CHAPTER 2: PRINCIPLES OF MARKETING

Question 1

Marketing exists to?

Answer 1

help organizations understand, reach, and delivervalue

Question 2

Segmentation and Targeting

Answer 2

Segmentation is the process of dividing potential customers into groups to better understand them
Targeting is determining which segments are most likely to become customers and directing marketing efforts to best satisfy them

Question 3

Defining a Target Market

Answer 3

-Identify the business need you address
-Segment your totalmarket
-Profile your target customer segment(s)
-Research and validate your market opportunity

Question 3

4PCS

Answer 3

Product
Price
Promotion
Place

Question 4

4CS

Answer 4

Consumersolution
Cost
Communication
Convenience

Question 5

PRODUCT
What solution does the customer want and need?

Answer 5

• Features
• Design
• User experience
• Naming
• Branding
• Differentiation

Question 6

PROMOTION
What is the dialogue between the customer and the company?

Answer 6

• Message
• Method of delivering message
• Timing of delivery
• Communications by customers and influencers
• Competitor promotions

Question 7

Place
PLACE
How does the customer act or buy?

Answer 7

• Location of purchase
• Ease of transaction
• Access to distribution channels
• Salesforce
• Competitor approaches

Question 8

PRICE
What is the cost to the customer?

Answer 8

• Value to buyer
• Price Sensitivity
• Existing price points
• Discounts
• Competitor pricing

Question 9

Marketing Plan

Answer 9

product, promotion, place, and price