marketing exam 1
Define marketing and outline the steps in the marketing process- ✅✅ Marketing
is engaging customers and managing profitable customer relationships.
understand marketplace and needs/wants
design customer-value driven strategy
make marketing program that brings value
engage customers, build profitable relationships, create customer delight
capture value from customers to create profit
importance of understanding marketing- ✅✅ helps businesses make better
decisions, reduce risks, identify their target market, understand customer wants
and needs, and sustain a competitive advantage.
Identify the key elements of a customer value-driven marketing- ✅✅the four Ps:
Product
Price
Promotion
Place
What is CRM- ✅✅ Customer relationship managing –the overall process of
building and maintaining profitable customer relationships by delivering superior
customer value and satisfaction
✅✅
customer life time value- the amount of money and time one person gives to
a company as a customer
Equation is Customer Lifetime Value = Average Order Value x Purchase
Frequency x Average Customer Lifetime
Selling concept-✅✅ selling and showing you product that they've made (start
with product then go to people)
Marketing concept- ✅✅product and service matches what you want (starts with
person then product)
, ✅✅
Describe the major trends and forces that are changing the
environment- Digital age, Changing economic environment, Growth of
not-for-profit marketing, Rapid globalization, Sustainable marketing
Explain company-wide strategic planning and its four steps.- ✅✅ strategic
planning is the process of developing and maintaining a strategic fit between the
organization’s goals and capabilities, and its changing marketing opportunities.
The mission statement is the organization’s purpose; what it wants to accomplish
in the larger environment.
Steps –defining the company mission -> setting company objective and goals ->
designing the business portfolio -> planning marketing and other functional
strategies
Designing the business portfolio-✅✅ The business portfolio is the collection of
businesses and products that make up the company
✅✅
- the best-known portfolio-planning method is the now-classic Boston
Consulting Group (BCG)approach. The growth-share matrix defines four types of
SBUs.
Stars are high-growth, high-share businesses or products requiring heavy
investment to finance rapid growth. They will eventually turn into cash cows.
Cash cowsare low-growth, high-share businesses or products that are
established and successful SBUs requiring less investment to maintain market
share.
Question marks are low-share business units in high-growth markets requiring a
lot of cash to hold their share.
Dogs are low-growth, low-share businesses and products that may generate
enough cash to maintain themselves but do not promise to be large sources of
cash.
cons: expensive, cant get real time numbers sometimes
Pros: get rid of items that aren't bringing in revenue and product sales and invest
harder in better selling items
✅✅
What is marketing’s role in strategic planning and how does marketing work with
it’s partners to create and deliver customer value- Marketing needs to
Define marketing and outline the steps in the marketing process- ✅✅ Marketing
is engaging customers and managing profitable customer relationships.
understand marketplace and needs/wants
design customer-value driven strategy
make marketing program that brings value
engage customers, build profitable relationships, create customer delight
capture value from customers to create profit
importance of understanding marketing- ✅✅ helps businesses make better
decisions, reduce risks, identify their target market, understand customer wants
and needs, and sustain a competitive advantage.
Identify the key elements of a customer value-driven marketing- ✅✅the four Ps:
Product
Price
Promotion
Place
What is CRM- ✅✅ Customer relationship managing –the overall process of
building and maintaining profitable customer relationships by delivering superior
customer value and satisfaction
✅✅
customer life time value- the amount of money and time one person gives to
a company as a customer
Equation is Customer Lifetime Value = Average Order Value x Purchase
Frequency x Average Customer Lifetime
Selling concept-✅✅ selling and showing you product that they've made (start
with product then go to people)
Marketing concept- ✅✅product and service matches what you want (starts with
person then product)
, ✅✅
Describe the major trends and forces that are changing the
environment- Digital age, Changing economic environment, Growth of
not-for-profit marketing, Rapid globalization, Sustainable marketing
Explain company-wide strategic planning and its four steps.- ✅✅ strategic
planning is the process of developing and maintaining a strategic fit between the
organization’s goals and capabilities, and its changing marketing opportunities.
The mission statement is the organization’s purpose; what it wants to accomplish
in the larger environment.
Steps –defining the company mission -> setting company objective and goals ->
designing the business portfolio -> planning marketing and other functional
strategies
Designing the business portfolio-✅✅ The business portfolio is the collection of
businesses and products that make up the company
✅✅
- the best-known portfolio-planning method is the now-classic Boston
Consulting Group (BCG)approach. The growth-share matrix defines four types of
SBUs.
Stars are high-growth, high-share businesses or products requiring heavy
investment to finance rapid growth. They will eventually turn into cash cows.
Cash cowsare low-growth, high-share businesses or products that are
established and successful SBUs requiring less investment to maintain market
share.
Question marks are low-share business units in high-growth markets requiring a
lot of cash to hold their share.
Dogs are low-growth, low-share businesses and products that may generate
enough cash to maintain themselves but do not promise to be large sources of
cash.
cons: expensive, cant get real time numbers sometimes
Pros: get rid of items that aren't bringing in revenue and product sales and invest
harder in better selling items
✅✅
What is marketing’s role in strategic planning and how does marketing work with
it’s partners to create and deliver customer value- Marketing needs to
