Marketing and Customer Value
What is internal marketing?
This type of marketing is intended to inform and motivate employees.
This is the first step in the strategic planning process, creating a mental image of long-term goals.
What is defining the vision statement?
This model explains how stimuli lead to purchase decisions in the consumer’s mind.
What is the black box model?
In the B2B buying process, this stage involves requesting bids from potential suppliers.
What is proposal solicitation?
This process divides a market into smaller, more defined categories.
What is market segmentation?
This is the final step in the marketing process, where companies capture value from customers.
What is capturing value (sales)?
These types of goals are specific, measurable, achievable, relevant, and time-bound.
What are SMART goals?
This type of buying behavior involves little brand differentiation and routine purchases.
What is habitual buying behavior?
This is the largest single organizational market in the U.S., including state and federal agencies.
What is the governmental market?
These three variables are analyzed in lifestyle segmentation (AIO).
What are activities, interests, and opinions?
This ethical marketing principle prioritizes the privacy of the end consumer.
What is maintaining consumer privacy?
This tool evaluates business units based on market share and market growth.
What is the BCG matrix?
This level of Maslow’s hierarchy is targeted by insurance commercials like Allstate’s "Mayhem."
What is safety needs?
This type of B2B purchase is routine, with no modifications to the product.
What is a straight rebuy?
This target marketing strategy is used by Coca-Cola to reach a wide audience cost-effectively.
What is mass marketing?
These are the four components of the marketing mix, often called the "4 Ps."
What are product, price, place, and promotion?
This KPI measures a company’s ability to convert sales revenue into profit.
What is gross margin as a percentage of sales?
This is the first stage of the consumer decision process, where a need is recognized.
What is need recognition?
These individuals in the buying center focus on how purchases impact revenue.
Who are influencers (e.g., CFOs)?
This acronym (ADAMS) evaluates whether a market segment is reachable and substantial.
What is Accessible, Differentiable, Actionable, Measurable, and Substantial?
This is the essence of marketing, which involves understanding customers to drive business.
What is understanding customers in order to drive business?
Starbucks’ sustainable sourcing system is called this.
What is C.A.F.E. (Coffee and Farmer Equity Practices)?
These are groups of people who share secondary values, like environmentalists or bodybuilders.
What are subcultures?
This act prohibits bribes to foreign officials to obtain business.
What is the Foreign Corrupt Practices Act (FCPA)?
This ethical issue arises when toys are marketed exclusively to boys or girls.
What are gender stereotypes?