Marketing Analytics Unit 1
| Study Guide, Key
Concepts, Exam Review &
Practice Questions
|Guaranteed success|
, Marketing strategy focused on customer retention, Relationship marketing
building loyalty, and ultimate goal of long-term
engagement. It is cheaper than constantly acquiring
new customers
Why does starbucks and other companies utlize their The data is the key, it is used to get knowledge of customer's wants, when and
app? Why is it important and what marketing strategy is how. It builds loyalty and conveneince. It is a method of relationsuhip marketing
at play? to build long-term customers
What enables marketing to exist? Exhange. Both parties give something and both perceive they gained value. A
customer must feel their perceived value is greater than what they gave up
(money/data)
A philosophy of marketing that focuses on internal Production orientation
efficiency to produce at scale. It is dependent on
consumer demand
A philosophy of marketing that focuses on a short-term Sales orientation
transactional focus. Sell what they made regardless of
customer fit. It is often seen as annoyning and pushy
A philosophy of marketing that begins with customer Market orientation
needs then works backward to create superior value. It
is the most dominant and successful philosophy that
follows customer data above all else (e.g netflix
cancelling a show because of low demand)
How does market orientation work? Companies collect customer + competitor data > analyze > create superior
value > measure response and iterae
A philosophy of marketing that balances the interests of Societal marketing
profts, customer needs, and society's long-term well-
being. Companies may encourage customers to buy
less for environmental impact
What does the "Power Shift" refer to? Shift of power from companies to consumers. Social media, reviews, and viral
content have permantley caused this as bad experinces now scale.
Extent to which customer expectations are met or Customer satisfaction
exceeded. Value can come from multiple firms
(invisible), such as Amazon's delivery speed
Why do brands matter emotionally? This drives the essence of value creation. Identity, belonging and ownwership
are characteristics that shape this. (e,g Nike, Louis Vuitton)
| Study Guide, Key
Concepts, Exam Review &
Practice Questions
|Guaranteed success|
, Marketing strategy focused on customer retention, Relationship marketing
building loyalty, and ultimate goal of long-term
engagement. It is cheaper than constantly acquiring
new customers
Why does starbucks and other companies utlize their The data is the key, it is used to get knowledge of customer's wants, when and
app? Why is it important and what marketing strategy is how. It builds loyalty and conveneince. It is a method of relationsuhip marketing
at play? to build long-term customers
What enables marketing to exist? Exhange. Both parties give something and both perceive they gained value. A
customer must feel their perceived value is greater than what they gave up
(money/data)
A philosophy of marketing that focuses on internal Production orientation
efficiency to produce at scale. It is dependent on
consumer demand
A philosophy of marketing that focuses on a short-term Sales orientation
transactional focus. Sell what they made regardless of
customer fit. It is often seen as annoyning and pushy
A philosophy of marketing that begins with customer Market orientation
needs then works backward to create superior value. It
is the most dominant and successful philosophy that
follows customer data above all else (e.g netflix
cancelling a show because of low demand)
How does market orientation work? Companies collect customer + competitor data > analyze > create superior
value > measure response and iterae
A philosophy of marketing that balances the interests of Societal marketing
profts, customer needs, and society's long-term well-
being. Companies may encourage customers to buy
less for environmental impact
What does the "Power Shift" refer to? Shift of power from companies to consumers. Social media, reviews, and viral
content have permantley caused this as bad experinces now scale.
Extent to which customer expectations are met or Customer satisfaction
exceeded. Value can come from multiple firms
(invisible), such as Amazon's delivery speed
Why do brands matter emotionally? This drives the essence of value creation. Identity, belonging and ownwership
are characteristics that shape this. (e,g Nike, Louis Vuitton)
