MGT 8803 - Marketing Question with Verified
Correct Answers
Marketing Strategy
Finding opportunities and developing profitable strategies to capitalize on those
opportunities:
Specifies a target market and related marketing mix.
5 Cs of Marketing
Customer: buyers with needs the company aims to fulfill
Company: goods or services provider fulfilling customer need
Competitors: Orgs aiming to fulfill the same need as company
Collaborators: external entities that work with company to create value
Context: Environment where company operates.
- Laws, Economic conditions, Cultural Norms, tech factors
- PESTEL Analysis
PESTEL Analysis
Factors that make up the Marketing Context:
-Political
-Economic
-Social
-Technological
-Environmental
-Legal
,Target Market
similar group of customers to whom a company wishes to appeal.
Unique market segment sought as customers.
Contrast with Mass Marketing.
Marketing Mix
Controllable variables the company puts together to satisfy the target market
4 P's
Customer Marketing Model
Awareness
Interest & Engagement
Acquisition
Customer Segmentation
Customer Retention
Support & Advocacy
Goal: Develop brand insistence from customer (i need tide)
Personas
Depictions of the company's target audience. Company may have multiple.
Demographic: Age, Gender, Marital Status, Education
, Geographic: State, Population, Climate
Psychographic: Lifestyle, Values, Attitudes, Personality
Behavioral: Usage rates, Brand loyalty, Benefit sought
RFM: Recency, Frequency, Monetary
Buyer Journey:
Loosening of status quo
Committing to change
Exploring possible solutions
Committing to a solution
Justifying the decision
Making the Selection
Marketing Plan
Marketing Strategy + Time Related Details
What Marketing Mix
Correct Answers
Marketing Strategy
Finding opportunities and developing profitable strategies to capitalize on those
opportunities:
Specifies a target market and related marketing mix.
5 Cs of Marketing
Customer: buyers with needs the company aims to fulfill
Company: goods or services provider fulfilling customer need
Competitors: Orgs aiming to fulfill the same need as company
Collaborators: external entities that work with company to create value
Context: Environment where company operates.
- Laws, Economic conditions, Cultural Norms, tech factors
- PESTEL Analysis
PESTEL Analysis
Factors that make up the Marketing Context:
-Political
-Economic
-Social
-Technological
-Environmental
-Legal
,Target Market
similar group of customers to whom a company wishes to appeal.
Unique market segment sought as customers.
Contrast with Mass Marketing.
Marketing Mix
Controllable variables the company puts together to satisfy the target market
4 P's
Customer Marketing Model
Awareness
Interest & Engagement
Acquisition
Customer Segmentation
Customer Retention
Support & Advocacy
Goal: Develop brand insistence from customer (i need tide)
Personas
Depictions of the company's target audience. Company may have multiple.
Demographic: Age, Gender, Marital Status, Education
, Geographic: State, Population, Climate
Psychographic: Lifestyle, Values, Attitudes, Personality
Behavioral: Usage rates, Brand loyalty, Benefit sought
RFM: Recency, Frequency, Monetary
Buyer Journey:
Loosening of status quo
Committing to change
Exploring possible solutions
Committing to a solution
Justifying the decision
Making the Selection
Marketing Plan
Marketing Strategy + Time Related Details
What Marketing Mix
