Marketing Concept
What is the primary goal of the marketing concept?
To identify and satisfy consumer needs and wants while making a profit. Open ended questions
What is the first step in creating a marketing strategy?
Understanding the external environment. What stage of perception involves selecting certain stimuli while filtering others out?
What are the four Ps of the marketing mix?
Answer: Product, Price, Place, Promotion.
What is the first step in the consumer buying decision process?
Answer: Need recognition.
What is the main goal of relationship marketing?
Answer: To create long-term customer loyalty.
What is relationship marketing?
A strategy focused on building long-term relationships with customers for repeat sales.
Define target market.
Answer: A specific group of consumers toward whom a company directs its marketing efforts.
How does "Place" in the marketing mix relate to distribution?
Answer: It involves determining how products will be delivered to consumers.
Answer: It involves determining how products will be delivered to consumers.
What factors can influence consumer decision-making?
Answer: Cultural, social, individual, and psychological factors.
Name one method to build strong customer relationships.
Answer: Providing excellent customer service or engaging with customers through feedback.
Name one factor that influences consumer needs.
Cultural, social, individual, or psychological factors.
What is a competitive advantage?
Answer: Unique features of a company or product that are perceived as superior by the target market.
What does the "Promotion" aspect of the marketing mix include?
Answer: Advertising, sales promotions, public relations, and personal selling.
How does the business buying decision process differ from consumer buying?
Answer: Business decisions often involve more steps, larger volumes, and rational evaluations.
How does customer loyalty impact a business?
Answer: It leads to repeat purchases, reduced marketing costs, and referrals.
How does the marketing concept differ from traditional selling concepts?
How can managers conduct environmental scanning?
Answer: By analyzing market trends, competitors, and other external factors that influence business.
Explain how a product can influence pricing strategies.
Answer: Product features, quality, and perceived value can determine how much a company can charge.
What is post-purchase behavior?
Answer: The feelings and reactions consumers have after purchasing a product.e
What role does customer feedback play in relationship building?
Answer: It helps businesses improve products and services and shows customers that their opinions matter.
What are the benefits of adopting the marketing concept in a business?
Increased customer loyalty, repeat sales, and better market insights
What is the purpose of a SWOT analysis in marketing strategy?
Why is it important to adjust the marketing mix for different target markets?
Answer: Different markets have varying preferences and needs that must be addressed for effective marketing.
Explain the importance of marketing research in understanding buyer behavior.
Answer: It helps businesses gather insights about consumer preferences, trends, and satisfaction.
Describe one way businesses can utilize technology in relationship marketing.
Answer: By using CRM systems to track customer interactions and preferences.