Quiz 1 Content
What is the relative market share equation?
(Measure for company) / (Measure for largest company in industry)
What is the market share equation?
(Measure for company)/Measure for entire Industry
What is the growth rate formula?
(Newer Number-Older Number)/Older Number
What is place?
-all the activities necessary to get right quantity of right product to right customer when customer wants it.
What is a business mission?
1. A brief description of what a firm exists to do: "What business are we in?" 2. Usually developed by the senior leadership team and revised by them periodically to reflect the evolution of the business environment 3. Intended to have an extended shelf life
What are the two parts of sustainable competitive advantage?
1. A firm is said to have competitive advantage when it generates larger profits than its rivals in its industry. 2. For that firm, a wider gap exists, compared to rivals, between what customers are willing to pay for its offering and what it costs to produce the offering.
What are the Key Digital Marketing Trends?
1. A shift in advertising and promotion expenditures toward digital channels 2. A sharp increase in buying via online retail channels 3. A tremendous increase in data availability 4. The use of digital personalization 5. The rise of many-to-many communications 6. Rise of direct-to-consumer (D2C) business model 7. Metaverse marketing
What are the six aspects of marketing?
1. Is about satisfying customer needs and wants 2. Entails an exchange 3. Requires decisions about the 4Ps 4. Can be performed by individuals and organizations 5. Affects various stakeholders 6. Helps create value
What are the characteristics of Brand Loyalty?
1. Purchase brand repeatedly with little to no consideration of competing brands 2. See consumption of the brand as a treat 3. Talk positively about brand to their friends, acquaintances and strangers 4. Visibly wear or carry products displaying brand symbol 5. Participate in communities (online or offline) devoted to brand 6. Follow, "like" and comment on brand's social media posts 7. Write positive reviews online about brand 8. Visit brand's website regularly 9. Sign up for newsletters about brand 10. Track and read news stories about brand
How do you market to Gen Z?
1. They're digital natives, so marketers must act that way, too. > 5 screens > unified experience across screens 2. Make the message quick, to the point, and in their language. > attention span 8 seconds > filter information 3. Social media is important, but it differs from Millennials' usage. > privacy and anonymous social networks 4. Authentic experiences and two-way conversations are a must. > value peers' opinions > influencer marketing 5. Humanize your brand. > showcase personality of brand through appealing influencer 6. They want realistic and relatable. > product embody beliefs > prefer independence/authenticity over perfection 7. Let them make it their own. > preference for personalization 8. Quality matters. > they do their own research before buying 9. Show you care, too. > wants to make world better place > demonstrate that same commitment 10. Video content and cord-cutting is big. > most prefer streaming over broad or cable TV > 1⁄4 post own original video content on social media weekly Source: MNI
What are the characteristics of instagram?
1B monthly users 18-34 YO Ad types Promote posts from own professional profile Create ads on Facebook and promote on Instagram Create custom ads on Instagram
What are the characteristics of facebook?
2.7B people on Facebook, more than 30% of world's population Unmatched audience targeting capabilities Three audience types: Core—based on demographic and psychographic criteria Customer: reconnect with previous customers Lookalike: new people whose interests are similar to those of your current customers Ad types: photos, videos, stores, and leads
What are the characteristics of Youtube?
2B monthly active users 2nd largest search engine behind Google More young people watch YouTube videos than TV networks Ads appear before and during other YouTube videos or as stand-along promoted videos display after search
What are the characteristics of Linkedin?
660 million monthly users globally Used predominately by professionals Better for B2B than B2C advertising Target by job title, job function and industry Message ads drive engagement but shouldn't be overused
What is the equation for marketing strategy?
A firms target market + A related marketing mix + Sustainable competitive advantage
What is influencer marketing?
A marketing strategy that uses opinion leaders, popular on social media, to drive marketing messages to a targeted audience Firms hire (or encourage) these well-known names to promote brand messages to their networks of followers
Search engine marketing focuses on generating _______________ results on a SERP, while search engine optimization focuses on generating _______________ results on a SERP. A) paid; organic B) paid; sponsored C) organic; paid D) native advertising; sponsored E) paid; native advertising
A) paid; organic search engine optimization focuses on generating organic results on a SERP.
