Marketing Test - 57

The ultimate outcome of relationship marketing is a unique company asset called the marketing network, consisting of the company and its supporting stakeholders. These stakeholders can include customers, employees, suppliers, distributors, retailers, and others.

A marketing network is built on mutually beneficial relationships between the company and its stakeholders. These relationships are characterized by trust, commitment, and cooperation. The company benefits from the marketing network in a number of ways, including:

• Increased customer loyalty
• Reduced customer acquisition costs
• Increased sales
• Improved innovation
• Enhanced reputation

"Market demand for the product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program".- Philip Kotler.

A vertical marketing system (VMS) combining successive stages of production and distribution under single ownership is known as a corporate vertical marketing system. In a corporate VMS, a single entity owns and operates multiple levels of production and distribution, which may include manufacturing, wholesaling, and retailing. 

Corporate Vertical Marketing System - 

• A corporate vertical marketing system (VMS) is a type of VMS in which all of the stages of production and distribution are owned and operated by a single company.
• This gives the company complete control over the entire supply chain, from the sourcing of raw materials to the delivery of the finished product to the customer.
• Corporate VMSs are often used by large companies that have the resources to invest in and manage all of the different stages of the supply chain. 

A. Enhancement of Digital Payments: This statement focuses on digital payments, which although important for financial literacy and inclusion, does not directly address upskilling initiatives for women. Hence, this statement is incorrect. 

According to Philip Kotler “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer's response”.  The controllable variables in this context refer to the 4 'P's-

1. product
2. price
3. place (distribution)
4. promotion

Requirement for effective market segmentation:

Measurable: The size and purchasing power profiles of your market should be measurable, meaning there is quantifiable data available about it. A consumer’s profile and data provide marketing strategists with the necessary information on how to carry out their campaigns.

Accessible: Accessibility means that customers and consumers are easily reached at an affordable cost. This helps determine how certain ads can reach different target markets and how to make ads more profitable. 

Actionable: The market segments need to be actionable, meaning that they have practical value. A market segment should be able to respond to a certain marketing strategy or program and have outcomes that are easily quantifiable.  As a business owner, it’s important to identify what kind of marketing strategies work for a certain segment. Once those strategies have been identified, ask yourself if the business is capable of carrying out that strategy. 

Intensity of competition: The segmentation strategy should provide opportunities for likely products or services to compete effectively. If the intensity of competition is destructive (destroying value for all players) then you want to avoid this strategy.

This integrated approach involves building and maintaining mutually beneficial relationships with all stakeholders and constituents for long-term benefits, and it goes beyond traditional marketing strategies. The components of holistic marketing typically are:

• Relationship Marketing
• Integrated Marketing
• Internal Marketing
• Socially Responsible Marketing (or Societal Marketing)

The entity that does not belong in the product marketing subsystem is Input manufacturers.

Product Marketing Subsystem:

• The product marketing subsystem in agriculture involves the activities and entities that are directly involved in the marketing and distribution of agricultural products from the farm to the end consumers.
• It encompasses various stages, including production, processing, storage, transportation, and retailing.
• The entities involved in this subsystem are farmers, village/primary traders, and retailers.

The difference between customer evaluation including all costs incurred and benefits is called Customer Perceived Value.

Customer perceived value is the assessment made by customers regarding the overall worth or utility they derive from a product, service, or offering about the total costs incurred. It involves considering both the monetary costs (e.g., purchase price, ongoing expenses) and non-monetary costs (e.g., time, effort) associated with acquiring, using, and maintaining the offering.