P11 Study Guide Questions PDF

1. Marketing Fundamentals Definitions and Core Concepts 1. Q: What is the definition of marketing according to AMA? A: Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. 2. Q: What...

1. Marketing Fundamentals Definitions and Core Concepts 1. Q: What is the definition of marketing according to AMA? A: Marketing is the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. 2. Q: What is customer centricity? A: A strategy that places the customer at the center of all business decisions to improve satisfaction and loyalty. 3. Q: What is marketing myopia? A: The mistake of focusing on the product instead of customer needs. Example: Kodak ignored digital cameras. 4. Q: List the five historical eras of marketing. A: Production Era, Product Era, Sales Era, Marketing Era, Social Marketing Era. 5. Q: What is the difference between a product-oriented and a market-oriented company? A: o Product-oriented: Focus on product quality/features. o Market-oriented: Focus on customer needs and satisfaction. 6. Q: What is value creation in marketing? A: Creating products/services that provide benefits greater than their cost. 7. Q: Why is relationship marketing important? A: It builds long-term customer loyalty and increases customer lifetime value. 8. Q: What is the main goal of marketing strategy? A: To align company offerings with customer needs and market opportunities. 9. Q: Define target market. A: A specific group of consumers a company aims to serve. 10. Q: What is the difference between needs, wants, and demands? A: o Needs: Basic requirements (food, water). o Wants: Specific ways to fulfill needs (pizza, Coke). o Demands: Wants backed by purchasing power. 2. DESTEP Analysis Macro-Environment Factors 11. Q: What does DESTEP stand for? A: Demographic, Economic, Social-Cultural, Technological, Ecological, Political. 12. Q: Give an example of demographic factors. A: Age distribution, population growth, and education levels.  13. Q: How can economic factors influence a company? A: Changes in income levels, inflation, or interest rates affect pricing and demand. 14. Q: What are social-cultural factors? A: Changes in lifestyles, values, and consumer preferences. 15. Q: Provide an example of technological factors in DESTEP. A: Advancements in AI, e-commerce platforms, or automation. 16. Q: How do ecological factors impact business strategy? A: Sustainability requirements and regulations (e.g., plastic bans, carbon taxes). 17. Q: Name two political factors affecting businesses. A: Government regulations and trade policies. 18. Q: How is DESTEP used in decision-making? A: It helps companies understand external factors to identify opportunities and threats. 19. Q: What is the impact of DESTEP on a food company? A: o Demographic: Changing food preferences. o Ecological: Demand for sustainable packaging. o Political: Food safety regulations. 20. Q: How do technological and social-cultural factors connect? A: Technology influences lifestyles (e.g., smartphones enabling remote work). 3. SWOT Analysis Framework and Applications 21. Q: What is a SWOT analysis? A: A tool to evaluate Strengths, Weaknesses, Opportunities, and Threats. 22. Q: What are examples of internal factors in SWOT? A: o Strengths: Strong brand, efficient production. o Weaknesses: Poor customer service, high costs. 23. Q: What are examples of external factors in SWOT? A: o Opportunities: New markets, tech innovations. o Threats: Competitors, changing laws. 24. Q: How is SWOT used to develop strategies? A: Matches strengths with opportunities and minimizes weaknesses and threats. 25. Q: Perform a SWOT analysis for McDonald’s. A: o Strengths: Global brand, affordable food. o Weaknesses: Health concerns. o Opportunities: Growing demand for healthy options. o Threats: Rising competition and economic downturns. 4. Porter’s Five Forces Competitive Analysis 26. Q: What are Porter’s Five Forces? A: 1. Threat of New Entrants. 2. Threat of Substitutes. 3. Bargaining Power of Buyers. 4. Bargaining Power of Suppliers. 5. Industry Rivalry. 27. Q: Why is the threat of substitutes significant? A: It determines whether customers can switch to alternative products. 28. Q: How does the bargaining power of suppliers affect businesses? A: Suppliers can raise prices or reduce product quality. 29. Q: Apply Porter’s Five Forces to Netflix. A: o New Entrants: Moderate. o Substitutes: High (YouTube, gaming). o Buyers: High (cancel anytime). o Suppliers: Low (Netflix produces content). o Rivalry: High (Disney+, Amazon Prime). 30. Q: What industry conditions increase the threat of new entrants? A: Low barriers to entry and minimal start-up costs. 5. Marketing Mix (4 Ps) Product, Price, Place, Promotion 31. Q: What are the 4 Ps of marketing? A: Product, Price, Place, Promotion. 32. Q: Define product in the 4 Ps. A: A good or service offered to satisfy customer needs. 33. Q: What is price elasticity? A: How sensitive customers are to changes in price. 34. Q: Give an example of Place. A: Online platforms like Amazon or retail stores like Walmart. 