MKT 3510 Study Guide - Midterm Guide: Relationship Marketing, Social Marketing, Brand Loyalty
22 May 2018
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Marketing 2500 Midterm Study Questions Winter 2017
1. What is relationship marketing? Why is it important and widely practices by marketers?
a. Relationship marketing is a marketing technique that focuses on customer loyalty
and long-term customer engagement rather than shorter-term goals such as
individual sales. This is important because your loyal customers will spend more
money because of the trust in the brand. It is widely practiced by marketers
because of the 80/20 rule. 80% of your sales come from 20% of your customers.
Those are the loyal customers who continue to come back and send money. Loyal
customers also encourage positive word of mouth to others.
b. Relationship marketing is the strategic perspective that stresses the long-term,
human-side of buyer-seller interactions. It is used to keep an open relationship
between buyer and sellers. Marketers have realized that a key to success is building
relationships between brands and customers that will last a lifetime. Relationship
marketing helps create that bonds and may even provide financial benefits to
customers over time.
2. Explain the difference between a need and a want. Provide an example of each.
a. A need is a basi iologial otie that a’t e eated the aket- i.e. food. A
want is one way individual consumers are taught by culture to satisfy their biological
needs i.e. gourmet lobster dinner.
3. Explain the role social marketing plays in public policy.
a. Social marketing is used to enhance positive behavior. For example, cigarette PSA
videos are used to inform the public about the dangers of s Public policy is
advanced when markets practice social marketing.
4. Advertising has increasingly become less effective because of increased clutter. How
can advertisers use contrast to cut through the clutter?
a.
5. What is just noticeable difference (JND)? How do marketers take advantage of JND?
a. Just noticeable difference is the minimum difference a consumer can detect
between two stimuli. For example, when a price drops in a product, the consumer
may feel favorable to purchase it because of the lower price. Or the amount in a
package.
6. Explain the closure principle and how marketing use this principle.
a. People tend to fill in the blanks while using personal experience. Marketing
strategies use closure principle to encourage consumers to interact with the
product.
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Document Summary
Why is it important and widely practices by marketers: relationship marketing is a marketing technique that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals such as individual sales. This is important because your loyal customers will spend more money because of the trust in the brand. It is widely practiced by marketers because of the 80/20 rule. 80% of your sales come from 20% of your customers. Those are the loyal customers who continue to come back and send money. Loyal customers also encourage positive word of mouth to others: relationship marketing is the strategic perspective that stresses the long-term, human-side of buyer-seller interactions. It is used to keep an open relationship between buyer and sellers. Marketers have realized that a key to success is building relationships between brands and customers that will last a lifetime.
