Marketing M1 Review

Part 1: Review Questions

1. What is marketing myopia, and how can it be avoided?

Marketing myopia is an oblivious approach to marketing that unwittingly ignores what the business actually produces for the consumer; has a short-sided focus on product attributes. You can avoid marketing myopia by building relationships with the customer and prioritizing the businesses focus and direction on customer needs.

2. What is customer-perceived value, and what role does it play in customer satisfaction?

Customer-perceived value is the customer’s evaluation of the difference between all of the benefits and all the costs of a market offering relative to those of competing offers. Customers often do not judge values and costs objectively or accurately; instead they act on perceived value and the customer satisfaction depends on the product’s perceived performance relative to buyer’s expectations.

3. Explain the roles of market segmentation, market targeting, differentiation, and positioning in implementing each strategy.

Market Segmentation: a division of the marketing scheme into smaller focused target groups. No single marketing scheme can satisfy everyone so you separate marketing mixes to satisfy different groups.

Market targeting: identifies a specific target group which the company will focus its attention and marketing design to attract. The target group should be the most likely to benefit from the businesses product.

Differentiation: the separation and distinction of products or services to make them more appealing to a specific target group.

Positioning: the strategy selected to game-plan methods of advertising or promotion of products such as product design and optimum locations to sell or carry out promotions.