marketing management

What is marketing and how has it evolved?

Marketing is the process of creating communicating delivering and exchanging value; it evolved from transactional selling to relationship and value-based focus.

Explain production vs sales vs marketing orientation.

Production focuses on efficiency; sales focuses on pushing products; marketing focuses on satisfying customer needs profitably.

What are the steps in the strategic marketing management process?

Mission definition; SWOT analysis; objectives; strategy development; marketing mix implementation; evaluation and control.

What is SWOT analysis?

A framework analyzing strengths weaknesses opportunities and threats to align internal and external factors.

Corporate vs marketing strategy difference?

Corporate strategy defines overall direction; marketing strategy focuses on target markets and value proposition.

What is relationship marketing?

A focus on long-term customer relationships and retention rather than short-term transactions.

What is a Marketing Information System?

A system that collects analyzes and distributes marketing information for decision making.

Primary vs secondary data?

Primary is collected for a specific purpose; secondary is pre-existing data.

Qualitative vs quantitative research?

Qualitative is exploratory and insight-based; quantitative is statistical and generalizable.

Steps in marketing research process?

Define problem; design research; collect data; analyze; report findings.

Factors influencing consumer behavior?

Cultural social personal and psychological factors.

Consumer decision-making process?

Problem recognition information search evaluation purchase decision post-purchase behavior.

What is perceived value?

The difference between perceived benefits and perceived costs.

What is market segmentation?

Dividing a market into groups with similar characteristics.

What is positioning?

Creating a distinct image in the consumer’s mind.

What is branding?

Creating identity differentiation and trust.

What is brand equity?

The added value a brand provides through perception and loyalty.

Product life cycle stages?

Introduction growth maturity decline.

How do firms create a sustainable competitive advantage?

By delivering superior customer value through cost leadership, differentiation, or focus, with resources that are hard to imitate.

What is customer lifetime value (CLV) and why is it important?

CLV is the total net profit from a customer over time; it helps focus on long-term retention and profitability rather than short-term sales.

How do internal and external environments interact in strategy?

Internal strengths/weaknesses must be aligned with external opportunities/threats for strategic fit.

What are common failures in marketing planning?

Poor data/research, ignoring customer needs, lack of integration across departments, weak execution.

When should a manager choose qualitative over quantitative research?

Qualitative is for exploration and understanding motivations; quantitative is for testing hypotheses and generalizing results.

What is sampling bias and why does it matter?

Sampling bias occurs when the sample is unrepresentative, leading to invalid conclusions and poor decisions.

How do firms turn data into actionable insights?

Through data analysis, pattern recognition, and translating findings into strategic decisions.

How does cognitive dissonance affect post-purchase behavior?

Customers may feel doubt after purchase; marketers reduce it with follow-up communication, warranties, and positive reinforcement.

What is the role of perception in consumer decision-making?

Consumers act based on perceived reality, not objective reality; branding and messaging shape perception.

How do heuristics influence buying decisions?

Consumers use mental shortcuts, such as brand loyalty or price-quality cues, to simplify decision-making.

Why are relationships more critical in B2B than B2C?

Due to high transaction value, long-term contracts, and high switching costs in B2B purchases.

What role does trust play in organizational buying?

Trust reduces risk and uncertainty, particularly in complex or high-cost purchases.

What are the risks of poor segmentation?

Wasted resources, weak positioning, and missed opportunities.

Compare undifferentiated, differentiated, and concentrated targeting.

Undifferentiated targets everyone the same; differentiated uses multiple strategies for multiple segments; concentrated focuses on one niche.

What is repositioning and when is it necessary?

Repositioning changes a product’s image due to market shifts, competition, or declining sales.

How do firms manage products across the life cycle?

Introduction: awareness/trial; Growth: differentiation; Maturity: defend market share; Decline: harvest or discontinue.

What are branding strategies firms can use?

Line extensions, brand extensions, new brands, co-branding.

What causes brand equity to increase or decrease?

Increase: consistent quality, strong messaging, good experiences; Decrease: poor quality, scandals, inconsistency.

How would you design a marketing strategy for a new product?

Conduct research, segment market, select target, position product, develop marketing mix, launch and evaluate.

How do all 4Ps connect to customer value?

Product provides benefits, Price affects perceived value, Place ensures convenience, Promotion communicates value.

If a product is failing, how do you diagnose the problem?

Check target market match, positioning, promotion, pricing, and distribution.

How does digital transformation impact marketing strategy?

Enables data-driven decisions, personalization, omnichannel distribution, and real-time engagement.