The 7 Strategic Phases of the Product Planning Process

 

Provided by the International Finance Corporation

The strategic phases of the product planning process is a sequential set of steps encapsulating a given product’s entire life cycle. The first step is ideation. The last step is plotting how to sunset a product. Many different skills, methods, tools, and stakeholders are involved in various aspects and phases.

The only true consistent figure in this process is product management. Product managers take the reigns as early as product definition and concept vetting. They bring it to life, nurture its growth, and ultimately put it to bed one final time.

Before diving headfirst into any of the strategic phases of the product planning process, it’s essential to understand all the steps. While mostly discrete activities, they do build on each other. A faulty foundation can result in a wobbly, flawed future.

1. Product Concept Development

This initial phase might be the most fun and creative stage in the product lifecycle, and it’s the most critical. Businesses come up with lots of ideas. So only the most promising projects must get the traction and resources they deserve.

So, once there’s an initial idea internal folks are excited about, it’s time to employ some of the available tools and techniques for some quick market validation. These tests give the team confidence they’re onto something with real promise.

A key step in this phase is product discovery. This process gives the product team a much deeper understanding of the problems potential customers face and the user personas the solution can target. Without a solid foundation of who the product is for and which of their pain points it solves, there’s little hope of finding product-market fit.

Armed with a good idea and a solid understanding of the key problem, the concept is then fleshed out while gathering additional information.

2. Competitive analysis

If a company has stumbled onto a great idea, there’s a high likelihood they’re not the only ones to have this epiphany. That’s why the next step is surveying the landscape. You do this to see how the product concept compares to what’s already available or under development.

The goal here is to understand the other options potential customers already have. Sometimes there will be a direct competitor with a relatively similar offering. There may be broader solutions that include similar functionality to the product in question. Just as importantly, an effective competitive analysis must include completely unexpected, less-than-elegant workaround solutions potential customers use to solve their pain points.

This includes using spreadsheets for building product roadmaps, authoring code in a plain text editor, or building animations in PowerPoint. People often use the tools they already have at their disposal. Changing those behaviors may be just as important and challenging as taking on direct competitors.

3. Market Research

Still not done with homework! Now that the business has a handle on how its solution fits into the scene, it’s time to see if its differentiated approach to solving user problems holds up.

Market research typically involves both qualitative and quantitative research. Surveys and aggregated data can indicate trends, help calculate the total addressable market, and serve as valuable input to the prioritization process.

Meanwhile, qualitative research can help product teams get to the “why” at the heart of the solution. Using focus groups, interviews, and other in-depth research methods. These methods add both color and a sense of humanity to the research and development process. An added benefit is that they challenge assumptions.

4. Minimum Viable Product development

The tail end of the market research phase may also entail developing a Minimum Viable Product. An MVP is functional for gauging the reaction and interest of likely buyers. It only includes the most vital features and functionality based on the business’s understanding of which user stories customers need most. It is laser-focused on solving core problems.

During MVP definition and development, the team may begin employing prioritization frameworks. MVPs determine which items would deliver the most “bang for the buck” and must be in place for the initial product offering. Frameworks focused on core functionality versus product line expansion are a good fit at this time. Examples include the jobs-to-be-done framework, which ensures the business is building products customers actually want and use.

By getting something to the market quickly, the company can validate its concept and generate user feedback. This is crucial during these early stages. It serves to inform for adjustments to perform key tasks at launch, and the value proposition and messaging matches the offering.

5. Introduction and launch

With “Version 1.0” about to become a reality, it’s time to take this idea to market. Even if it still bears a “beta” label. The hard work of generating awareness and demand often starts well before the “download” link goes live.

The product marketing team should be generating demand and building some buzz for the offering in anticipation of the release.

Using A/B testing on different messaging and price points to build up a list of interested parties and validate the value proposition’s efficacy. Press and analysts are briefed in advance and given product demos. This seeds the media market with coverage when the grand unveiling occurs.

