Managing Business Processes Flashcards
What is the primary purpose of the segmentation process?
To identify specific needs of distinct customer groups
What distinguishes targeted marketing from mass marketing?
Targeted marketing tailors strategies to specific audiences.
What is an example of “place” in the marketing mix?
A brand’s decision to sell exclusively online.
Which of the following is an example of differentiation?
A company promotes its product as the most eco-friendly option in its category.
In the STP framework, what is the primary purpose of targeting?
To select the most attractive segment(s) to focus marketing efforts.
What is a key challenge when using a differentiated marketing strategy?
Increased costs due to tailoring products and campaigns
In the STP process, what does “positioning” refer to?
Establishing a product’s distinct place in the customer’s mind
In the Business Model Canvas, which building block should businesses prioritize when seeking to scale their operations?
Key Resources
Why are Key Partnerships important in the Business Model Canvas?
They reduce operational risks and enhance resource sharing.
What type of Revenue Stream in the Business Model Canvas is generated by Spotify’s premium subscription service?
Recurring revenue
When designing a Business Model Canvas, which component should typically be developed first?
Value Propositions
Which of the following is the primary benefit of establishing Key Partnerships in the Business Model Canvas?
Mitigating risks and sharing resources
