Powerpoint 1

Question 1

Marketing definition

Answer 1

Book Definition: Marketing is the art and science of creating value by designing and managing successful exchanges.

Question 2

Dual Value Creation

Answer 2

The process by which companies create value for customers and build strong customer relationships in order to capture valuefrom customers in return

Question 3

value

Answer 3

monetary, psychological, functional

Question 4

value for firms

Answer 4

revenue, profits, customer lifetime value, user base, brand equity

Question 5

Customer Centricity

Answer 5

is aligning your entire company’s development and delivery of products and services with the current and future needs of a select group of customers in order to maximize their long-term financial value to the firm. (Fader)

Question 6

Outside-in strategy

Answer 6

Companies that have adopted an ‘outside in’ strategy are those with a focus on creating and keeping customers by delivering superior customer value. They do that by standing in the customer’s shoes and viewing everything the company does through the customer’s eyes.

Question 7

Product-Centric Approach

Answer 7

Product Centric firms compete on price and quality•Aims to build scale and lower prices

Question 8

Why is product centric approach hard for companies?

Answer 8

(1) Te c h n o l o g y: Product lifecycles have become much shorter and firms can copy innovation very quickly
(2) Global Competition
(3) Customer Power: highly informed and empowered customers

Question 9

Functional Integration

Answer 9

eg. Amazon prime works with kindle and amazon fresh etc.
see image 1
eg. wechat all the applications etc,

Question 10

Customers do not buy products, they buy benefits/value•

Answer 10

“Customers do not want to buy a quarter-inch drill, they want a quarter inch hole”

Question 11

5 Cs

Answer 11

Customer
Company
Competitors
Collaborators
Context
Strategic Analysis

Question 12

What to think of about with the customer:

Answer 12

value:
target compatibility:
(1) customer needs

target attractiveness:

Positioning:
(4) Key decision and value drivers

Tactics:
Segmentation:
Profile: •Demographic, geographic, psychographic, etc.

Customer Lifetime Value (CLV)
Targeting

Question 13

Analyze the company

Answer 13

SWOT
Strengths
Weaknesses (internal)
Opportunities
Threats  (external)

Question 14

competitors

Answer 14

Competitive Analysis
Market Space
Positioning: How a firm’s offerings are perceived relative to the competitive offerings

Question 15

analyze the context

Answer 15

(1) market potential
(2) market attractiveness

(3) PEST macroeconomic trends
political and legal
economic
social
technological

Question 16

the optimal value proposition

Answer 16

see image 2

Question 17

the broad view steps of marketing

Answer 17

analysis > strategy > tactical implementation

Question 18

Tactical implementation

Answer 18

see image 3
Product, Service, Brand, Price, Distribution, Communication, Incentives

Marketing Mix
4 Ps : Price, Product, Promotion, Place

Question 19

marketing is not

Answer 19

advertising or selling or promotion

they are all components of it

Question 20

marketing is a value- creation process (4 things it is )

Answer 20

(1) business discipline
(2) philosophy
(3) functional area
(4) specific activities

Question 21

the important thing about using frameworks

How to use framework

Answer 21

it sidesteps trial error stuff

(1) generalize problem
(2) apply framework
(3) generalize solution
(4) make specific the solution

Question 22

Marketing Myopia:

Answer 22

company’s exclusive focus on product development while losing sight of underlying customer needs.
eg. railroad companies forgot they were in transportation and let cars beat them

Question 23

narrow business model

Answer 23

business model: describes fairly generic value-creation strategies related to a particular marketing activity, such as pricing, promotion, and distribution. Limits ability to serve as the basis for a more comprehensive analysis and planning.

Question 24

broader

Answer 24

book wants to encompass all relevant aspects of value-creation process.

Question 25

market planning

Answer 25

G-STIC

Question 26

GSTIC

Answer 26

goal
strategy
tactocs
implementation
control