Marketing Quiz

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  Customer value


  The satisfaction derived from what a customer may experience or expect by choosing a particular action relative to the cost of that action
• Levels of customer value

  • Basic and expected levels
  • Desired customer value
  • Unanticipated customer value
• Basic and expected levels


  The basic requirements of conducting a business
• Desired customer value


  What the customers want from the purchase or service experience
• Consumer Buying Behavior


  The actions taken (both on and offline) by consumers before buying a product or service
• Unanticipated customer value


  An unexpected purchase or service experience that may go beyond what the customers desire
• Factors influencing consumer buying behavior

  • Cultural factors
  • Social factors
  • Personal factors
  • Psychological factors
• Types of customers

  • Strangers
  • Butterflies
  • True friends
  • Freeloaders
• Strangers


  Customers whose needs do not fit the company's offerings
• Butterflies


  Not loyal to specific brand because they keep on looking for the best deals which may lead to patronizing other brands
• True friends


  Have needs that match the company's offerings, make repeat purchases and patronize the brand as long as it satisfies their needs
• Freeloaders


  Loyal but not profitable because of the limited fit between their needs and the company's offering
• Types of Buyers

  • Analytical Buyer
  • Amiable Buyer
  • Driver Buyer
  • Expressive Buyer
• Relationship development strategies

  • Communicate with customers frequently and effectively
  • Offer customer rewards
  • Conduct special events and provide sponsorship
  • Enhance customer service
  • Utilize languages to reach a wider customer base
• Organizational Buyer Behavior


  The behavior of an organization shown in buying goods or services
• Recent research shows that loyal customers prove to be more profitable than ordinary customers. This is the reason why companies are challenged to maintain customer loyalty.
• Product Development


  Offering new or improved products to present markets
• Diversification


  Opening completely new lines of business, with new products in new markets
• Customer service tools used by Philippine businesses

  • Email and SMS
  • Social Networking sites
  • Live chat support
• Many organizations diversify their product mix to mitigate risks related to economic variables such as recessions
• S.W.O.T. Analysis Tool

  Identifies the firm's Strengths, Weaknesses, Opportunities, and Threats, with special attention paid to the various implications stemming from each
• Four basic types of market opportunities

  • Market Penetration
  • Market Development
  • Product Development
  • Diversification
• Strategic marketing


  Seeks to establish a clear and concerted direction for all marketing activities of an organization
• Tactical marketing


  Determines the means or tactics to implement the strategies
• Elements of the marketing environment

  • Micro-environment
  • Macro-environment
• Mission statement


  Defines what an organization is, why it exists, its reason for being, its primary customers, the products and services it produces, and its geographical area of operation
• Situation analysis


  Assesses and evaluates the market, customers, competitors, and the company's internal and external environment
• SMART objectives

  Specific, Measurable, Attainable, Realistic, and Time-bound
• Market Segmentation


  A two-step process of: naming broad product markets, and segmenting those markets in order to select target markets
• Marketing strategy types

  • Cost leadership
  • Differentiation
  • Focused
• Tactical marketing process


  Determines the means or tactics to implement the strategies
• Elements of the marketing micro-environment

  • The company
  • Suppliers
  • Market intermediaries
  • Customers
  • Competition
  • Public's
• Suppliers


  Provide raw materials, utilities, labor, capital, and equipment
• Market intermediaries


  Channels that link the organization to its customers
• Customers


  Create the demand for products and services
• Competition


  Affects the demand for a company's products and services
• Public's


  Any individual or entity with an actual or potential interest in company and its products or services
• Strengths and weaknesses can either be controllable or uncontrollable
• Shareholders expect

  A reasonable return on their investment
• The government


  May pass and implement laws that can either liberalize or restrict a company's actions