A robust mechanism for soliciting, collecting, aggregating, and analyzing user feedback must be in place at launch. Asses the first impressions and the efficacy of different campaign messages and tactics. The results inform plans and how to allocate resources for wider promotion and growth.

Employing product analytics and customer research, product teams can begin measuring product-market fit. If gaps are identified, they can be added to the product backlog in preparation for future prioritization and product roadmapping activities.

6. Product lifecycle

Mature products enter a new phase of existence. Typically, this is a cycle of iterative improvements and modifications. Interspersed with more significant expansions (or removal) of functionality and capabilities.

At this point, the product roadmap becomes indispensable. As processes mature, release cadences are established, and the focus shifts to enhancements and growth. KPIs, goals, outcomes, and objectives will evolve throughout the product lifecycle. It will shift based on both the success and struggles of the product as well as the organization.

While rarely boring, this is the most predictable and routine phase of the product lifecycle. Suppose the product continues to find traction and adequate growth while establishing profitability. This phase may last for years, if not decades assuming the product remains viable and there’s a persistent market for it.

To synchronize strategic objectives with resource allocation and development priorities, structure a product roadmap using themes. Themes are excellent to ensure efforts remain focused on what matters most. This method still gives the implementation team some latitude in an Agile development framework.

7. Sunset

All things must end. For some lucky product management professionals, this never happens on their watch. However, statistically, there’s a pretty good chance they’ll have to say goodbye to an entire product or major component at some point during their career.

This isn’t always a bad thing. In fact, it’s just an inevitable part of the strategic phases of the product planning process. It’s a phase in which you are retiring a product due to a superior offering’s arrival. Another reason is a dwindling need for a particular solution. This is because the problem is no longer acute enough to warrant a product.

But wrapping up a longstanding offering has many implications. Using a checklist can ensure all the aspects are properly addressed during the wind-down period.

https://bitly.ws/3e8h9

ICE Framework: The original prioritisation framework for marketers

 

Image source

by Stuart Brameld

Introducing the ICE framework

The ICE framework is the original scoring mechanism for growth marketing teams. It is widely considered to have been invented by Sean Ellis, considered by many to be one of the leaders in the growth hacking movement and now the CEO of GrowthHackers.com.

As a result, the ICE framework is probably the dominant scoring framework used by growth teams today.

What is a prioritisation framework?

A prioritisation framework, or growth strategy framework, is used by product teams, growth teams and marketing teams to prioritise work and to assist with decision making.

Using these frameworks ideas from marketing teams, product teams, stakeholders, partners and consultants are assigned a quantitative score to determine the order in which work should be done.

There are a number of prioritisation frameworks, or scoring frameworks, all centred around the same theme. These include:

Framework	Developed by	Scoring factors
RICE	Sean McBride at Intercom	Reach, Impact, Confidence, Effort
ICE	Sean Ellis at GrowthHackers	Impact, Confidence, Effort
PIE	Chris Goward at WiderFunnel	Potential, Importance, Ease
HiPPO	n/a	Highest paid person’s opinion
BRASS	David Arnoux at Growth Tribe	Blink, Relevance, Availability, Scalability, Score
HIPE	Jeff Chang at Pinterest	Hypothesis, Investment, Precedent, Experience
DICET	Jeff Mignon at Pentalog	Dollars (or revenue) generated, Impact, Confidence, Ease, Time-to-money
PXL	Peep Laja at CXL	Above the fold, noticeable within 5 sec, high traffic pages, ease of implemention and more.

Prioritisation frameworks for growth

What does ICE stand for?

ICE is an acronym for 3 factors that make up an ICE score, these are:

• I – Impact
• C- Confidence
• E – Effort

Factor	Description
Impact	How impactful do I expect this test to be? Consider any relevant metrics and past data to calculate the likely impact on your baseline metric.
Confidence	How sure am I that this test will prove my hypothesis? Use data and past experience to assign a confidence score.
Ease	How easily can I get launch this test? As a marketer, if an idea needs no development work and you can complete it on your own, give it a higher score.