You have been asked to create a digital marketing plan to reach consumers using mobile devices. Which of the following steps will you NOT recommend to your mobile team? A. leave current web pages the same because consumers prefer to view web pages on their mobile devices that mirror those created for viewing on desktop or laptop computers. B. shorten long text pieces because people are less inclined to read for long periods of time on small- screen mobile devices. C. discover keyword searches that are shorter and more precise because typing on mobile devices can be problematic. D. set up tracking programs that use location data as well as other data commonly used to study digital marketing effectiveness. E. create mobile-friendly apps that consumers can use in place of or in addition to traditional web pages when using mobile devices.
A. leave current web pages the same because consumers prefer to view web pages on their mobile Websites designed for viewing on a desktop or laptop personal computer are often not suited for viewing on a mobile device. Studies show that consumers want mobile websites that are optimized for the technology and may defect to competitors' sites when web pages are not optimized for mobile use.
What are the app pricing models?
Ad supported, Freemium, Paid
What is display advertising?
Ads appearing on websites or apps that a firm considers relevant for its target audience Can be text, images, video, animations or audio
What is the freemium model for app pricing?
Are free to download but include in-app purchases that enables the user to enhance an app or game
What is the ad-supported model for app pricing?
Are free to download, but ads appear on the screen. They generate revenues while users interact with the app
What are the cons of video advertising?
Audience may be too distracted to pay attention
What does the Gen Z want?
Born between 1997 and 2012 They "have low expectations that the government, corporations, and other institutions will prioritize them or take their needs into consideration," the report found. They're "less conservative than previous generations and take a more progressive stance" on issues like social justice and climate change. Professionally: They spend an average of only 2.3 years at any given job per Career Builder. Compare that to 2.8 years for millennials, 5.1 years for Gen Xers, and 8.3 years. Politically: Unlike prior generations, Gen Z "has not experienced a moment when America was united." Demographically: They're "the most racially and ethnically diverse" cohort in U.S. history, per the Pew Research Center. 52% are non-Hispanic white, compared with 61% of millennials in 2002 (when they were in the same age range), Pew says.
What is Native Advertising?
Brands create sponsored content that blends into main story or editorial content of article Distinguishable by "Promoted By" or "Paid Program" tags Creates compelling content to engage consumers who're increasingly ignoring other types of advertising
Which of the following factors, listed in a situation analysis for a major U.S. auto manufacturer, is the best example of a threat? A. The factory that manufactures a new, popular car cannot build enough vehicles to meet the demand, while other factories have excess capacity. B. Recent consumer studies have indicated that Chinese consumers prefer American cars. C. A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded. D. Due to outdated engine technology, the company's cars get lower gas mileage than those of major competitors. E. The company has lower manufacturing costs than its key competitors, allowing it to sell its cars at low prices.
C. A New York law firm has filed a $10 million class action suit against the company on behalf of car owners whose gas tanks exploded. A threat is an external negative event. Being the target of a lawsuit is certainly a negative event, and the law firm is external to the company. Problems in balancing manufacturing capacity are internal to the firm and so are weaknesses. Potential demand in China is a positive external factor an opportunity. A lower cost structure is a positive internal factor a strength. The gas mileage issue might sound like a threat in that competitive offerings are superior, and competitors are external to the firm; however, the example states
Delta Airlines is among the companies experimenting with selling products and services on their Facebook pages. The idea is to make purchasing even easier for customers who may spend large portions of the day with Facebook active on their computers or mobile devices. There is no need even to navigate to Delta's website—users can book a trip in Delta's "Ticket Agent" application without ever leaving Facebook. Which element of the marketing mix does this represent? A. product and value creation B. price and value capture C. place and value delivery D. promotion and value communication E. positioning and value promotion
C. place and value delivery Place is the element of the marketing mix that relates to making sure the firm's offerings are available to customers where and when they want them. By allowing customers to make flight reservations inside Facebook, Delta is increasing convenience for consumers by allowing them to make the reservations without leaving Facebook, thus delivering value through place.
Value is generally defined as: A.what occurs when a product provides tangible monetary savings either at the time of purchase or over its long-term use. B.the features of a product. C. the difference between what a customer pays for a product or service and the bundle of benefits she receives. D. product or service and the bundle of benefits she receives. E. the intangible psychological and emotional attributes that can be derived from brands or great service. the sharing of information, pictures, and videos with friends.
C. the difference between what a customer pays for a product or service and the bundle of benefits she receives.
What is the paid model for app pricing?
