marketing 1

Question 1

What is the first step in designing a customer-driven marketing strategy?

Answer 1

moving away from mass marketing towards target marketing.

Question 2

What must companies do to build the right relationships with customers?

Answer 2

Companies must design customer-driven marketing strategies that build the right relationships with the right customers.

Question 3

What is the first component of the STP process?

Answer 3

Segmentation: Divide the total market into smaller segments.

Question 4

What is the second component of the STP process?

Answer 4

Targeting: Select the segment or segments to enter.

Question 5

What is the third component of the STP process?

Answer 5

Positioning: Position the market offering in the minds of target customers.

Question 6

What does differentiation involve?

Answer 6

Differentiation: Differentiate the market offering to create superior customer value.

Question 7

What is a value proposition?

Answer 7

unique benefits and value of a product or service

Question 8

What is the focus of a target approach in marketing?

Answer 8

Need to focus on a target approach to identify which customer groups to serve.

Question 9

What does STP stand for?

Answer 9

STP stands for Segmentation, Targeting, and Positioning.