Creating Customer Value
According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.
Understand the marketplace and customer needs and wants
In the portfolio matrix, a business unit that has high growth potential and a small market share is called a(n):
Star
The marketing environment includes which 2 components?
1.The Microenvironment
2.The Macroenvironment
Consumer Informaton
•Trends
•Needs
•Habits
•Attitudes & Opinions
•Brand Perceptions
Provide an example of a U.S. subculture.
Hispanic
African American
Asian American
Southern (region)
Marketing Strategy Addresses Which 2 Fundamental Questions?
1. What customers will we serve?
Market segmentation
2. How can we best serve these customers?
The process of dividing a market into distinct groups of buyers with different needs is called ______.
Market segmentation
A Cultural factor would be considered a _______environment factor.
Macroenvironment
Provide an example of Secondary Data.
Competitive data
Government data
Industry Reports
Trade publications
Name at least 2 of the measures used to determine Social Class.
occupation, income, education, and wealth,
The Value Proposition Includes What 2 Components?
1. Differentiation
2. Positioning
The growth strategy that introduces new products in existing markets is know as _______.
Product Development
In a SWOT Analysis, 'consumers are eating more organic food' would be considered a(n) ________.
Opportunity
What Are The 4 Steps in the Marketing Research Process?
- Define problem and research objective.
- Develop the research plan
- Implement research plan / collect data
- Interpret and report findings
When evaluating Consumer Behavior with respect to 'Lifestyle', the 'A I O' acronym refers to _______
Activities’, ‘Interests’ and ‘Opinions’ (AIO)
What Are The 5 Steps In The Marketing Process?
- You must answer at least 4 steps correctly!!!!
1. Understand the marketplace and customer needs.
2. Design a customer value driven marketing strategy.
3. Construct an integrated marketing program.
4. Engage customers and build profitable relationships
5. Capture value from customers.
The Kraft Foods Company consists of a portfolio of divisions, including the Snack, Beverage, Dessert, and Dinner Meals divisions. These divisions are know as ______.
Strategic Business Units
In a SWOT Analysis, a company's cost-efficient manufacturing capabilities would be considered a(n) _________.
A Strength
Which type of 'Research Objective' would the following be considered:
A company is testing which of 2 potential new package designs appeals most to consumers.
Descriptive Researcn
Name at least 3 of the Psychological Factors affecting consumer behavior.
•Motivation
•Perception
•Learning
•Beliefs and attitudes