[8] Marketing Contexts

Question 1

3 Different Contexts of Marketing

Answer 1

1. Services Mareting
2. Relationship Marketing
3. International Marketin

Question 2

Services Marketing def

4x characteristics

Answer 2

Intangible benefits purchased by customers that do not involve tangible ownership.

Intangibility
Perishability
Heterogeneity
Inseparability
(relative to phyiscal goods)

Question 3

Intangibility of Services Characteristics [3]

Answer 3

Services cannot be touched

Their intrinsic value results from a process that exists only while is being created

Tangible part of services

Question 4

Tangibility Continuum

What it shows and axis

Answer 4

Intangible Elements, Physical Elements

Essentially all product offerings in the marketplace are a mix of services and goods

Question 5

Perishability Characteristics [1]

Answer 5

Services cannot be stored for future use

Question 6

Heterogeneity Characteristics [2 & 1 Eval]

Answer 6

Services are rarely the same, because of:

Customer-provider interaction

Customer involvement in production

Level of heterogeneity depends on service

Question 7

Inseparability Characteristics

Answer 7

Production cannot be separated from consumption

Question 8

The Extended Marketing Mix: the 7 Ps

What are the 2 divisions and what separates them?

Answer 8

Product

Price

Promotion

Place

People

Physical Evidence

Process
(Tradional Marketing mix [physical goods] and Extra P’s [importance of services])

Question 9

Relationship Marketing

• Definition
• Goal

Answer 9

Process of creating, maintaining and enhancing strong relationships with customers and other stakeholders.
Long-term satisfaction of customers is associated with creation and retention of customers at a profit

Retention of customers ↔ Maintaining relationships

Question 10

CRM -Meaning

• Def
• Basic principle
• What does implementation enable?

Answer 10

• Customer Relationship Management
• The methodologies and technologies used by firms to manage customer relationships.
• Company staff have a single-customer point of view of each client.
• CRM software packages enable the company to coordinate all the communication efforts so that the customer is presented with a unified message and image.

Question 11

International Marketing

-Def (author, yr)

Answer 11

The process of planning and conducting transactions across national borders to create exchanges that satisfy the objectives and needs of individuals and organisations.
(Czinkota and Ronkainen, 2004)

Question 12

Why do firms go international? [3]

Answer 12

Domestic-market saturation in the industrialized parts of the world.

Ever-increasing competition in the world: foreign competitors increase their market share on one another’s market.

Foreign markets as sources of low-cost products, technology, and financial and human capital.

Question 13

Marketing Standardization & Adaptation

Answer 13

• businesses use the same marketing mix strategy from one country to the next, and across various cultures
• when any element of the marketing strategy is modified to achieve a competitive advantage when entering a foreign market

Question 14

Ads of Adaptation [3]

Answer 14

Better targeting of
foreign customers’ needs
Higher customer value delivered in foreign markets
Greater international sales & profits

Question 15

Ads of Standardisation [4]

Answer 15

Reduced costs due to greater economies of scale/scope in:

Production
Marketing,
R&D,
Procurement

Higher perceived quality/prestige due to global brand acceptance

Pooling of best ideas/insights across countries