Summarize and explain the purpose of marketing in the organization and the basic marketing
concept️️Marketing has three key purposes: (1) to acquire customers, (2) retain those
customers, and (3) incentivize those customers to become brand ambassadors and promote the
brand to their sphere of...
MKT 320F - Unit 1 with comprehensive Questions and Answers
Summarize and explain the purpose of marketing in the organization and the basic marketing
concept✔️✔️Marketing has three key purposes: (1) to acquire customers, (2) retain those
customers, and (3) incentivize those customers to become brand ambassadors and promote the
brand to their sphere of influence.
Distinguish among the four main firm orientations and their historical
connections✔️✔️production, sales, marketing, and societal marketing
Describe the overview of the marketing discipline and the key elements of a situation analysis (5
Cs), aspiration decisions (STP or marketing strategy), and action plan decisions (4 Ps).✔️✔️The
goal of marketing, at the end of the day, is to acquire customers, retain customers, and
incentivize customers to become brand ambassadors. To accomplish this goal, we start our
marketing plan with our situation analysis of the 5 C's: Customers, Company, Competition,
Context, and Collaborators. (SWOT is a useful analysis tool at this point.) Following our
analysis is our decisions—or marketing plan. We start with aspiration decisions. We (1) segment
the customers that we will market to, (2) we decide to target those customers, and (3) we position
our product to the customer as to be perceived how we intend it to. Then we make our action
plan decisions - commonly known as the marketing mix (4 P's): Product + promotion + Place =
Value Creation. Value Capturing = price. Finally, we analyze the outcome, which is determined
by the customer. Here we look at the customer acquisition and retention, the buy rate, sales,
profits, and franchise.
What are the different types of customers we should analyze?✔️✔️Initiators, gatekeepers,
deciders, influencers, purchasers, and users.
What does customer analysis entail?✔️✔️Determine who our customers are. Is it B2B or B2C?
Are they one of the 6 above?
What does company analysis entail?✔️✔️Determining the company's strengths and weakness.
Important to this determination is an understanding of the company's core competencies.
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