35. Q: Why is promotion important? A: It communicates product benefits and encourages purchases.  36. Q: Develop a 4 Ps plan for an electric scooter brand. A: o Product: Lightweight, eco-friendly scooter. o Price: Mid-range pricing. o Place: Online and in urban bike shops. o Promotion: Influencer marketing and eco-focused campaigns. 6. Scenario Planning Strategic Futures 37. Q: What is scenario planning? A: Preparing strategies for multiple possible future outcomes. 38. Q: Name three possible scenarios a business might plan for. A: Optimistic, Neutral, and Pessimistic. 39. Q: How does scenario planning help businesses? A: It reduces uncertainty and improves preparedness for risks. 7. Generic Strategies 40. Q: What are Porter’s three generic strategies? A: Cost Leadership, Differentiation, and Focus. 41. Q: Give an example of cost leadership. A: Walmart focuses on low prices to attract customers. 42. Q: How does differentiation create value? A: By offering unique features that competitors cannot match. Example: Apple. 8. Market Segmentation, Targeting, and Positioning (STP) Definition-Based Questions 43. Q: What is market segmentation? A: Dividing a market into smaller groups of people with similar needs, behaviors, or characteristics. 44. Q: What are the four main types of segmentation? A: o Demographic: Age, gender, income. o Geographic: Location. o Psychographic: Lifestyle, values. o Behavioral: Buying habits, brand loyalty.  45. Q: Define targeting in the STP process. A: Choosing the most profitable and relevant market segment to focus marketing efforts. 46. Q: What is positioning? A: Creating a unique image and value in the minds of customers relative to competitors. Application-Based Questions 47. Q: How would you segment the market for a fitness app? A: o Demographic: Young adults, ages 18-35. o Geographic: Urban areas. o Psychographic: Health-conscious individuals. o Behavioral: People looking for workout plans and tracking. 48. Q: Develop a positioning statement for a luxury perfume brand. A: “For individuals who value sophistication and exclusivity, our fragrance offers timeless elegance crafted from the finest natural ingredients.” 49. Q: Why is segmentation critical for marketing success? A: It helps companies identify specific customer needs, optimize resources, and create tailored marketing strategies. 9. Benchmarking Definition-Based Questions 50. Q: What is benchmarking? A: A process of comparing a company’s performance with competitors or industry leaders to identify best practices and improvement areas. 51. Q: What are the two main types of benchmarking? A: o Internal Benchmarking: Comparing performance within the company. o External Benchmarking: Comparing performance with competitors or industry standards. 52. Q: Why is benchmarking important? A: It highlights performance gaps, identifies areas for improvement, and helps companies stay competitive. Application-Based Questions  53. Q: How can a restaurant chain use benchmarking to improve customer satisfaction? A: By comparing wait times, service quality, and menu variety with leading competitors like McDonald’s or Starbucks. 54. Q: Describe how benchmarking applies to logistics. A: Companies like Amazon benchmark delivery times, order accuracy, and warehouse efficiency against industry standards. 10. Porter’s Value Chain Definition-Based Questions 55. Q: What is Porter’s Value Chain? A: A framework for analyzing business activities that add value to a product or service. 56. Q: Name the primary activities in Porter’s Value Chain. A: Inbound logistics, operations, outbound logistics, marketing and sales, and services. 57. Q: What are the support activities in the value chain? A: Procurement, human resources, technology development, and firm infrastructure. 58. Q: How does the value chain create competitive advantage? A: By optimizing each activity to lower costs or improve differentiation. Application-Based Questions 59. Q: Provide an example of operations in a smartphone company’s value chain. A: Manufacturing and assembling smartphones to ensure quality and efficiency. 60. Q: How does technology development support the value chain? A: By improving production processes, introducing innovations, and enhancing product quality. 11. Competitive Strategies (Porter’s Generic Strategies) Definition-Based Questions 61. Q: What are Porter’s three generic strategies? A: Cost Leadership, Differentiation, and Focus. 62. Q: What is the goal of cost leadership? A: To achieve the lowest production costs and sell products at the most competitive prices. 63. Q: Explain the differentiation strategy with an example. A: Offering unique products. Example: Apple differentiates through design and innovation.  64. Q: What is the focus strategy? A: Targeting a specific niche market. Example: Rolex focuses on luxury watches. Application-Based Questions 65. Q: How can a grocery store implement cost leadership? A: By sourcing products in bulk, reducing overhead costs, and offering lower prices than competitors. 66. Q: Provide an example of a company that uses focus strategy. A: Ferrari targets high-income customers in the luxury car market. 12. Scenario Planning Definition-Based Questions 67. Q: What is scenario planning? A: Preparing strategies for multiple future outcomes to reduce uncertainty. 68. Q: What are the three types of scenarios? A: o Optimistic: Best-case scenario. o Neutral: Expected scenario. o Pessimistic: Worst-case scenario. Application-Based Questions 69. Q: Develop three scenarios for a travel agency. A: o Optimistic: Travel demand surges post-pandemic. o Neutral: Steady travel bookings. o Pessimistic: Lockdowns reduce travel significantly. 70. Q: How does scenario planning help in risk management? A: It prepares the company for uncertainties and ensures strategies are adaptable. 13. Customer Loyalty and Value Definition-Based Questions  71. Q: What is customer lifetime value (CLV)? A: The total revenue a company can expect from a single customer during their entire relationship. 72. Q: What are the benefits of customer loyalty? A: Repeat purchases, positive word-of-mouth, and lower acquisition costs. Application-Based Questions 73. Q: How can a coffee shop improve customer loyalty? A: By introducing loyalty programs, personalized offers, and excellent customer service. 74. Q: Why is CLV critical for long-term profitability? A: It helps businesses identify valuable customers and allocate resources effectively. 14. Promotion Strategies Definition-Based Questions 75. Q: What are the components of the promotional mix? A: Advertising, Sales Promotion, Public Relations, Personal Selling, and Direct Marketing. 76. Q: Why is advertising important in the promotional mix? A: It creates awareness and informs customers about products. Application-Based Questions 77. Q: Provide an example of effective sales promotion. A: “Buy one, get one free” offers in supermarkets. 78. Q: How can a company use public relations to improve its image? A: By organizing charity events or launching sustainability initiatives. 15. Final Exam Practice Questions Multiple Framework Applications  79. Q: Apply DESTEP and SWOT to a new e-scooter business. A: o DESTEP: Technology advancements, ecological demand for eco-friendly transport. o SWOT: ▪ Strengths: Sustainable design. ▪ Weaknesses: High costs. ▪ Opportunities: Growing urban demand. ▪ Threats: Competitors. 80. Q: Compare Porter’s Five Forces for fast food vs. fine dining industries. A: Fast food has high rivalry, while fine dining has fewer substitutes and less buyer power. 16. Marketing Strategies Definition-Based Questions 81. Q: What is a competitive advantage? A: A unique edge over competitors, achieved through differentiation, cost leadership, or superior value. 82. Q: What is the purpose of a marketing strategy? A: To align a company’s products and services with customer needs and market demands for profitability. 83. Q: Define strategic planning. A: The process of setting long-term goals and determining the actions to achieve them. Application-Based Questions 84. Q: A company wants to expand globally. What strategic factors should it consider? A: Economic conditions, cultural differences, government regulations, and competitive analysis in new markets. 85. Q: How can a clothing brand achieve differentiation? A: By offering sustainable materials, exclusive designs, and superior customer service. 17. Market Research Definition-Based Questions 86. Q: What is market research? A: The process of gathering and analyzing data to understand customer needs, preferences, and market trends. 87. Q: What is the difference between primary research and secondary research? A:  Primary: Direct data collection (e.g., surveys, interviews). Secondary: Using existing data (e.g., reports, databases). 88. Q: What are the key steps in market research? A: Define the problem, collect data, analyze results, and draw conclusions. Application-Based Questions 89. Q: What methods can a tech company use for primary research? A: Customer surveys, focus groups, and online product testing. 90. Q: Why is market research important for launching a new product? A: It reduces risks by understanding customer needs, pricing expectations, and market opportunities. 18. Customer Behavior Definition-Based Questions 91. Q: What is consumer behavior? A: The study of how individuals make decisions to purchase, use, or dispose of goods/services. 92. Q: What factors influence consumer behavior? A: Psychological, personal, social, and cultural factors. 93. Q: What is the buyer decision-making process? A: 94. Need recognition. 95. Information search. 96. Evaluation of alternatives. 97. Purchase decision. 98. Post-purchase behavior. Application-Based Questions 94. Q: How can a business influence post-purchase behavior positively? A: By offering excellent customer service, follow-up support, and satisfaction guarantees. 95. Q: What role does social media play in consumer behavior today? A: It influences decision-making through peer recommendations, ads, and reviews. 