Charge the customer an up-front price to download the app, but offer full functionality once downloaded
What are the 3 parts to the Immediate Environment?
Company Competition Corporate Partners
How can BCG matrix analysis be applied at multiple levels of the company
Company Strategic Business Unit 1 Business 1 Business 2 Business 3 Strategic Business Unit 2 Business 1 Business 2 Strategic Business Unit 3 Business 1 Business 2 Business 3
What is Video Advertising?
Consists of all A/V content that appears before, during or after the streamed content (i.e., pre-roll, mid- roll, post-roll video ads) Majority is pre-roll video: 3-30 seconds, with median of 6 seconds
What are the 4 aspects of Market-Oriented Marketing?
Consumer demand returns Firms had more sophisticated manufacturing and research capabilities Rise of corporate marketing departments Focus on consumers' needs before designing, producing
What are the 2 aspects of Sales-Oriented?
Consumer demand suppressed Firms stepped up advertising and personal selling
What is product excellence?
Continuous stream of state-of-the-art products with features providing unique benefits Creative, fast, solve problems of latest products increase willingness to pay
What is CDSTEP?
Culture Demographics Social Technology Economic Political/Legal
How do customers maximize value
Customers generally attempt to maximize value: they want the greatest benefit from the lowest possible cost
The global athletic footwear market is expected to experience only very slow growth over the next several years. Nike is the market leader. According to Boston Consulting Group portfolio analysis, how should Nike treat its athletic shoe business? A. Nike will probably have to invest heavily in the athletic shoe business, including extensive promotions and new production facilities. B. Nike should consider exiting the athletic shoe market. C. Nike should stop investing in its athletic shoe business; it has already reaped all the benefits it is likely to receive. D. Nike's athletic shoe business still requires some investment, but it is likely to produce excess resources that can be invested in other divisions of the company. E. Nike should invest in the athletic shoe market only if it helps boost the sales of other products in fast- growing markets.
D. Nike's athletic shoe business still requires some investment, but it is likely to produce excess resources that can be invested in other divisions of the company. A market leader in a low-growth market is, in BCG terms, a cash cow. This means that, although Nike certainly wants to maintain its market leadership position, the athletic shoe business can be expected to generate excess resources that can be invested in other areas of the company. This question deals with the athletic shoe market as a whole note that there could be niches that are growing rapidly, and where
In which era of the marketing evolution did firms begin to focus on what consumers wanted and needed before designing, making, or selling a product? A. production-oriented era B. sales-oriented era C. value-based marketing era D. market-oriented era. creative production era
D. market-oriented era Products that were once in limited supply during World War II became plentiful after the war. Once supplies increased, consumers once again had choices and were able to make purchasing decisions based on such factors as quality, convenience, and price. Manufacturers and retailers began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services.
What is the primary use of the Ansoff Matrix
Devise Strategies for future Growth
What to Direct to Consumer Businesses do?
Direct-to-consumer brands sell directly to customers online today: many DTC brands now sell products in third-party retail stores and own stores several "legacy" brands sell directly to consumers online
What is operational excellence?
Emphasize leanness and efficiency Optimize business processes Minimize overhead costs decrease cost to produce
Explain the 4E Framework
Excite customers with relevant offers Educate them about the product and sometimes remind them what they already know Help them experience products, whether directly or indirectly Given them an opportunity to engage with the firm's digital marketing activities
What is the 4E framework for digital marketing?
Excitement, Education, Experience, Engagement
Know answers to these 3 questions?
Explain why marketers must consider their macroenvironment when they make decisions Describe the differences among the various generational cohorts Identify various social trends that impact marketing
What are the typical strengths and weaknesses of a company?
Financial Performance Concentration of source of sales, profit: product, customer, business unit, geography Brand awareness and favorability Innovation Distribution channels Product quality
What are the 3 aspects of Production Oriented Marketing?
Firms began to produce national, standard offerings Limited focus on individual consumer needs Consumer demand strong
What are the three types of products?
Goods Items you can physically touch Services Intangible customer benefits Ideas Thoughts, opinions, philosophies
How does Google rank their pages?
Google ranks pages based on: Relevance: extent of match between consumer search text and web page, based on page title, page content and meta tags Authority: based on number and authority of other pages linking to it
What are the typical opportunities and threats in a company?
