Lesson 1 (Schulz)

Question 1

What is Marketing?

Answer 1

Marketing is the business process of creating relationships with and satisfying customers.

Question 2

What are needs and wants?

Answer 2

Needs are basic human requirements to live. Needs that are shaped by society are wants
„You need food, but you want a steak”

Question 3

5 types of needs of the customer

Answer 3

1. Stated need (what customer say they want)
2. Real needs (what customer actually require)
3. Unstaded needs (requirements that customer don’t happen to mention)
4. Delight needs (The desire for luxuries, as compare to real needs)
5. Secret needs (needs that customer feel resistant to admit)

Question 4

Customer segmentation (4 types)

Answer 4

1. Demographic segmentation (age, gender)
2. Behavioural (Sense of achievement, self-expression)
3. Geographic (region, density)
4. Psychographic (lifestyle) - (middle-upper class, succeeder)

Question 5

S-T-P approach

Answer 5

Differentiation from competitors:

• Segmentation (Find out what kind of consumers with different needs exist)
• Targeting (How large is this segment?
  How profitable is that segment?)
• Positioning (How to best compete by positioning your product and choose the right
  features and value propositioning)

Question 6

A value proposition (definition)

Answer 6

A value proposition is a set of befits and promises of values to be delivered, communicated and acknowledged.

Question 7

Kano model (Draw a (x,y graph)) + explanation

Answer 7

1. Basic need, which most customers take as a given. Due to that if it is done poorly the customer satisfaction rapidly goes down, as it is to be expected. Done excellent the customer will be neutral. (no bad in the hotel)
2. Performance attributes are the attributes which most companies compete with and the customer vocalizes and are on top of their mind when decided whether the product does or does not satisfy them
3. Delight attributes. These are the secret need of the customer, which he did not think of and nobody or only a few in the competition have done. So, if it is not executed at all the customer won’t notice and stays neutral but if done the customer satisfaction rapidly goes up

Question 8

Product and process innovation.

Answer 8

Product innovation refers to a change in the product. Two types :

• Performance of a product
• New features in a product

Process innovation involves improvement in the process of producing a product. It includes changes across all the value chain activities

While the product innovations are often visible to the customers, process changes are not. Product innovations target product improvement while process innovation targets cost improvements.

Question 9

What is usability?

Answer 9

Usability is the ease of use and learnability of a human-made object such as a tool or device

Question 10

Why Market research?

Answer 10

Market research is an organized effort to Gathering information about target markets or customers

1. Selecting the right information
2. Alert of risks ( changing laws)
3. Innovation function
4. Structuring of data
5. Reducing certainty
6. Controlling
7. Business intelligence

Question 11

Need for market research

Answer 11

1. Entering new markets
2. Developing, improving products
3. Pressure for competition
4. Strategic planning ( new trends)

Question 12

Market research process

Answer 12

1. Define problem and research objectives
2. Develop the research plan
3. Collect the information
4. Analyze the information
5. Present findings
6. Making a decision