Process of marketing

Question 1

What is the core concept of marketing?

Answer 1

Process of building profitable customer relationships by creating value for customer and capturing value in return

Question 2

What are the 5 steps of marketing processes?

Answer 2

1. Understanding the needs and wants
2. Design a strategy
3. Construct programme
4. Build relationship
5. Capture value

Question 3

What is the main objective of customer driven market strategy?

Answer 3

Main Obj: To win, keep and grow the customers

Question 4

What are the 4 strategies for market opportunities?

Answer 4

1. Market penetration (old p, old c)
2. Market development (old p, new c)
3. Product development (new p, old c)
4. Diversification (new p, new c)

Question 5

4 Types of customer relations?

Answer 5

1. Butterfly
2. True Friend
3. Barnacle
4. Stranger

Question 6

4 Marketing management process are?

Answer 6

1. Analyze and Identify Market Opportunity
2. Research and select target market (STP)
3. Developing marketing mix (4P’s)
4. Managing marketing effort (APIC)

Question 7

How do companies capture value from customers to create profit?

Answer 7

1. Create loyal customer
2. Lifetime value
3. Increase market share

Question 8

What is production concept?

Answer 8

Focus on production and distribution (Believes that consumer buys highly available and affordable products)

Question 9

What is product concept?

Answer 9

Focus on continued product innovation (Believes that consumers prefer highest quality/feature/performance in a product)

Question 10

What is selling concept?

Answer 10

Focus on selling and promotion (Believes that consumers won’t buy unless promoted enough)