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Checkpoint Week 1 Marketing Mgmt

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1. Question : (TCO A, B, C) Describe a value proposition and provide an example. How important is value to the consumer?

Student Answer: A value proposition is a set of benefits that a company offers. It is used to address and satisfy consumer needs. Since “value reflects the sum of perceived tangible and intangible benefits to customer” (Keller, Philip Kotler and Kevin. Marketing Management. 13 pg 14 ), this technique offers as profitable marketing strategy to retail stores. Value is important because it provides customer satisfaction. “Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations” (Keller, Philip Kotler and Kevin. Marketing Management. 13 pg 14).

2. Question : (TCO A, B, C) How would you describe relationship marketing? Why are these relationships so important to successful marketing?

Student Answer: The text defines relationship marketing as "building enduring relationships with people and organizations in order to earn and retain their businesses". Relationship marketing many benefits. It allows the business to build referrals, reduce marketing expenses and allows for company growth in a way that is aligned with the core customer needs. It helps the company focus on retaining their customers and keeping them satisfied which will in turn help build their marketing network and in turn build profitable business relationships with the companies and people in the network

3. Question : (TCO A, B, C) What are the similarities and differences between holistic marketing and integrated marketing communications?

Student Answer: Holistic marketing recognizes the breadth and interdependencies of marketing program design, development, and implementation – “everything matters” in marketing. Integrated marketing communications recognizes the

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