Growth in existing industries and markets New markets New products Costs from suppliers and local labor market Competitive intensity, including disruptive tech and substitutions Customer consolidation New laws, trade agreements
What are the Pros of Display Advertising?
High reach of banner ads is ideal for building awareness Flexible style and format
What does the Immediate Environment of the corporate partners consist of?
Historical performance on commitments to you Ability to meet your demand forecasts Have they had a material change in: Financial status? oBrand perceptions? oCSR status? oBusiness with competitors? oOwnership (particularly foreign or competitors)
What is a related marketing mix?
How will you market it to them? Product, price, place and promotion: the controllable set of activities that a firm uses to respond to the wants of its target markets
What is the environmental scan?
Immediate Environment + Macroenvironment = Marketing Environment
What is Demographic for CDSTEP?
Indicates characteristics of human populations and segments, esp. those used to identify consumer markets: age, gender, occupation, income, education, ethnicity, generational cohorts
What is Economic for CDSTEP?
Inflation Unemployment Internet rate Changes in currency valuations
What is the wheel of social media engagement?
Information, Connected, Network, Dynamic, Timeliness Pneumonic ICNDT
What are Question Marks for the BCG matrix?
Invest or discard
What is shareholder capitalism?
It's only about maximizing profitability for our owners— the shareholders
What are the Cons of Display Advertising?
Lack of control over ad placement, potentially harmful to reputation, could be viewed as spam
What are the pros of email advertising?
Less costly, quick and easy to conduct a campaign Highest return on investment (ROI) among major channel options
What are the characteristics of Twitter?
Less popular for digital advertising 330 million monthly users 35-65 YO
What are dogs for the BCG Matrix?
Liquidate, divest, or reposition
What are the influencer marketing rankings?
Macro influencers Micro influencers Nano influencer
How do assess the efficacy of influencers?
Make a circle with relevance reach response return
H&R is a small, local heating and air conditioning business. The local military base is a potential new source of customers, and for other customers, H&R already installs and services the type of equipment the military would require. From an Ansoff-matrix perspective, what type of growth strategy is H&R considering?
Market development. H&R seeks to install equipment and services that it already has and offers to the military, which represents a new type of customer. A market development strategy offering to reach new market segments, whether domestic or employs the existing marketing
How do Marketers choose SEM keywords?
Marketers choose SEM keywords describing their product that someone would likely use to search for their product. In paid search, marketers pay Google to show their search ads when someone enters a relevant keyword.
Who can marketing be performed by?
Marketing can be performed by individuals and organizations
How has marketing evolved in the United States?
Marketing has evolved to create value for the consumer Marketing helps create value
Ansoff and Mcdonalds Example
Mcdonalds Example see picture
What are Cash cows for the BCG Matrix?
Milk for cash to reinvest
Mobile vs Desktops
Most consumers use apps, rather than browsers, on mobile With smaller screens, people prefer photos and videos over text Mobile provides location information, enabling firms to refine targeted marketing messages Mobile offers consumers access to information about competitive prices and customer reviews Many consumers see mobile as more personal than laptops, so they resent "intrusion" of advertisements, raising need for "moment-based marketing"
What are the 5 types of social media?
Networking Microblogging Photo sharing, Video Sharing, Live-streaming Pneumonic NMPVL
What is Traditional Marketing?
One-to-Many Communications
What are the four macro strategies for SCAs?
Operational Excellence, Product Excellence, Customer Excellence, Locational Excellence Often takes multiple SCAs to sustain advantage SCAs can erode over time, so it's important to establish new sources of advantage
What is customer excellence?
Outstanding customer service Strong retention programs, with focus on lifetime value decrease cost increase willingness to pay
What does the Immediate Environment of the competition consist of?
Past, current and anticipated strategies Performance Strengths and weaknesses Who they're hiring, including changes in leadership
How do companies reach their target audience through Display Advertising?
Place ads on specific websites Use an ad network, which enables firms to target specific customers by demographics, location or time of day
What is the primary use of the BCG Matrix?
Portfolio analysis: Which products to invest in Which products to stay the course on Which products to let go
Product X generated $10 million in sales last year. Other products competing in Product X's industry each generated $11 million, $10 million, $9 million, $6 million and $4 million, respectively. The growth rate of Product X's industry is expected to continue to be very high. The company that owns Product X is using the BCG matrix to determine its plans for Product X. According to BCG terminology, what's the name of the quadrant in which Product X sits? What is/are the strategy/strategies associated with that quadrant that the company should consider for Product X?