19. Digital Marketing Definition-Based Questions 96. Q: What is digital marketing? A: The use of digital channels (e.g., social media, email, search engines) to promote products and engage customers. 97. Q: What are the key components of digital marketing? A: Content marketing, SEO, social media marketing, email marketing, and PPC (pay-per- click). 98. Q: What is the role of SEO in marketing? A: Search Engine Optimization (SEO) helps improve website visibility on search engines to attract organic traffic. Application-Based Questions 99. Q: How can a startup effectively use social media for marketing? A: By creating engaging content, collaborating with influencers, and running targeted ad campaigns. 100. Q: Why is email marketing an effective tool for customer retention? A: It allows personalized communication, loyalty rewards, and updates on products/services. MORE 1. Marketing Fundamentals Conceptual Questions 1. Q: What is the difference between marketing and sales? A: Marketing focuses on creating demand and value through customer-centric strategies, while sales involve converting leads into customers. 2. Q: What is the importance of the marketing funnel? A: The funnel helps track customer journeys, from awareness to conversion, enabling businesses to identify and fix weak points. 3. Q: Explain the role of branding in marketing. A: Branding creates a distinct identity, fosters customer loyalty, and differentiates products from competitors. 2. DESTEP Analysis Scenario-Based Questions 4. Q: If a government introduces strict carbon tax policies, which DESTEP factor does this represent, and how should companies respond? A: Political and ecological factors. Companies should invest in greener technologies and energy-efficient production methods. 5. Q: How can changes in demographic factors affect the launch of a luxury product? A: If the target demographic (e.g., middle-aged affluent consumers) decreases, demand for the luxury product might decline. 6. Q: A country is experiencing rapid urbanization. Which DESTEP factors are most affected, and why? A: Demographic (migration to cities), economic (higher disposable incomes), and social-cultural (changing urban lifestyles). 3. SWOT Analysis Application-Based Questions 7. Q: Perform a SWOT analysis for a small, local bakery. A: o Strengths: Fresh, homemade products; community support. o Weaknesses: Limited reach and marketing budget. o Opportunities: Growing demand for organic baked goods. o Threats: Competition from large bakery chains. 8. Q: How can a company turn a weakness into a strength? A: By addressing the weakness strategically, such as improving operational inefficiencies or investing in employee training. 4. Porter’s Five Forces Exploratory Questions 9. Q: How does industry rivalry affect innovation? A: High rivalry pressures companies to innovate to stay competitive and attract customers. 10. Q: Why is the threat of substitutes higher in industries with generic products? A: Generic products offer limited differentiation, making it easier for customers to switch to substitutes.  11. Q: Explain how supplier power impacts cost leadership strategies. A: Strong supplier power can increase input costs, making it harder for companies to maintain low prices. 5. Marketing Mix (4 Ps) Creative Questions 12. Q: Modify the 4 Ps for a subscription-based product like Spotify. A: o Product: Unlimited streaming with offline mode. o Price: Monthly subscription plans. o Place: Mobile apps, website. o Promotion: Free trial offers, student discounts. 13. Q: Why is the place component of the marketing mix critical in e-commerce? A: Efficient delivery and user-friendly online platforms ensure customer satisfaction and retention. 6. Scenario Planning Challenge-Based Questions 14. Q: A company is preparing for potential disruptions in supply chains. Outline scenarios and possible actions. A: o Optimistic: Supply chain remains stable—expand production. o Neutral: Minor delays—use alternative suppliers. o Pessimistic: Severe disruptions—invest in localized production. 15. Q: Why is scenario planning more critical for startups than established businesses? A: Startups face higher uncertainty and fewer resources, so scenario planning reduces risks and ensures adaptability. 7. Benchmarking Exploratory Questions 16. Q: How does benchmarking against non-competitors provide value? A: It offers fresh perspectives and innovative practices, such as customer service techniques from different industries.  17. Q: Why is external benchmarking often more challenging than internal benchmarking? A: External benchmarking requires access to competitors’ performance data, which is often proprietary or unavailable. 8. Porter’s Generic Strategies Critical Thinking Questions 18. Q: What are the risks of pursuing a cost leadership strategy? A: Low profit margins, potential quality compromises, and vulnerability to price wars. 19. Q: How can differentiation strategies fail? A: If the differentiation is not valuable to customers or if competitors imitate the unique features. 9. Consumer Behavior Insight-Based Questions 20. Q: How does culture influence consumer behavior? A: Cultural norms, traditions, and values shape buying decisions, such as food preferences or clothing choices. 21. Q: Why is need recognition the most critical stage in the buyer decision-making process? A: Without recognizing a need, the customer won’t initiate a purchase journey. 10. Digital Marketing Practical Questions 22. Q: A company wants to launch a new product on social media. What should its first step be? A: Identify the target audience and choose platforms where they are most active. 23. Q: How does content marketing differ from traditional advertising? A: Content marketing focuses on providing value (e.g., blogs, tutorials) instead of directly promoting a product. 24. Q: What metrics can be used to measure the success of a digital campaign? A: Click-through rates (CTR), engagement rates, conversion rates, and ROI. 11. Practical Applications Combination-Based Questions 25. Q: Combine DESTEP and SWOT to assess a car manufacturer entering the electric vehicle market. A: o DESTEP: ▪ Technological: Advancements in battery tech. ▪ Ecological: Demand for eco-friendly transport. o SWOT: ▪ Strengths: Established brand. ▪ Weaknesses: Limited EV expertise. ▪ Opportunities: Subsidies for EV production. ▪ Threats: Competitors like Tesla. 26. Q: How can a company’s value chain help identify areas for improvement in its marketing mix? A: Analyzing primary activities (e.g., marketing, operations) highlights inefficiencies or untapped opportunities in product delivery and promotion. 12. Marketing Fundamentals – Additional Questions Critical Thinking Questions 1. Q: What is the importance of understanding customer pain points in marketing? A: Customer pain points highlight problems customers want solved, enabling businesses to tailor products and services to meet specific needs. 2. Q: Differentiate between a pull strategy and a push strategy in marketing. A: o Pull Strategy: Focuses on attracting customers to the product (e.g., ads). o Push Strategy: Focuses on pushing the product to customers via sales channels (e.g., trade shows). 3. Q: Explain the concept of perceived value in marketing. A: Perceived value is how customers view a product's worth based on its benefits relative to its price and competition. 4. Q: What are the risks of focusing too much on product features instead of benefits? A: It can lead to marketing myopia, where the product fails to resonate with customer needs. 13. DESTEP Analysis – Advanced Scenarios Scenario-Based Questions  5. Q: A company in a low-income country wants to sell luxury cars. How would economic factors in DESTEP affect their strategy? A: Limited disposable income may reduce demand, requiring strategies like installment plans or targeting elite customers. 6. Q: How do ecological and social-cultural factors overlap in the beverage industry? A: Sustainability efforts (ecological) often align with consumer preferences for eco- friendly brands (social-cultural). 7. Q: A tech company plans to launch 5G phones in a region with limited infrastructure. Which DESTEP factors should they prioritize? A: o Technological: Evaluate 5G network availability. o Economic: Assess consumer affordability. o Political: Ensure compliance with telecom regulations. 14. SWOT Analysis – Deeper Explorations Application-Based Questions 8. Q: For a solar energy startup, identify opportunities and threats in the external environment. A: o Opportunities: Rising demand for renewable energy, government subsidies. o Threats: High initial costs, established competitors. 9. Q: How can a weakness become a competitive advantage? Provide an example. A: By addressing it innovatively, such as Domino’s Pizza transforming poor quality complaints into marketing and improving recipes. 10. Q: Explain the role of a SWOT analysis in entering a highly competitive market. A: It identifies internal strengths to leverage (e.g., brand loyalty) and external threats to mitigate (e.g., price wars). 15. Porter’s Five Forces – Additional Scenarios Critical Thinking Questions 11. Q: In a monopolistic market, which of Porter’s Five Forces is the least significant, and why? A: Industry Rivalry, because a single dominant player faces little competition. 12. Q: Explain how reducing supplier power can help a company lower its costs. A: Diversifying suppliers or integrating backward reduces dependency and bargaining leverage. 13. Q: How does customer loyalty reduce the threat of substitutes in Porter’s Five Forces? A: Loyal customers are less likely to switch, even if alternatives exist. 16. Marketing Mix (4 Ps) – New Perspectives Practical Applications 14. Q: How would the marketing mix differ for a luxury product versus a budget product? A: o Luxury: Premium pricing, exclusive distribution, and aspirational promotion. o Budget: Low pricing, mass-market availability, and functional promotion. 