L1: Introduction to Marketing

Question 1

What is marketing?

Answer 1

Marketing is about creating, communicating and delivering value to the customers and to manage thrse customer relationships.

Question 2

What are the different types of value?

Answer 2

Value of a business
value of a customer
Personal values
Value for a customer

Question 3

What is meant with the value of a business?

Answer 3

The economic worth to owners (stock price, asset value)

Question 4

What is meant by the value of a customer?

Answer 4

economic worth of a customer to a company ($ return of first purchase, customer life time value)

Question 5

What are personal values?

Answer 5

central beliefs about what is good or bad, right or wrong

Question 6

What is meant by the values for a customer?

Answer 6

what the buyer perceives she gains from purchasing and using a product or service

Question 7

How can value be calculated?

Answer 7

Value = profit = revenue - cost

Value = Benefits - sacrifises

Question 8

What is the de#ifference between good and bad profit?

Answer 8

Good profit is Earned from creating value that leads to; - customer loyalty,

• repeat purchase,
• cross-/up-selling,
• positive Word Of Mouth

Bad profit is earned at the customers’ expense

• Overpricing products
• Can be necesary depending on the period of time (mondkapjes begin corona periode)

Question 9

What is the difference between benefits and sacrifices?

Answer 9

Benefits = economic, function, psychological

Sacrifices = costs expected to incur when evaluating, obtaining, using and disposing of market offerings (money, time, psychological costs, energy/effort)

Question 10

Why is marketing complex?

Answer 10

There are many different customers, all with different needs and wants

Question 11

How can a company create an effective marketing campaign?

Answer 11

A company needs to identify and target customers whose needs are most consistent with your resources and capabilities

• Internal & external situational analysis
• Market segmentation, targeting and positioning

Question 12

What are the 6 p’s of the marketing mix?

Answer 12

Product
Price
Place
Promotion

People
Process

Question 13

Marketing mix

- Product decisions

Answer 13

Which products should be exchanged?

Question 14

Marketing mix

Place

Answer 14

Where and when should the exchange take place
o Selecting, developing, and managing distribution channels
o Challenges; channel conflict and channel hopping
- Go to a store to fit the shoe, but order it online

Question 15

Marketing mix

Pricing decisions

Answer 15

Setting prices
o Managing price perceptions
- Value proposition that justify the certain price
o Adapting prices

Question 16

Marketing mix

Promotion

Answer 16

Selecting value proposition, and communication means & content for the right customers at the right time
o Marketing channels: where you promote your business (websites, social media, events, displays etc.)

Question 17

Marketing Mix

People decisions

Answer 17

The reputation of a brand rests in the hands of the employees

Question 18

Marketing Mix:

Process decisions

Answer 18

Customers are not interested in the details about how your company is run, but how they are interested in that the system works

Question 19

What is a marketing oriented organization?

Answer 19

An organization which devotes resources to take external factors into account (needs and buying behaviour of customers, market trends, competitor’s activitites)

Question 20

What is customer satisfaction?

Answer 20

A statr that results when an exchange meets the needs and expectations of the buyer

Question 21

What is an exchange and what is needed for an exchange to take place?

Answer 21

An exchange is the transfer of goods, services and ideas in return for something of value.

Needed;

1. 2 or more parties
2. each party must posesses value
3. each party m,ust be willing to give up value
4. Communication

Question 22

What are the different groups, customers can be put into?

Answer 22

1. butterflies -> profitable but not loyal (good fit)
2. True friends -> Profitable and loyal (strong fit)
3. Barnacles -> Highly loyal but not profitable (limited fit)
4. Strangers -> Low profitable and low loyalty _> little fit