Week 4 Midterm

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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 business or marketing statement that promises a value that the customer needs and will benefit from as a result. It is the marketing strategy to convince the consumer why the product or service is needed. An example of a value proposition is a company that may offer access to customer service 24 hours a day. Another more specific example is like the bank Huntington that offers 24 hour grace period for overdrafts. Value to the customer is important because it should evoke customer loyalty. Value propositions should provide the customer with some essential measure of need that leaves them with the belief that they will only primarily be provided with this value from this product or service more so than any other similar brand, product or service.

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

Student Answer: Relationship marketing is the organizations objective to build a mutual relationship that will turn out to be long term for consistent customer retention. These relationships or most important because this is how you obtain and maintain customer loyalty and also it will gain word of mouth from loyal customers to bring in new customers. Stakeholders in the organization want to know that the product is bringing growth and stability of customer satisfaction.

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

Student Answer: Holistic marketing is a model that is based on the development, design and completion of marketing programs. Integrated marketing communications creates, communicates and delivers value for the consumer. They are similar in that they...
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