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Why is customer relationship management important in marketing?
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Focusing on long-term customer satisfaction and lifetime value builds enduring relationships and brand loyalty.
How have digital and social media transformed marketing?
By creating new channels for engagement, enhancing real-time communication, and expanding reach and analytics capabilities.
Explain the importance of understanding benefits over products with an example.
It's important because customers buy benefits, not products (e.g., buying a drill for its capability, not the tool itself).
Describe the role of marketing intermediaries.
They facilitate the distribution of products from manufacturers to the final consumers.
What is Marketing Myopia?
A focus on selling products rather than understanding the needs and benefits sought by customers.
How does globalization impact marketing strategies?
It requires adapting marketing strategies to different cultural and economic environments while leveraging international opportunities.
Differentiate between 'needs,' 'wants,' and 'demands' in the context of marketing.
Needs are states of felt deprivation, wants are needs shaped by society, and demands are wants backed by purchasing power.
What is societal marketing and how does it differ from traditional marketing concepts?
Societal marketing focuses on long-term societal welfare in addition to customer satisfaction.
Explain the concept of 'share of customer'.
It's the share of a customer's total purchasing that a company captures in its product categories.
How is value in marketing defined from the customer's perspective?
Value is defined by the benefits perceived by the customer in relation to the cost.
List and explain the components of the marketing mix (4Ps).
Product, Price, Promotion, and Place; these elements work together to create a cohesive marketing strategy.
What is customer lifetime value and why does it matter?
It represents the total worth of a customer relationship, crucial for shaping marketing strategies for greater profitability.
What constitutes the marketplace in marketing terms?
A collection of current and potential customers interacting with companies to purchase products and services.
How do the production, product, selling, and marketing concepts differ?
Production focuses on mass production, product on quality, selling on persuasion, and marketing on customer needs and relationships.
What are Peter Drucker's two primary business functions according to his quote?
Marketing and innovation.
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