Marketing Theory Exam 100% Correct!!
customer value - ANSWERcomprises:
- benefit: all tangible and intangible desirable attributes of the product consumed over the life of its
ownership
- cost: all tangible and intangible costs incurred by the customer over the life of ownership
goal: to creates superior perceived value
Product/People (4Ps) - ANSWER- New product & service development
- Value co-creation
- Building the brand
- The augmented product
- Service Quality
Place (4Ps) - ANSWER- Selection of channels & channel partners
- Finding complementarities between routes to market
- Design and implementation of channel controls
- Design of promotional plan for channels
Price (4Ps) - ANSWER- Value-based pricing
-A consumer-based view of pricing (WTP)
- Pricing tactics
Promotion (4Ps) - ANSWER- Determination of promotion objectives
- Development of communication content & creativity
- Selection of media
- Design of control/evaluation methodology
- Timing
good profits - ANSWERearnings from creating customer value, resulting in customers who are loyal,
purchase more of your product, and recommend your firm to others
customer's definition of value - ANSWERBenefits (Improve performance, productivity and experience
and, reduced risk)
, Costs/savings (less money, time, psychic costs, effort)
value creation tools - ANSWER- product
- support services
- relationship marketing
- image
- search cost
- acquisition cost
- set-up cost
- maintenance cost
- financing cost
- exit cost
creating customer value leads to... - ANSWER(long-term) firm value
market-oriented firm - ANSWERa firm that has processes and structures in place which make the
creation of value easier
culture: everyone in the organisation understands their role in delivering the organisation's value
proposition
market-oriented processes (3) - ANSWER- generation of market intelligence (research)
- dissemination of intelligence amongst departments
- responsiveness to information (execute strategies)
market orientation as a culture (3 behavioural components) - ANSWER- customer orientation
- competitor orientation
- interfunctional/supplier orientation
customer orientation (market orientation) - ANSWERfirm spends it resources on gathering
information about customer needs and behaviour. Focused on creating value-added products
competitor orientation (market orientation) - ANSWERfirm directs it resources to gathering
information about competitor behaviour/activities so they have a better understanding on how they
are servicing/creating value for customers
interfunctional/supplier orientation (market orientation) - ANSWERfirm works in a unified manner
with its suppliers to effectively and efficiently coordinate production/delivery of their products
market*ing* vs. market orientation - ANSWER- Market: across the entire organisation - it's the
culture
customer value - ANSWERcomprises:
- benefit: all tangible and intangible desirable attributes of the product consumed over the life of its
ownership
- cost: all tangible and intangible costs incurred by the customer over the life of ownership
goal: to creates superior perceived value
Product/People (4Ps) - ANSWER- New product & service development
- Value co-creation
- Building the brand
- The augmented product
- Service Quality
Place (4Ps) - ANSWER- Selection of channels & channel partners
- Finding complementarities between routes to market
- Design and implementation of channel controls
- Design of promotional plan for channels
Price (4Ps) - ANSWER- Value-based pricing
-A consumer-based view of pricing (WTP)
- Pricing tactics
Promotion (4Ps) - ANSWER- Determination of promotion objectives
- Development of communication content & creativity
- Selection of media
- Design of control/evaluation methodology
- Timing
good profits - ANSWERearnings from creating customer value, resulting in customers who are loyal,
purchase more of your product, and recommend your firm to others
customer's definition of value - ANSWERBenefits (Improve performance, productivity and experience
and, reduced risk)
, Costs/savings (less money, time, psychic costs, effort)
value creation tools - ANSWER- product
- support services
- relationship marketing
- image
- search cost
- acquisition cost
- set-up cost
- maintenance cost
- financing cost
- exit cost
creating customer value leads to... - ANSWER(long-term) firm value
market-oriented firm - ANSWERa firm that has processes and structures in place which make the
creation of value easier
culture: everyone in the organisation understands their role in delivering the organisation's value
proposition
market-oriented processes (3) - ANSWER- generation of market intelligence (research)
- dissemination of intelligence amongst departments
- responsiveness to information (execute strategies)
market orientation as a culture (3 behavioural components) - ANSWER- customer orientation
- competitor orientation
- interfunctional/supplier orientation
customer orientation (market orientation) - ANSWERfirm spends it resources on gathering
information about customer needs and behaviour. Focused on creating value-added products
competitor orientation (market orientation) - ANSWERfirm directs it resources to gathering
information about competitor behaviour/activities so they have a better understanding on how they
are servicing/creating value for customers
interfunctional/supplier orientation (market orientation) - ANSWERfirm works in a unified manner
with its suppliers to effectively and efficiently coordinate production/delivery of their products
market*ing* vs. market orientation - ANSWER- Market: across the entire organisation - it's the
culture
