Lecture 3 : The Marketing Process

Question 1

The Marketing Process

Answer 1

UNDERSTAND THE MARKETPLACE AND CONSUMER NEEDS AND WANTS

DESIGN A CUSTOMER-DRIVEN MARKETING STRATEGY

CONSTRUCT AN INTEGRATED MARKETING PROGRAM THAT DELIVERS SUPERIOR VALUE

BUILD PROFITABLECUSTOMER RELATIONSHIPS AND CREATE CUSTOMER DELIGHT

CAPTURE VALUE FROM CUSTOMERS TO CREATE PROFITS AND CUSTOMER QUALITY

Question 2

UNDERSTAND THE MARKETPLACE AND CONSUMER NEEDS AND WANTS

Answer 2

Research customers and the marketplace
Manage marketing information and consumer data

Question 3

DESIGN A CUSTOMER-DRIVEN MARKETING STRATEGY

Answer 3

Market segmentation and targeting
Differentiation and positioning

Question 4

CONSTRUCT AN INTEGRATED MARKETING PROGRAM THAT DELIVERS SUPERIOR VALUE

Answer 4

Product and service design
Pricing products
Placing products
Promoting products

Question 5

BUILD PROFITABLE CUSTOMER RELATIONSHIPS AND CREATE CUSTOMER DELIGHT

Answer 5

Customer relationship management
Partner relationship management

Question 6

CAPTURE VALUE FROM CUSTOMERS TO CREATE PROFITS AND CUSTOMER QUALITY

Answer 6

Create satisfied loyal customers
Capture customer lifetime value
Increase share of market and share of customer

Question 7

immediate marketing microenvironment

Answer 7

intermediaries, publics,
competitors and suppliers

Question 8

larger marketing macroenvironment

spendt

Answer 8

demographic, economic, natural, technological, political/legal and social/cultural forces

Question 9

Target markets are identified

Answer 9

market segmentation, market
targeting and market positioning

Question 10

four Ps

Answer 10

product, price, place and promotion

Question 11

four marketing management functions

APIC

Answer 11

Marketing Analysis

Marketing Planning

Marketing Implementation

Marketing Control

Question 12

Marketing Analysis

Answer 12

complete analysis of the company’s situation and its environments.

Question 13

Marketing Planning

Answer 13

deciding on marketing strategies that will help the company attain its overall strategic objectives.

A detailed marketing plan is developed.

Question 14

Marketing Implementation

Answer 14

activities that converts marketing plans into marketing actions. Implementation refers to day-to-day, month-to-month activities that effectively put the marketing plan to work.

Question 15

Marketing Control

Answer 15

measuring and evaluating marketing results, and taking the necessary corrective actions to adhere to the marketing plan.