Team Canada Goose,
glhf ;) Red for James
Blue for Ryan
Purple for Josh
CHAPTER 1
1. Briefly compare and contrast the concepts of needs, wants, and demands, giving
an example of each. Discuss how these concepts relate to marketing practices.
Answer: Human needs are states of felt deprivation, wants are the form human
needs take as they are shaped by culture and individual personality, and demands
are human wants that are backed by the buying power. In general, in order to have
demands we must have wants and wants is formed from human needs.
Examples,
Needs: physical needs for clothing, food, safety; social needs for belonging and
affection. Wants: Human needs food, but wants a big mac.
Demands: Human wants a burger like big mac, so people tend to buy more big
mac and create a huge demand of big mac.
Outstanding marketing companies go to great lengths to learn about and understand
their customers’ needs, wants, and demands. Companies will then conduct research
to gather information and analyze data to know how to meet the demand with
supplies.
2. Explain how and why marketers go beyond selling a product or service to
create brand experiences.
Ans: Sellers are most effective when they focus more on the benefits and
experiences produced by their products and services than on the specific products
and services themselves. Smart marketers focus on creating a brand experience,
incorporating several products and services for their customers. By doing so,
marketers hope to increase customer satisfaction, creating a body of customers
who will repeatedly purchase their market offerings and recommend those offerings
to friends.
3. One of the major developments in marketing can be summed up in one word:
relationships. Define customer relationship management and its associated tools
and levels of relationships. Customer relationship management is characterized
by building profitable relationships by
,offering exceptional customer service and satisfaction. Company’s try to achieve
the highest customer-perceived value amongst competitors, as well as the highest
level of customer satisfaction achieved by meeting or even exceeding their
expectations. The lowest level of relationships are basic relationships such as
Netflix’s relationship to its customers. The highest level is full partnerships such as
Netflix’s relationship with Disney, who they just signed a major deal with. Tools can
be used to better develop relationships such as, frequency marketing programs
which offer rewards based on how frequently you use the company’s service. Or a
club marketing program, which allows buyers of a company’s products to be
entered into a club where they receive exclusive benefits.
Ans: Customer relationship management is the process that a company uses to
manage current and future customer experiences with their product/services.
And in return, the customer develops brand loyalty and added value. What's
necessary to build customer relationships, is trust, value, integrity, satisfaction,
and great customer service which aims to please each customer's expectations.
4. The aim of customer relationship management is to create not just customer
satisfaction, but customer delight. Explain.
Ans: Customer satisfaction cannot be taken for granted. Because brand loyalty is
dependent upon strong customer satisfaction, companies strive to retain, satisfy,
and even delight current customers. Firms create customer delight by promising
only what they can deliver and then delivering more than what they promised.
They also create emotional relationships with key customers. Delighted customers
make repeated purchases and become customers for life.
More importantly, they also essentially become an unpaid sales force for the firm as
"customer evangelists" who tell other potential customers about their positive
experiences with the product.
5. Define customer equity and explain why it is important to a company.
Ans: Customer equity is the sum of the lifetime values of all a company's current
and potential customers. Customer equity is dependent upon customer loyalty
from a firm's profitable customers. Because customer equity is a reflection of a
company's future, companies must manage it carefully, viewing customers as
assets that need to be maximized. To increase customer equity, companies should
work to delight their customers and establish full relationships with their most
profitable customers.
Ex. cadillac
6. Company ABC implements its marketing strategy through a well-defined
and complete marketing mix. What elements does Company ABC address in
its marketing mix?
Ans: As part of its complete marketing mix, Company ABC has created a marketing
offer that satisfies an identified customer need (product), determined a selling price,
decided how to distribute (place) the offer, and communicated with the target
customer about the offer (promotion).
, 7. Explain why a supermarket owner might consider customer lifetime value when
a disgruntled customer leaves the store dissatisfied.
Ans: Customer lifetime value is the entire stream of purchases a customer would
make over a lifetime. If a supermarket customer is dissatisfied and decides to shop
for his or her weekly groceries elsewhere, the owner does not lose only the profit
from one week's worth of groceries. Instead, the owner loses the possible profit of a
week's worth of groceries for each and every week–up to a lifetime of weeks–the
dissatisfied customer takes his or her business elsewhere.
Chapter 2
1. What does the term "value-delivery network" mean? Explain.
Ans: A value-delivery network is a company’s supply chain and how it partners with
specific suppliers and distributors in the process of producing goods and delivering
them to the market. It involves using competitives advantages external to the firm
such as suppliers, distributors, and customers. The manufacturer needs to look
beyond its own value chain and into the value chains of suppliers and distributors
to create value throughout the entire supply chain. In fact, today competition takes
place between entire value delivery networks instead of between individual
competitors.
Value-delivery system refers to a company’s network of suppliers, distributors,
retailers, or anyone else involved in adding value for the consumer. Currently,
many companies are partnering with members of their value-delivery system to
improve performance. For example, Walmart provides its suppliers with real time
data to notify them when a product is running low so they can fill stock to satisfy
customers more efficiently.
The term value-delivery network refers to marketers making an effort to creating value for
not only its customers, but the suppliers and distributors as well. More companies tend to
partner up with other members of the supply chain to improve performance of the
customer value delivery network. For example, a company that collects barrels of grease
may offer a discount to a local fast food restaurant to take away the grease. However,
another company in the same industry may offer to pay the local fast food restaurant to
take its barrels of grease.