15. Q: Provide an example of a company using place strategically in its marketing mix. A: Starbucks selects high-traffic urban locations to maximize visibility and convenience. 17. Scenario Planning – New Questions Scenario-Based Challenges 16. Q: A retail company is facing economic uncertainty. What are three scenarios, and how should they prepare? A: o Optimistic: Increased consumer spending—expand inventory. o Neutral: Steady demand—maintain current strategy. o Pessimistic: Economic recession—focus on cost-saving measures. 17. Q: What industries are most likely to rely on scenario planning? Why? A: o Tech: Rapid innovation and market shifts. o Tourism: High sensitivity to economic and political factors. 18. Benchmarking – Expanded Applications 18. Q: Why might a company benchmark against a smaller competitor rather than an industry leader? A: Smaller competitors may offer innovative practices or niche strategies that are easier to implement. 19. Q: What challenges do companies face in conducting external benchmarking? A: Lack of access to competitor data, differences in operational scale, and varying market conditions. 19. Digital Marketing – Advanced Insights Application-Based Scenarios 20. Q: A company launches a product, but its digital ads have low engagement. What steps can it take to improve? A: Analyze audience targeting, improve ad design, and test different platforms (e.g., Instagram vs. LinkedIn). 21. Q: How can SEO improve brand visibility for a local business? A: By optimizing for local search terms, using Google My Business, and encouraging customer reviews. 22. Q: Explain why email marketing remains relevant despite the rise of social media. A: It offers direct, personalized communication, higher ROI, and better customer retention. 20. Consumer Behavior – Advanced Questions 23. Q: What is the role of emotions in consumer decision-making? A: Emotions influence impulsive purchases, brand attachment, and post-purchase satisfaction. 24. Q: How do psychographic factors differ from demographic factors in segmenting customers? A: Psychographic factors focus on values, lifestyles, and personality, while demographic factors address age, gender, and income. Key Topics Checklist 1. Marketing Fundamentals o Definitions: Marketing, customer centricity, marketing myopia, branding, value creation. o Historical Eras: Production Era, Product Era, Sales Era, Marketing Era, Social Marketing Era. o Marketing Funnel and Target Market. 2. DESTEP Analysis o Full coverage of all six factors: Demographic, Economic, Social-Cultural, Technological, Ecological, Political. o Scenario applications in different industries. 3. SWOT Analysis o Internal (Strengths/Weaknesses) and External (Opportunities/Threats). o Confrontation matrix and its application. o Scenarios for industries like solar energy, food, and tech. 4. Porter’s Five Forces o Threat of New Entrants, Threat of Substitutes, Bargaining Power of Buyers, Bargaining Power of Suppliers, Industry Rivalry. o Application in industries like fast food, streaming, and luxury goods.  5. Marketing Mix (4 Ps) o Detailed breakdown of Product, Price, Place, Promotion. o Tailored examples for e-commerce, luxury, and budget markets. 6. Scenario Planning o Optimistic, Neutral, and Pessimistic Scenarios. o Industry-specific applications: Retail, tourism, tech, and automotive. 7. Benchmarking o Internal and external benchmarking. o Challenges, applications, and non-traditional benchmarking examples. 8. Porter’s Generic Strategies o Cost Leadership, Differentiation, and Focus. o Applications and risks of each strategy. 9. Market Segmentation, Targeting, and Positioning (STP) o Types of segmentation: Demographic, Geographic, Psychographic, Behavioral. o Examples for fitness apps, luxury products, and positioning strategies. 10. Digital Marketing o Channels: SEO, social media, email marketing, PPC. o Content marketing and audience targeting. 11. Customer Behavior o Decision-making process. o Psychological, personal, and cultural influences. Additional New Concepts to Add? After reviewing, here are a few extra points that could still be added for ultimate preparation: 1. Marketing Metrics and Analytics Q: What are KPIs in marketing? A: Key Performance Indicators measure performance (e.g., customer acquisition cost, conversion rate). Q: Name three digital marketing metrics. A: Click-through rate (CTR), bounce rate, cost per click (CPC). 2. Value Proposition Q: What is a value proposition? A: A statement that explains how a product solves customer problems and delivers unique benefits. Q: Create a value proposition for an eco-friendly brand. A: “Our sustainable products protect the planet while providing high-quality solutions for your everyday needs.” 3. Omni-Channel Marketing Q: What is omni-channel marketing? A: A seamless customer experience across all marketing and sales channels (e.g., online, in-store, mobile). Q: Why is omni-channel marketing important? A: It ensures consistent branding and maximizes customer convenience.