Chapter 2

Question 1

Differentiation

Answer 1

Creating unique and superior customer value. How are we different how are we better?

Question 2

Positioning

Answer 2

Attempting to occupy a desirable place in the minds of target consumers. Make a consumer think a certain way about a brand and create an emotional bond.
The company’s entire marketing program should support to chosen positioning strategy.

Question 3

Marketing mix

Answer 3

The set of controllable marketing tools that the firm blends to produce the response it wants in the target market and to influence the demand for its product.

Question 4

Four P’s (seller point of view)

Answer 4

Product
Price
Place
Promotion

Question 5

Four C’s (buyer view)

Answer 5

Customer Solution
Customer Cost
Convenience
Communication

Question 6

Managing marketing

Answer 6

Planning, implementation, Control

Question 7

Marketing control steps

Answer 7

Set specific marketing goals
Measure performance in the marketplace
Evaluate the causes of any differences between excepted and actual performance
Corrective action between goals and performance. (May even need to change goals)

Question 8

Operating Control

Answer 8

Evaluates performance against the annual plan and takes corrective action
Makes sure that the company achieves the sales, profits and other goals set out in its annual plan. Involves determining the profitability of different products, territories markets and channels.

Question 9

Strategic Control

Answer 9

Evaluates whether strategies match opportunities
Marketing strategies and programs can quickly become outdated. Each company should periodically reassess its overall approach to the marketplace.