lecture 1

Question 1

What are the four Ps in the marketing matrix ?

Answer 1

Product
Price
Place
Promotion

Question 2

How does the chartered institute of marketing define marketing ?

Answer 2

The management process of anticipating, identifying and satisfying customer requirements profitably

Question 3

What is marketing myopia ?

Answer 3

Focusing only on existing wants and losing sight of underlying consumer needs. If the underlying needs change, then the market offering is no longer attractive.

Question 4

What are considered to be the 4 stages of marketing

Answer 4

1. Understand the marketplace and customer needs and wants
2. Design a customer value driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight.

Question 5

What is the issue with not having a specific target audience ?

Answer 5

Your product may no longer be seen as special. Loss of image for the brand

Question 6

What are the 4 groups of customers that can be identified on a basis of their projected loyalty and profitability ? Give a brief description of each.

Answer 6

True friends: long-term loyal customers with long term projected profitability
Strangers: these are customers that are not loyal to the business and offer very low projected profitability
Butterflies: high projected profitability, but they are not loyal to the business
Barnacles: they are a loyal group of customers, but they offer very low profitability for firms

Question 7

What does Perceived benefits - perceived sacrifice= ?

Answer 7

Customer value

Question 8

What are delighters with regards to customer satisfaction ?

Answer 8

characteristics which, when present, shape superior customer satisfaction, but when absent do not produce any dissatisfaction.

Question 9

What are basic characteristics with regards to customer satisfaction ?

Answer 9

their presence does not produce any satisfaction, but their absence produces dissatisfaction.

Question 10

Demands are…

Answer 10

wants backed by buying power

Question 11

Wants are….

Answer 11

human needs that are shaped by culture and individual personality.

Question 12

What does perceived performance < customer expectations result in ?

Answer 12

Customer dissatisfaction

Question 13

What product characteristic has a linear relationship between satisfaction and the presence of the characteristic ?

Answer 13

Performance based characteristic