Week 2 Checkpoint
MM522

1. Question :
(TCO A, B, C) Describe a value proposition and provide an example. How important is value to the consumer?
Answer:
(Chapter 1, p. 13) A value proposition is a set of benefits that companies offer to customers to satisfy their needs. An intangible value proposition can be made tangible by offering a combination of products, services, information, and purchasing experiences.

2. Question :
(TCO A, B, C) How would you describe relationship marketing? Why are these relationships so important to successful marketing?
Answer:
(Chapter 1, pp. 20–22) Relationship marketing aims to build mutually satisfying long-term relationships with key constituents (consumers, employees, marketing partners, and members of the financial community) in order to earn and keep their business. It is important to recognize the need to create prosperity for all these constituents and balance the returns for all key stakeholders.

3. Question :
(TCO A, B, C) What are the similarities and differences between holistic marketing and integrated marketing communications?
Answer:
(Chapter 1, pp. 19–22) Holistic marketing recognizes the breadth and interdependencies of marketing program design, development, and implementation – “everything matters” in marketing. Integrated marketing communications recognizes the added value of a comprehensive marketing plan. A marketers’ task is to create marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for consumers.

4. Question :
(TCO A, B, C) Describe Michael Porter’s value chain model. What makes this an effective approach?
Answer:
(Chapter 2, pp. 35–36 Figure 2.1) Michael Porter proposed a tool, the value chain, for identifying ways to create more value. According to the value chain model, every company is a combination of activities