How do you calculate an ICE score?

Firstly, a score of between 1 and 10 is assigned to each individual factor (Impact, Confidence and Ease) and then all 3 scores are multiplied together to provide an overall score of between 3 and 30.

The biggest advantage of ICE prioritisation is its simplicity, decisions can be made very quickly, particularly where ‘good enough’ is the goal. That said, the main criticism is the subjectivity within the scoring, particularly for newer growth teams where there may be little or no historic data with which to accurately determine potential impact or confidence in an idea.

ICE framework template

The image below shows a set of ideas scored based on Impact, Confidence and Ease. The ideas with the highest score rise to the top of the list (or backlog) thereby creating a prioritised to-do list for the growth team.

Image source

Why use the ICE framework?

As with any prioritisation framework, the scores themselves are largely meaningless. The goal of using ICE prioritisation is to:

1. Assess the idea in a thoughtful, structured and unbiased way
2. Provide the ability to easily compare the ideas against others

Further resources

https://bitly.ws/3e4Wn

ICE Scoring Model

The ICE Scoring Model is a relatively quick way to assign a numerical value to different potential projects or ideas to prioritize them based on their relative value, using three parameters: Impact, Confidence, and Ease.

What is the ICE Scoring Model?

ICE Scoring is one of the many prioritization strategies available for choosing the right/next features for a product. The ICE Scoring Model helps prioritize features and ideas by multiplying three numerical values assigned to each project: Impact, Confidence and Ease. Each item being evaluated gets a ranking from one to ten for each of the three values, those three numbers are multiplied, and the product is that item’s ICE Score.

Impact looks at how much the project will move the needle on the key metric being targeted. Confidence is the certainty that the project will actually have the predicted Impact. Ease looks at the level of effort to complete the project.

For example, Item One has an Impact of seven, a Confidence of six, and an Ease of five, while Item Two has an Impact of nine, a Confidence of seven and an Ease of two. The ICE Scores would be 210 for Item One and 126.

Those scores can then be compared with a glance and the item with the highest score gets the top slot in the prioritization hierarchy (which would be Item One in our example). Item Two’s relatively low Ease value dragged that item’s ICE score way down, despite the fact it would have a greater Impact at a higher level of Confidence than Item One. This is because all three elements of the equation are treated equally, unlike a weighted scoring model.

Why is ICE Scoring Useful and Who Created it?

There are many different scoring models out there, but ICE primarily separates itself from the pack by being simpler and easier than most of the alternatives. Because ICE only requires three inputs (Impact, Confidence, and Ease) for each idea under consideration, teams can rapidly calculate the ICE score for everything and make prioritization decisions accordingly.

It’s an even simpler calculation than the RICE model, which adds Reach as a fourth element in the equation (it also swaps Ease for Effort, so it uses Reach * Impact * Confidence / Effort for the formula).

The fact that ICE is so speedy is in no small part due to the person who created it, Sean Ellis. Ellis is most famous for coining the term “growth hacking” and helping companies quickly ramp up experimentation. Growth hacking experiments are supposed to be quick and iterative, so it makes sense that the scoring model used to determine which experiments to prioritize would also be quick and easy to use.

ICE scoring is basically a “good enough” estimation and far less rigorous than other scoring models that product teams typically rely upon. There is also a high level of variability in any item’s ICE Score based on who’s doing the scoring. Since it’s almost completely subjective, two people could assign very different values to the attributes of different ideas and end up with contrasting opinions.

The fact that a low Ease score can so easily drag down an item’s ICE score also highlights the “experimental” origin of the model; in the land of growth hacking “failing fast” is extremely valuable due to the lessons learned, and teams typically don’t want to invest a ton of time in any single project. However, some things that will have a bigger impact require a larger resource and time commitment. Solely relying on ICE scores could lead a team to keep going for “low hanging fruit” instead of making a larger investment in a project that could make a much bigger difference in the long run.

