Chapter 1: Marketing, Ceating Customer Value & Engagement

Question 1

Define Marketing

Answer 1

Marketing can be defined as creating customer value and managing profitable relationships

Question 2

What is the create capture marketing process?

Answer 2

• Understand the market place and customer needs and wants
• Design a customer value-driven marketing strategy
• Construct an integrated marketing program that delivers superior value
• Build profitable relationships and creat customer delight
• Capture value from customers to create profits and customer equity

Question 3

What are the 4ps in Marketing?

Answer 3

Price
Product
Place
Promotion

Question 4

Describe Partner Relationship Management

Answer 4

Working closely with partners inside and outside the company to bring greater value to consumers

Question 5

Whats the difference between a customer and consumer?

Answer 5

A customer is a person who buys goods or services from a business, while a consumer is a type of customer who buys goods or services for personal use.

Think of consumers as the more specific type of customer for B2C companies, while a customer can purchase from a B2C or B2B company

Question 6

What are the subsets of capturing value from customer?

Answer 6

Sales
Market Share
Profits

Question 7

What is Customer Lifetime Value

Answer 7

The total value of the entire stream of purchases a customer makes over a lifetime

Question 8

What is the Market Share

Answer 8

Market share is the percent of total sales in anindustrygenerated by a particular company.
Market share is calculated by taking the company’s sales over the period and dividing it by the total sales of the industry over the same period. This metric is used to give a general idea of the size of a company in relation to its market and its competitors.
Themarket leaderin an industry is the company with the largest market share

Question 9

What are the four customer relationship groups

Answer 9

High Profitability -: Butterflies - True Friends
Low Profitability -: Strangers - Banrnicles

                                    Short-Term - Long Term

Question 10

Define Digital and Social Media Marketing?

Answer 10

Using digital marketing tools such as Web sites , social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at anytime via their digital devices

Question 11

What are the different marketing management orientations?

Answer 11

Production Concept
Product Concept
Sales Concept
Marketing Concept
Societal Marketing Concept