Product X has a high relative market share of 91% (or $10 million / $11 million), and it's in an industry with a very high growth rate. According to the BCG matrix, continue to invest Product X sits in the Star quadrant, and the company should continue to invest in Product X.
What are the 4 evolutions of marketing in the United States?
Production-Oriented 1860s-1920s Sales-Oriented 1920s-1950s Marketing Oriented 1950s-1990s Value Based Marketing 1990s-Present
What is the value to social media's value to marketers?
Promote dialogue with their audiences Gather feedback and insights Solicit input regarding their products BUT be aware that only some consumers want to get involved with only some of their brands, so they may perceive presence as intrusive Social media requires continuous content generating and monitoring
What is the marketing mix?
Promotion, Product, Place, Price
What is locational excellence?
Proximity to customers Proximity to natural resources decrease cost increase willingness to pay
What is brandwashing? Name 3 types
Rainbowwashing, Greenwashing, Sportswashing
What is Culture for CDSTEP?
Refers to shared meanings, beliefs, morals, values and customs of a group of people Can be differences from country to country OR from region to region within country
What are the 4 aspects of Value-Based Marketing?
Relational orientation (enabled by customer relationship management) Data capture, marketing analytics and data privacy Value cocreation Broader, societal focus
How does the company respond?
Relevance: anticipate consumers' searches and ensure content delivers highest relevance for those search Authority: Secure inbound links to build authority—by publishing content of interest to consumers
What are some common Business-Objective Topics?
Revenue Profit Cash flow Market share/position Productivity
What does SEO aim to do?
SEO aims to increase the volume of traffic to a website from search engines like Google
What does marketing planning consist of?
SWOT Analysis Environmental Analysis Marketing Strategy
What does SEO mean?
Search Engine Optimization 93% of online experiences begin with a search engine like Google, Yahoo! or Bing.
What is a SERP?
Search Engine Results Page
What is SEM?
Search engine Marketing SEM involves promotion of websites by increasing their visibility in SERPs through paid advertising
Shareholder Capitalism Vs Stakeholder Capitalism
Shareholder capitalism It's only about maximizing profitability for our owners— the shareholders vs. Stakeholder capitalism It's not just about maximizing profitability; we need to consider other groups impacted by our organization's actions
What are the 7 stakeholders in a business?
Shareholders (owners) Lenders Customers Suppliers Employees Economy State and Society Pneumonic SLCSEES
What are the characteristics of TikTok?
Short, creative and funny videos 500 million monthly users Advertising relatively new, so focus is on brand awareness rather than on generating leads Primary advertising approach is promoting own video, so ensure it'll be entertaining
What are the Generational Cohorts
Silent, Boomers, Generation X, Millennials, Generation Z
What are the Social Media Paid Channels
Social media channels offer unparalleled access to communities of users with similar demographic, geographic and psychographic characteristics
What is the BCG Matrix?
Square box Relative Market Share on the X axis Market Growth Rate On the Y axis High High on top left corner Low Market Growth Bottom Left Low Relative Market share Top Right
What are the sides of the Ansoff Matrix
Square with Existing Markets On Top Left Side (Market Penetration Least Risky) New markets on Bottom Left Side (Market Development Riskier ) New Products on Top Right Side (Product Development Riskier) Diversification as the Bottom Right quadrant and Riskiest
What are the four quadrants of the BCG matrix?
Stars, Question Marks, Cash cows, Dogs
What is Political/Legal for CDSTEP?
Status of political parties Laws aimed at consumer protection: food safety, child safety, spam, telemarketing, cigarettes/vaping Tariffs
What does the planning phase of marketing planning consist of?
Step 1: Define business mission and objectives Step 2 Conduct a situation analysis SWOT Enviromental analysis
What Step of the Marketing Planning Process includes the matrixes?
Step 3 Identify and evaluate opportunities
What does the implementation consist of?
Step 3 Identify and evaluate opportunities Segmentation Targeting Positioning Target4 market and positioning Step 4 Implement Marketing Mix Product Place Promotion Price Product Plan Pricing Plan Distribution (Place) Plan Promotion Plan
What does the control phase?
Step 5 Evaluate performance using marketing metrics
What is the SWOT Analysis?
