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Sales and Marketing Strategies
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Sales and Marketing Strategies
Sales and Marketing Strategies
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1
Question
What does context imply for marketing strategies?
Answer
Context means you need to customize or create marketing mix strategies.
2
Question
What is the 'black box theory' in marketing?
Answer
It refers to the process where marketing stimuli enter the consumer's mind and result in a buying decision.
3
Question
What are the two types of selling mentioned in the document?
Answer
Retail Selling and Trade Selling.
4
Question
What is the key focus of trade marketing?
Answer
The key focus is to push products through distribution channels to secure shelf space.
5
Question
What are the implications of a Pull Strategy?
Answer
It focuses on demand creation, brand preference, and loyalty through advertising, publicity, and social media.
6
Question
What are the implications of a Push Strategy?
Answer
It focuses on getting momentum and volume of products through the trade channel, with the assumption that trade customers and end consumers need incentivization.
7
Question
What are the additional 3 Ps for marketing services?
Answer
People, Physical Evidence, and Process.
8
Question
What challenges do marketers face with intangible services?
Answer
They cannot be seen or touched, making it difficult for customers to evaluate.
9
Question
What is the perishability challenge in service marketing?
Answer
Services cannot be stored, and unused service capacity leads to forgone revenue.
10
Question
What does B2B stand for and what does it involve?
Answer
B2B stands for Business-to-Business and involves selling products or services from one business to another.
11
Question
What is a key characteristic of B2B marketing?
Answer
B2B marketing requires a different approach compared to B2C marketing, focusing more on personal selling and understanding complex customer needs.
12
Question
What are the key elements of a customer strategy?
Answer
Identify key prospects, understand customer buying behaviors, and develop ongoing post-sales relationships.
13
Question
What is the significance of understanding consumer behavior in selling?
Answer
It helps in understanding customer needs and demonstrating the link between the product and its benefits.
14
Question
What external factors influence consumer behavior?
Answer
Culture and reference groups.
15
Question
How does motivation impact consumer behavior?
Answer
Customers buy products to satisfy a need or want, which often starts with the recognition of a problem or need.
16
Question
What is the process of perception in consumer behavior?
Answer
Perception is the process by which people select, organize, and interpret information to form a meaningful picture.
17
Question
What do internal factors, such as attitudes, describe?
Answer
Attitudes describe a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea.
18
Question
What is the STP process in marketing?
Answer
Segmentation, Targeting, and Positioning (STP) involves understanding customer orientation and providing different marketing mixes to various customer groups.
19
Question
What is the purpose of segmentation in marketing?
Answer
Segmentation helps a firm assess which segments are attractive and identify new market opportunities for overlooked or unmet needs.
20
Question
What are some criteria used for market targeting strategies?
Answer
Criteria include size of segments, growth potential, underserved status, fit of segment to the brand, and the company's vision and marketing objectives.
21
Question
What is a new task in organizational buying decisions?
Answer
A new task is when a customer purchases a product or service for the first time.
22
Question
What is a straight rebuy in organizational buying decisions?
Answer
A straight rebuy occurs when a customer buys the same product from the same source as previously.
23
Question
What is a modified rebuy in organizational buying decisions?
Answer
A modified rebuy happens when a customer has purchased a product or a similar product in the past but is interested in obtaining new information.
24
Question
What are rational motives for buying based on economic criteria?
Answer
Businesses look for products and services at the lowest cost and consider life cycle costing, which evaluates the cost of equipment or supplies over their useful life.
25
Question
What does selection mean in product strategy?
Answer
Selection means picking the right type of product or a combination of products to suit customer requirements.
26
Question
What is solution selling?
Answer
Solution selling is a process where the salesperson uncovers and clarifies a customer's problem and works with the customer to create a vision of how things could be better.
27
Question
What are the 8 steps in the B2B buying process?
Answer
1. Problem recognition 2. A general need description 3. Product specification 4. Supplier search 5. Proposal solicitation 6. Supplier selection 7. Order-routine specification 8. Performance review.
28
Question
What does systems selling refer to?
Answer
Systems selling refers to buying a complete solution to a problem from a single seller instead of separate products and services from multiple suppliers.
29
Question
What is product differentiation?
Answer
Differentiation refers to the ability to separate oneself, one's product, and/or one's company from competitors, key to achieving competitive advantage.
30
Question
What is the role of positioning in marketing?
Answer
Positioning involves creating and maintaining a certain concept of the product in the customer's mind, influencing how a market segment perceives it compared to competitors.