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Question 1

Front

Answer 1

Back

Question 2

Definition of Marketing

Answer 2

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Question 3

Marketing vs Sales

Answer 3

Marketing focuses on value and customer needs with a long-term relationship, while Sales focuses on selling existing products now, often through discounts and services.

Question 4

The Four P’s of the Marketing Mix

Answer 4

• Product: Quality, Design, Features
• Price: List price, Discounts
• Promotion: Sales promotion, Advertising
• Place: Channels, Inventory

Question 5

Customer Co-Creation of Value

Answer 5

Customers co-create value by using products with their own resources, knowledge, and skills. Value is created during usage, not just production.

Question 6

Customer Lifetime Value (CLV)

Answer 6

The predicted value a customer generates over time. CLV considers revenue minus costs, survival rate, and discount rate.

Question 7

Value Proposition vs Value Co-Creation

Answer 7

Value Proposition: Firms offer potential value through products.
Value Co-Creation: Value is realised by customers when using the product, based on their abilities and resources.

Question 8

Importance of Customer Retention

Answer 8

Retaining customers is more profitable than acquiring new ones. Long-term relationships lead to higher profits, word-of-mouth, and cross-buying opportunities.

Question 9

Peter Drucker on Marketing

Answer 9

Marketing and innovation are the two basic functions of a business. All the rest are costs.

Question 10

Three Learnings from Marketing Case Studies

Answer 10

• Marketing changes consumer behaviour.
• Offering must address needs and provide better perceived value.
• Success requires creativity, not just the obvious path.