Strengths, Weaknesses, Opportunities, Threats in a square with Helpful Harmful on the top and Internal External (attributes of organization) Origin (attributes of environment) on the side
What does marketing strategy consist of?
Target Market and Positioning Product Plan Pricing Plan Place Plan Promotion Plain 4Ps Sustainable Competitive Advantage
What is Technology for CDSTEP?
Textbook: access to Internet anywhere, Netflix's recommendations, near-field communications (wireless payments) Others: electric and self-driving vehicles, metaverse
What is Social for CDSTEP?
Textbook: health and wellness concerns, greener consumers, privacy concerns Others: polarized views on social justice, CRT, mask and vaccine mandates
How do you get higher ranked results in a search?
The higher the SERP result, the more likely the click through #1 result in a Google SERP has CTR of 32% Top 3 get 75% of all clicks Moving up one spot increases CTR by 31% Sharp CTR drop starting on second page of results
A firm with efficient procedures and excellent supply-chain management would be an example of which macro strategy for sustainable competitive advantage?
The macro strategy of operational excellence is reflected in a firm with chain management
What is an exchange?
The trade of things of value between the buyer and seller so that each is better off as a result
Think about the macroenvironmental analysis that we discussed in class and that is described in the textbook. Health and wellness concerns, greener consumers and privacy concerns are related to which macroenvironmental factor?
These three trends are related to the social factor in macroenvironmental analysis
What should you think of marketing as?
Think of marketing as the study of markets, where exchanges occur
What is a firm's target market?
To whom will you market your product? A group of potential customers, with similar characteristics, to whom a firm wants to sell its products and direct its marketing efforts
What is the Many to Many Channel including the New Media Enviroment?
Two way and Many to many communications
What is the capacity utilization formula?
Units Produced/Total Capacity
What are the cons of email advertising?
Unsolicited emails may lower reputation among customers Emails may be viewed as scam
What is the equation for Value?
Value = Benefits - Costs Marketers can increase value by raising benefits offered
How is value defined?
Value is generally defined as the difference between what a customer pays for a product and the bundle of benefits they receive
What are the pros of video advertising?
Video allows brands to engage customers through sight, sound, and audio
What are Digital Marketing Options
Website, focusing on search engine optimization (SEO) Search engine marketing (SEM) Email marketing Web display or banner advertising Video advertising Social media advertising Influencer marketing Content marketing
What is a sustainable competitive advantage?
What enables you to generate larger profits? Something a firm can persistently do better than its competitors—it's not easily copied and can be maintained over a long period of time
What does the Immediate Environment of the company consist of?
What's happening in your company and industry? Current and developing capabilities Process efficiencies Production capacity Product Quality Financial performance Brand perceptions Employee engagement Cybersecurity risk
What are Stars for the BCG matrix?
You should be investing in
What is Content Marketing?
a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience—and, ultimately, to drive profitable customer action Involves the creation and sharing of online material (e.g., videos, blogs, and social media posts) Doesn't explicitly promote a brand but is intended to stimulate interest in its products
What is the Metaverse?
an iteration of Internet as a single, universal, and immersive virtual world facilitated by use of virtual reality and augmented reality headsets.
What is a product?
anything of value to a consumer and that can be offered through a voluntary marketing exchange
What are the Macroenvironmental Factors
aspects of the external environment that affect a company's business CDSTEP
What is supply chain management also known as?
channel management Often overlooked because it happens behind the scenes
What is promotion?
communication by marketer that informs, persuades, and reminds potential buyers about product to influence their opinions and elicit response A great product won't sell if buyers aren't aware of the product
What is the marketing mix portion for marketing?
creating, communicating, delivering and exchanging offerings that have value
What is price?
everything a buyer gives up—money, time, energy—in exchange for product
What must marketers do when they choose their marketing mix?
marketers must select the right "mix" that'll best appeal to their target customer segment
What is place also known as?
supply chain management, which aims to integrate all players into seamless process.
What is the structured approach for marketing?
the activity, set of institutions and processes
What is marketing?
the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
What is digital personalization?
the tailoring of messages and offerings to individual consumers— based on their previous actions, purchase history, demographics, and browsing behavior.
How will customers know when to prefer a product?
when (Benefitsa - Costa) > (Benefitsb - Costb) or Valuea > Valueb
