market, target market, and penetrated market.
- Demand Forecasting: Using a range of techniques to estimate future market demand: Surveys of buyers’ intentions, Composite of sales force opinions, Time series, and market testing.
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Description
Explore the fundamentals of marketing including how needs, wants, and demands shape consumer behavior. Understand the marketing process and the importance of creating value propositions and building customer relationships. This quiz will test your knowledge of essential marketing concepts crucial for any commerce or marketing student.
