Creating Customer Value and Engagement
This is the set of strategies and activities by which companies acquire and engage customers.
What is Marketing
What is this an example of: "At Kohler, we seek to to help people live gracious, healthy, and sustainable lives. We've led the way in our industry by staying true to our to values of: design, well-being, innovation, inclusion, and sustainability."
What is a company mission?
Large societal forces that affect the microenvironment are?
What are Macroeconomic Impacts?
What is an Insight.
Name 3 of the 4 influences on consumer buyer behavior?
what are any of: Culture, Social, Personal, Psychological?
What is Creating Superior Value for the Customer.
What is Value?
Marketing expenditures that result in improved customer value and retention are said to have a positive ___________.
What is Return On Investment
Name three types of Publics?
What are any of: Financial, Media, Government, Local, Citizen Action, General, Internal?
What is Secondary Data?
Sarah needed a pair of special ballet shoes for class. She asked her ballet teacher and looked up the type of shoes the top ballerina wears. In this way, she is leveraging what kind of Social Influence for her purchase?
What are Opinion Leaders?
20-Something guys with white collar jobs who play golf and like to go out to nice restaurants on the weekend shop 15 times a year and typically buy business casual and sport wear, spending about $200 per trip. This is considered a ______________ that a company could choose to target:
What is Segment?
Understanding the marketplace and customer needs and wants is what step in the marketing process?
What is the first step?
What is Cash Cow?
Define PESTLE?
What is Political, Economic, Social, Technolgoical, Legal, and Environmental?
The Curiosity project in Professor McCusker's class is a form of research. What kind of research is it?
When Louis got a promotion, he traded in his current car and bought a new sportier version. What type of Maslow need did this purchase fulfill?
What is an Esteem need.
What is age and lifestyle?
Human needs when shaped by culture and individual personality are what?
What is "Wants"
What are the four steps in Corporate Strategic Planning?
What is:
1. Defining the company Mission
2. Setting the company Goals and Objectives
3. Defining the company portfolio
4. Planning marketing and other functional strategies.
Joe buys goods for his personal consumption. He is a ____?
What is Consumer?
Selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses is known as what kind of research?
What is Experimental?
After a potential buyer searches for all available information for a purchase, this is their next step:
What is 'evaluate alternatives'?
Categorizing a market based on its User Status is part of what type of Segmentation:
What is behavioral?
Which Marketing Orientation incorporates Company requirements + Consumers’ long-run interests and Society’s long-run interests
What is the Societal Marketing Concept
Dyson launched with a vacuum that had better suction than any on the market. Since then, they have launched Dyson Fans and Air Purifiers, Blow Dryers, Headphones and Lighting. In shaping their portfolio for growth, what is an example of?
What is Product Expansion?
During COVID, many young people left cities and headed toward lower cost, more lifestyle oriented towns near water and mountains. What kind of demographic shift is this?
what is geographic?
Name the two types of Sample a company could collect research from? One uses more data and can be used to forecast future behavior. The other speaks to fewer people and is more of a temperature check.
What are Probability/Statistical/Quantitative and Non Probability/Qualitative Samples?
When a marketer sets the right expectations with buyers regarding product benefits, the buyer is satisfied with their purchase. This can lead to a continued exchange relationship over time, a concept referred to as:
What is Customer Lifetime Value
This is one of many factors a company considers when choosing whether or not a segment is worth choosing as a target?
What is Size? $ Value? Accessible? (Right to play, win and Size of the prize).
The system/process and tools to carefully manage customer touch points to enhance all customer experiences with the company is referred to as;
Customer Relationship Management
Starbuck's seeks to create human connections over a cup of quality coffee. What is this called?
What is their Corporate Mission?
Social media companies are coming before congress to testify about the dangers of algorithms that become addictive and destructive - especially to kids. Name 2 types of Macro Factors impacting these companies?
What are political and cultural?
A small group of participants discussing a marketing stimulus with a moderator is called what?
What is a focus group?
Business buying behavior is different than Consumer in that there are more _______ involved in the process?
What are people, or cash or steps in the process?
They are the set of buyers with similar characteristics that a company decides to focus upon, serve and create marketing mix elements for?
RM Painting sent out cards to prospective customers offering exterior painting + gutter cleaning + power washing all for the price of competitor paint jobs. What growth strategy is RM employing with this product bundle?
What is "More For Less"
In developing the SWOT, a company's ability to manufacture its products inexpensively in the U.S. is considered a _____ in today's Tariff-laden environment.
What is a Strength?
What is Natural?
This is the ultimate goal of the Marketing Information Ecosystem:
What is to gather data, insights to make decisions.
These are the second wave of buyers to adopt a new innovation after the first brave people try something new:
What are early adopters?
Define Value Proposition.
What is the total offering seeking to deliver value to the customer:
•The Benefits of the offering (relative to the needs, wants and demands ideally).
•The Differentiators (of your product offering vs. other options or competitors in the marketplace). What makes your offering different, ideally better.
•At a particular Price.
Customer’s evaluation of the differences between benefits delivered by and the cost of obtaining a market offering is called _____________ ______.
What is Perceived Value
The collection of all functions in an organization working together toward shared company goals is called the _________ __________ ________.
What is the Internal Value Chain?
What demographic cohort has all the financial/spending power in the US?
Who are the Boomers?
AI and technology is being used to monitor behaviors of consumers. This is increasingly worrisome for people because it creates concerns over ________.
What is privacy?
A buyers motivations, perceptions, learning, beliefs & attitudes are what kind of factors that a marketer must consider?
What is psychological?
The Oura ring is the most tech advance 'ring' wearable that tracks sleep and health + is beautifully designed + has the simplest user interface + is recommended by experts. No other wearable has this combination. What is this combination of valuable differentiators called?
What is a Unique Selling Proposition?
Amazon is a customer-first driven company - they believe they will meet their goals by knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors. What is this Marketing Orientation?
What is the Marketing Concept?
Joe owns a vending machine company. He buys all kinds of different travel products to places his machines and sell for an upcharge in Airports. Joe is what kind of customer?
What is a reseller?
Increases in the number of stay at home parents is what kind of shift in the population?
What is a demographic shift?
At the end of a Semester, Providence sends you a link with questions about your experience in class and how your professor did. What data collection approach is this?
What is a survey
Anyone today who still has a flip phone is considered what:
What is a Lagging Adopter?
This is the summary of your brand positioning. Who are you targeting, what need are you solving, with what product, providing what benefit, better than what competitors?
What is your brand positioning statement?