What are the 4 P’s of marketing?
- Product (creating)
- Price (exchanging)
- Place (delivering)
- Promotion (communicating)
The 4 P’s serve as a framework for marketing strategies.
Define Value Proposition in marketing.
Creates focus for the entire company
It helps align business strategy with customer needs.
What is market myopia?
Narrowing focus on bettering product vs customer needs
It can lead to missed opportunities in understanding customer demands.
What does the Marketing Mix aim to achieve?
Build value for others and allow for efficient resource allocation for the company
It integrates various elements of marketing strategy.
List the 4 C’s in marketing.
- Customer value
- Cost
- Convenience
- Communication
The 4 C’s focus on customer-centric marketing.
What is Advertising in the context of marketing?
Paid message from the company
It aims to promote products or services to potential customers.
Define Branding.
Unique name and image for a product
It helps differentiate a product in the marketplace.
What is Sales in marketing?
The selling of a given product
It directly contributes to revenue generation.
What does CSR messaging refer to?
Broad communication used to position brands and companies to meet ESG goals
It reflects a company’s commitment to social responsibility.
What are the components of Building Excellence?
- Operational excellence
- Product excellence
- Customer excellence
These components help enhance overall business performance.
List the 5 internal stakeholders in marketing.
- Customer
- Supplier
- Employee
- Shareholder
- Community/Society
Stakeholders influence and are influenced by marketing strategies.
What does strategy determine in marketing?
Which markets and where to sell
It guides the overall direction of marketing efforts.
What is involved in strategic planning?
- Identify company goals
- SWOT analysis
- Resource allocation
It sets the foundation for effective marketing strategies.
What is environmental scanning?
Anticipating market dynamics (PESTLE)
It helps businesses adapt to external changes.
What do tactics indicate in marketing?
Specific actions
Tactics are the means by which strategies are executed.
What does the PESTLE model analyze?
Trends and government agencies that impact company and industry
It helps in understanding the external environment.
What does the SWOT analysis evaluate?
- Strengths
- Weaknesses
- Opportunities
- Threats
It provides a comprehensive overview of internal and external factors.
What does the 5 FORCES model assess?
Rivalry among existing competitors
It helps understand competitive dynamics in the market.
List the 5 external stakeholders in marketing.
- Media
- Environment
- Competitors
- Trade associations
- Special interest groups
Define Value Exchange in marketing.
understanding customer wants, behaviors, and trade-offs
