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Foundation of Marketing Peregrine Global questions and answers Rated A+
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Foundation of Marketing Peregrine Global Exam
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Foundation of Marketing PeregrineGlobal
Marketing - answersMarketing is an exchange between a firm and its customers.
The company offers benefits to its customers and seeks profits.
Why is Marketing Important? - answersMarketing is the business; it should permeate
the entire organization. Marketing and customer satisfaction is everyone's responsibility
to maintain those relationships
American Marketing Association - answersdefine marketing as "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.
Classical marketing - answersis a philosophy which guides the attitude of everyone in a
firm to stimulate and satisfy the needs and wants of every customer.
Competitive marketing - answersa strategy involves product strategy, pricing strategy,
integrated marketing communications, channels, and logistics strategy. It needs to offer
value to the target market
5 C's - answersMarketing Framework Part 1
Examining the External Environment
Customers: Who are they? What are they like? Do we want to draw different
customers?
Company: What are our strengths and weaknesses? What customer benefits can we
provide?
Context: What is happening in our industry that might reshape our future business?
, Collaborators: Can we address our customers' needs while strengthening our business
to business (B2B) partnerships?
Competitors: Who are the competitors we must consider? What are their likely actions
and reactions?
This helps marketers assess any business problem or opportunity in terms of a general
analysis of the entire business situation. The customer and company are central players
in the marketing exchange. The context includes the macro-environment: the economy,
legal constraints, cultural differences, and global segments.
STP - answersMarketing Framework Part 2
Strategic Marketing Planning
Segmentation: Customers aren't all the same; they vary in their preferences, needs, and
resources.
Targeting: Attracting some of those customers makes better sense than going after
others.
Positioning: Communicate your benefits clearly to your intended customers.
Refers to the fact that businesses or organizations are unlikely to be all things to all
people, so it is best to identify groups or segments of customers who share similar
needs and wants. When the different segments' preferences are understood, then the
organization can identify the targeted segments.
4 P's - answersMarketing Framework Part 3
Marketing Tactics
Product: Will customers want what your company is prepared to produce?
Price: Will customers pay what you would like to charge?
Place: Where and how will customers purchase your market offering?
Promotion: What can you tell your customers, or do for them, to entice them to
purchase?
Then starts marketing efforts, A relationship is developed with that target segment by
positioning products in the marketplace via the questions above
Convenience purchases - answersStaples (standard, frequently consumed goods such
as bread or gas) and impulse purchases (candy or National Enquirer available near the
check-out stand). (B2C low)
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