Products and pricing (Ch 11)

Question 1

marketing

Answer 1

Identifying the needs of customers and providing goods and services that meet expectations.

Question 2

value

Answer 2

The ratio of benefits for the customers to the sacrifices necessary to obtain those benefits.

Question 3

Customer relationship management

Answer 3

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships

Question 4

Customer Lifetime value

Answer 4

the amount of money customers spend on a company over time

Question 5

Focus areas of a marketing strategy

Answer 5

• Environmental scanning – PESTLE? (Chapter 1)
• Competitive advantage
• Segmenting the market
• Defining the target market
• Objectives
• Development of the marketing mix (traditionally the 4 Ps) the ability of a good or service to satisfy a human need.

Question 6

competitive advantage

Answer 6

A set of unique features of a business and its products that are perceived by the target market as significant and superior to those of the competitors.

Different bases: Cost, Product differentiation, Service differentiation, Niche.

Question 7

segmentation

Answer 7

identifying distinct consumer groups.

Question 8

targeting

Answer 8

Picks the best segments to pursue based on strategy

Question 9

The 4 Ps

Answer 9

Product
Pricing
Place
Promotion