chapter 1 marketing

Question 1

what do the 4ps stand for

Answer 1

product
price
place
promotion

Question 2

what does STP stand for

Answer 2

segmentation
targeting
positioning

Question 3

collaborators and competitors - 5’cs

Answer 3

companies and people we work with vs those we compete with

Question 4

context in the 4cs

Answer 4

backdrop of macro - environemntal factors

ex. how is the economy / suppliers doing. what legal constraints

Question 5

value propoistion

Answer 5

third second “elevator speech” stating the specific benefits a product or service offering provides a buyer. shows why the product is superior to competing stuff
- firms may deliver different VP for different groups of customers

Question 6

3 things to od when developing VP

Answer 6

DEFINE the problem that you solve
SOLVE who does it solve the problem for, who do you provide solution for
DIFFERENTIATE what sets you apart?
10 words or less

Question 7

4 components of marketing

Answer 7

creating,
communicating,
delivering,
exchanging

Question 8

what are the 3 frameworks for marketing

Answer 8

5Cs, STP, 4Ps

Question 9

segments

Answer 9

customers who share similar needs and wants.

find out various needs / resources

Question 10

what are the 5 Cs

Answer 10

customer
company
contact
collaborators
competitors

Question 11

value equaion

Answer 11

benefits receieved - (price + hassle)

Question 12

5 c’s - customer and company

Answer 12

central players in the exchange

Question 13

value

Answer 13

what the customer gets by purchasing and consuming a company’s offering. determined by customer

Question 14

positioning

Answer 14

develop relationship w ith target segment by positioning product to them in the marktplace
communicate product’s benefits clearly

Question 15

3 components of VP

Answer 15

• the target buyer
• the problem you solve
• the reason you are the best candidate for the job