UGBA 10 Marketing Module questions with verified solutions 2023/2024

UGBA 10 Marketing ModuleMarketing (Value creation and Capture) - correct answer Marketing is the process of creating value for customers and building strong customer relationships in order to capture value from customers in return Building Relationships thru Touchpoints - correct answer 1. Nike running app" interact with consumers and building new touchpoint, Nike stays top-of-mind with digital-savvy consumers 2. My Starbucks Barista: siri-like virtual assistant for remote ordering 3. Amazon at Kohl's - having Amazon merchandise helps draw new customers to kohl's stores, and being located inside Kohl's makes it easier for current Amazon customers to bring back unwanted items Marketing starts with knowing the customers - correct answer - wants and needs - Attitudes and hopes - expectations - Perceptions of Alternatives - Behaviors and preferences What is a Market? - correct answer a group of end users with an need and the desire and the means to fill it Value Proposition - correct answer understanding market needs helps marketers to articulate how their capabilities enable them to offer products or services that address customer needs 3 questions the value proposition answer - correct answer - Who are we? (the capabilities or special expertise we bring to bear) - What do we do? (the key aspects of our offering) - Why does it matter? (the customer need we address/the end benefit we provide) Customer Segmentation - correct answer Grouping customers so that marketers can use the same messages and media across large numbers of them without sacrificing relevance OR efficiency Bases of Segmentation - correct answer - demographic (age, gender, income, zip code) - needs (pain points, challenges) - psychographic or attitudinal(personality traits, lifestyle, interests) - behavioral (purchase frequency, repeat purchase habits, channel preferences, avg spend/order) Customer Insights underlie Marketing - correct answer Types of info leading to customer insights - demographics - psychographics - wants and needs - usage behavior - devision drivers&barriers Sources of customer insights - Internal sources (employees: sales, customer service, sales data) - External Sources: (customer advisory boards, third party research, market research, social media) Strategy Drives Marketing Investment - correct answer Strategy -> insights -> investment Strategy - correct answer Grow through product extensions, innovation & geographic expansion Insights - correct answer What do customers care about? what can we do to address those concerns Investment - correct answer How to bring it to market inlays that are believable and relevant Marketing Funnel and Customer DMP - correct answer Marketing aims to move potential customers from each stage of the decision process to the next. This movement is called conversion. Marketers strive to overcome blockages where customers are getting stuck and drive conversion as far as possible.