MARK3000 Test 1

Place

delivers value

Price

captures value

Product

creates value

Promotion

communicates value

Marketing is not only _____ but also _____

b2c, b2b

sustainable competitive advantage (sca)

advantage over competition that is hard to replicate and can be maintained

customer excellence

firm retains loyal customers and provides great service

product excellence

superior product and/or brand reputation

operational excellence

achieved through efficient operations and supply chain

locational excellence

having a dominating online or physical presence

market penetration

same market, same product

market development

new market, same product

product development

same market, new product

diversification

new market, new product

Strengths

internal competencies

Weaknesses

internal deficiencies

Threats

external negative elements

Opportunities

external positive elements

conscious marketing

firm creates deeper connections with stakeholders through their values or strategies

corporate social responsibility

like conscious marketing, but not as attached to the company’s values or strategy

immediate environment

company capability, competitors, physical environment, corporate partners

company capabilities

successful capability that distinguishes from competitors, more specific to the product than a competitive advantage

functional needs

basic requirements of performance of a product/service

psychological needs

emotional needs/personal gratification

compensatory decision rules

consumer weighs characteristics against each other

non-compensatory decision rules

choice based on one single characteristic

temporal factors

factors that influence a decision regarding the state of mind of the buyer