Questions and Answers
What are the threefold goals of marketing?
To attract new customers, drive long-term company profitability, and recapture value from satisfied and loyal customers
What are human needs according to the text?
States of felt deprivation including basic physical needs, social needs, and individual needs
What is the focus of strategic marketing?
Analytical aspects, research studies, and identification of company's weak and strong points
What is the definition of wants?
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What are the core customer and marketplace concepts examined in the text?
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What are the two main types of marketing discussed in the text?
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What is the act of obtaining a desired object from a person or organization by offering something in return?
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In customer value-driven marketing strategy, what is the aim when customer expectation is equal to perception?
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What is the oldest orientation that guides sellers, still useful in some situations, but can lead to marketing myopia?
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What is the idea that consumers will favor products that offer the most quality, performance, and features?
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What is the way a company differentiates from others by choosing a set of benefits or values it promises to deliver consumers to satisfy their needs?
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What does E > P signify according to the text?
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What is the philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do?
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What can result from paying more attention to the specific products a company offers than to the benefits and experiences produced by these products?
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What does the text refer to as 'the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products'?
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What is it called when customer expectation is smaller than what they get?
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What is the primary focus of strategic marketing?
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What is the difference between human needs and wants?
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In the marketing context, what does 'E > P' signify?
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What can result from paying more attention to the specific products a company offers than to the benefits and experiences produced by these products?
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What are the core customer and marketplace concepts examined in the text?
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What is the oldest orientation that guides sellers mentioned in the text?
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In customer value-driven marketing strategy, what is the aim when customer expectation is equal to perception?
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What does E > P signify according to the text?
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What is the act of obtaining a desired object from a person or organization by offering something in return?
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What are the two main types of marketing discussed in the text?
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What is the oldest orientation that guides sellers and can lead to marketing myopia?
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What can result from paying more attention to the specific products a company offers than to the benefits and experiences produced by these products?
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What is the idea that consumers will favor products that offer the most quality, performance, and features?
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What is the definition of wants?
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Study Notes
- Marketing: set of strategies and activities by companies to acquire and engage customers, build relationships, and create superior customer value
- Threefold goals: attract new customers, help drive long-term profitability, recapture value from satisfied customers
- Strategic marketing: analytical aspects, research and company analysis (DAFO)
- Operational marketing: puts strategic marketing into practice
- Five core customer and marketplace concepts:
- Needs, wants, and demands: states of felt deprivation, shaped by culture and individuality, backed by buying power
- Market offering: products, services, and experiences
- Value and satisfaction: customers form expectations, marketers must meet or exceed them
- Exchanges and relationships: obtaining desired objects in return for something
- Markets: set of actual and potential buyers for a product or service
- Customer value-driven marketing strategy:
- Target audience: not about finding as many customers as possible but the right ones
- Value proposition: unique benefits or values a company promises to deliver, differentiates brand
- Expectations vs perception: what customers think vs reality, aim for expectations to equal perception
- Marketing orientations:
- Production concept: focus on product availability and affordability
- Product concept: focus on high-quality, performance, and features
- Selling concept: focus on large-scale selling and promotion efforts
- Marketing concept: focus on knowing target market needs and wants, delivering desired value
- Production concept can lead to marketing myopia, focusing too much on specific products rather than benefits and experiences.
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Description
Test your knowledge on the definition of marketing and its key goals. Explore the set of strategies and activities companies use to acquire and engage customers, build strong relationships, and create superior customer value.
