Marketing Mix and Customer Value: Definitions, Examples, and Strategies
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4. Define each of the 4 P’s of marketing (the marketing mix). Provide an example of each.
Product: Creative value goods vs. services
Price: Capturing Value, money time and energy
Place: Delivering the value Proposition
Promotion: Communicating the Value proposition.
5. What is the definition of value?
The relationship of benefits to costs, what the consumer gets for what they give.
11. List and define the three macro strategies for developing customer value. What are characteristics of each strategy?
Operational Excellence: involves a firm's focus on efficient operations and excellent supply chain management. Good enough
Customer intimacy (excellence): involves a focus on retaining loyal customers and excellent customer service. Just right
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