2. Define strategic planning. Discuss the steps involved.
Ans:
glhf ;) Red for James
Blue for Ryan
Purple for Josh
CHAPTER 1
1. Briefly compare and contrast the concepts of needs, wants, and demands, giving
an example of each. Discuss how these concepts relate to marketing practices.
Answer: Human needs are states of felt deprivation, wants are the form human
needs take as they are shaped by culture and individual personality, and demands
are human wants that are backed by the buying power. In general, in order to have
demands we must have wants and wants is formed from human needs.
Examples,
Needs: physical needs for clothing, food, safety; social needs for belonging and
affection. Wants: Human needs food, but wants a big mac.
Demands: Human wants a burger like big mac, so people tend to buy more big
mac and create a huge demand of big mac.
Outstanding marketing companies go to great lengths to learn about and understand
their customers’ needs, wants, and demands. Companies will then conduct research
to gather information and analyze data to know how to meet the demand with
supplies.
2. Explain how and why marketers go beyond selling a product or service to
create brand experiences.
Ans: Sellers are most effective when they focus more on the benefits and
experiences produced by their products and services than on the specific products
and services themselves. Smart marketers focus on creating a brand experience,
incorporating several products and services for their customers. By doing so,
marketers hope to increase customer satisfaction, creating a body of customers
who will repeatedly purchase their market offerings and recommend those offerings
to friends.
3. One of the major developments in marketing can be summed up in one word:
relationships. Define customer relationship management and its associated tools
and levels of relationships. Customer relationship management is characterized
by building profitable relationships by
,offering exceptional customer service and satisfaction. Company’s try to achieve
the highest customer-perceived value amongst competitors, as well as the highest
level of customer satisfaction achieved by meeting or even exceeding their
expectations. The lowest level of relationships are basic relationships such as
Netflix’s relationship to its customers. The highest level is full partnerships such as
Netflix’s relationship with Disney, who they just signed a major deal with. Tools can
be used to better develop relationships such as, frequency marketing programs
which offer rewards based on how frequently you use the company’s service. Or a
club marketing program, which allows buyers of a company’s products to be
entered into a club where they receive exclusive benefits.
Ans: Customer relationship management is the process that a company uses to
manage current and future customer experiences with their product/services.
And in return, the customer develops brand loyalty and added value. What's
necessary to build customer relationships, is trust, value, integrity, satisfaction,
and great customer service which aims to please each customer's expectations.
4. The aim of customer relationship management is to create not just customer
satisfaction, but customer delight. Explain.
Ans: Customer satisfaction cannot be taken for granted. Because brand loyalty is
dependent upon strong customer satisfaction, companies strive to retain, satisfy,
and even delight current customers. Firms create customer delight by promising
only what they can deliver and then delivering more than what they promised.
They also create emotional relationships with key customers. Delighted customers
make repeated purchases and become customers for life.
More importantly, they also essentially become an unpaid sales force for the firm as
"customer evangelists" who tell other potential customers about their positive
experiences with the product.
5. Define customer equity and explain why it is important to a company.
Ans: Customer equity is the sum of the lifetime values of all a company's current
and potential customers. Customer equity is dependent upon customer loyalty
from a firm's profitable customers. Because customer equity is a reflection of a
company's future, companies must manage it carefully, viewing customers as
assets that need to be maximized. To increase customer equity, companies should
work to delight their customers and establish full relationships with their most
profitable customers.
Ex. cadillac
6. Company ABC implements its marketing strategy through a well-defined
and complete marketing mix. What elements does Company ABC address in
its marketing mix?
Ans: As part of its complete marketing mix, Company ABC has created a marketing
offer that satisfies an identified customer need (product), determined a selling price,
decided how to distribute (place) the offer, and communicated with the target
customer about the offer (promotion).
, 7. Explain why a supermarket owner might consider customer lifetime value when
a disgruntled customer leaves the store dissatisfied.
Ans: Customer lifetime value is the entire stream of purchases a customer would
make over a lifetime. If a supermarket customer is dissatisfied and decides to shop
for his or her weekly groceries elsewhere, the owner does not lose only the profit
from one week's worth of groceries. Instead, the owner loses the possible profit of a
week's worth of groceries for each and every week–up to a lifetime of weeks–the
dissatisfied customer takes his or her business elsewhere.
Chapter 2
1. What does the term "value-delivery network" mean? Explain.
Ans: A value-delivery network is a company’s supply chain and how it partners with
specific suppliers and distributors in the process of producing goods and delivering
them to the market. It involves using competitives advantages external to the firm
such as suppliers, distributors, and customers. The manufacturer needs to look
beyond its own value chain and into the value chains of suppliers and distributors
to create value throughout the entire supply chain. In fact, today competition takes
place between entire value delivery networks instead of between individual
competitors.
Value-delivery system refers to a company’s network of suppliers, distributors,
retailers, or anyone else involved in adding value for the consumer. Currently,
many companies are partnering with members of their value-delivery system to
improve performance. For example, Walmart provides its suppliers with real time
data to notify them when a product is running low so they can fill stock to satisfy
customers more efficiently.
The term value-delivery network refers to marketers making an effort to creating value for
not only its customers, but the suppliers and distributors as well. More companies tend to
partner up with other members of the supply chain to improve performance of the
customer value delivery network. For example, a company that collects barrels of grease
may offer a discount to a local fast food restaurant to take away the grease. However,
another company in the same industry may offer to pay the local fast food restaurant to
take its barrels of grease.
2. Define strategic planning. Discuss the steps involved.
Ans:
