Marketing Function

Question 1

A marketing philosophy that focuses the organization on identifying and understanding the customers’ preferences in terms of needs and wants and delivering them more effectively and efficiently than their competitors.

Answer 1

Marketing Orientation

Question 2

Cornerstone of marketing

Answer 2

Customers

Question 3

This approach focused on improving the efficiency of production and distribution in order to reduce costs and deliver more affordable products

Answer 3

Production Philosophy

Question 4

This approach required organizations to aggressively focus on selling and promotion efforts as a way to stimulate demand and drive sales.

Answer 4

Selling Concept

Question 5

Staying close to the customer (sentences)

Answer 5

1.) Continuously collect information about customers’ needs and competitors’ capabilities

2.) Share the information across departments, including production and sales

3.) Use the information to create a competitive advantage by increasing value for customers

Question 6

Prime guideline for marketing success (sentence)

Answer 6

establish customer satisfaction as a company’s number-one priority.

Question 7

How can an organization create the right products, services, messages, and experiences for a potential customer

Answer 7

segmentation and targeting

Question 8

The starting point for understanding your potential customer; Whom you want to reach

Answer 8

segmentation

Question 9

Helps organizations use their resources wisely and customize what they do much more specifically for those who will see the greatest value from their offering.

Answer 9

targeting

Question 10

Whom are you trying to reach? (sentences)

Answer 10

1.) Identify the Business Need You Address

2.) Segment Your Total Market

3.) Profile Your Target Customer Segment(s)

4.) Research and Validate Your Market Opportunity

Question 11

Is the measure of the benefit gained from a product or service relative to the full cost of the item.

Answer 11

Value

Question 12

Value formula

Answer 12

Value = benefit - cost

Question 13

It includes perceptions of benefits that are different for every person

Answer 13

Value

Question 14

Is providing the same offering but is accentuating different features and benefits.

Answer 14

Competitor

Question 15

are viewed by the user as alternatives

Answer 15

substitute offerings

Question 16

includes different features, and the price and location vary, the sum of which creates different perceptions of value for customers.

Answer 16

competitive offerings

Question 17

as total offer, vis-à-vis relevant competition, that is more attractive to customers

Answer 17

competitive advantage

Question 18

A business or marketing statement that summarizes why a consumer should buy a product or use a service.

Answer 18

value proposition

Question 19

A value proposition should be:

Answer 19

clear, compelling, differentiating

Question 20

How to spot bad value preposition

Answer 20

1.) Doesn’t articulate unique value

2.) Too much words

3.) Does not provide clarity about the offering

4.) Mimics the value proposition of a competitive offering

Question 21

the solution that the customer wants and needs.

Answer 21

Product

Question 22

refers to the communications that occur between the company and the customer; includes both the messages sent by the company and messages that customers send to the public about their experience.

Answer 22

Promotion

Question 23

refers to the distribution of the product.

Answer 23

Place

Question 24

refers to the cost to the customer.

Answer 24

Price

Question 25

Four C’s of marketing mix

Answer 25

1.) Customer solution
2.) Communication
3.) Convenience
4.) Cost

Question 26

identifies the marketing objectives and explains how marketing activities will help the organization achieve its broader goals and objectives.

Answer 26

marketing plan