ICE Scoring is best used for relative prioritization; if you are considering a few contenders, it’s a great way to pick a winner. Similarly, if you were to apply it to the entire backlog it will help bubble up a top tier of options for the goal being targeted at that moment.

A major drawback of ICE Scoring is that relatively few people in an organization will have enough information to accurately predict all three elements of the equation. Impact and Confidence are business considerations while Ease falls into the technical domain.

Engaging product development to provide an Ease ranking for every item being considered in a scoring exercise is one way to limit the subjectivity to areas where the scorers should have a stronger body of knowledge and gets decision-makers out of the business of guesstimating development timelines. However, the fast and cheap nature of ICE Scoring may run counter to asking developers to create a level of effort for dozens or hundreds of possible projects.

It’s also important to have a consistent definition of the 1-10 scale for ranking each of the ICE elements. If there isn’t an agreement on what a confidence of “7” means it could lead to some very inconsistent assessments by various team members.

While ICE Scoring definitely has its merits, it’s likely not the best method for prioritizing an entire product roadmap, but is better suited for pre-work or taking advantage of a particular opportunity.

Conclusion

Speed and simplicity are ICE Scoring’s biggest selling points and can help product teams narrow things down. Its strength is also one of its weaknesses, however, since it is only assessing an item’s impact relative to a single goal—in an organization with multiple, concurrent goals it falls short of other scoring models’ capabilities.

Despite its lack of nuance and complexity, ICE Scoring can offer a slick way to trim things down and provide some relative comparison points for decision-makers. And when you’re trying to reach a consensus, sometimes ruling things out is just as helpful as figuring out which item is the cream of the crop.

To learn more about prioritization, watch the following webinar.

https://www.productplan.com/

Principles of Marketing. Unit 1 Setting the Stage. Chapter 1 Marketing and Customer Value. 1.1 Marketing and the Marketing Process

 

LEARNING OUTCOMES

By the end of this section, you will be able to:

• 1 Define and describe marketing.
• 2 Describe the benefits of marketing to the organization, its interested parties, and society.
• 3 Explain the marketing process.

Marketing Defined

When you ask a group of people, “What’s marketing?” most people will answer “advertising” or “selling.” It’s true that both of these functions are part of marketing, but marketing is also so much more. The American Marketing Association (AMA) defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”6 That’s kind of a mouthful, so let’s see if we can simplify it a bit.

At its most basic level, marketing is made up of every process involved in moving a product or service from the organization to the consumer. It includes discerning the needs of customers, developing products or services to meet those needs, identifying who is likely to purchase the products or services, promoting them, and moving them through the appropriate distribution channels to reach those customers. Marketing, quite simply, is about understanding what your customers want and using that understanding to drive the business.

Marketing can also be defined as the set of activities involved in identifying and anticipating customer needs and then attempting to satisfy those needs profitably.7 But what does that really mean? Let’s break down that definition:

• Identifying customer needs. This is typically where marketing research comes in. Methods of marketing research will be covered in a later chapter, but market research helps a company develop a detailed picture of its customers, including a clear understanding of their wants and needs.
• Anticipating customer needs. After analyzing the data collected, marketers can predict how products might be changed, adapted, or updated.
• Satisfying customer needs. If marketers have done their homework correctly and clearly understand their customers’ needs, consumers will be pleased with their product purchase and will be more likely to make additional purchases.
• Profitably. Profitability is a relatively simple term; it’s when a company’s revenue is greater than its expenses. In terms of marketing, the road to profitability means adding value to a product so that the price customers pay is greater than the cost of making the product.8

MARKETING IN PRACTICE

Reconciling Segmentation and Diversity

We live in a multicultural world where diversity, equity, inclusion, and belonging (DEIB) is no longer the “right” thing to do; rather, it’s imperative. This is particularly true in marketing, because as the consumer population diversifies, brands have to authentically reflect a wide range of backgrounds and life experiences in order to effectively connect with consumers. Therefore, marketers must increasingly respect individual preferences, celebrate differences, and promote customization of products and services to meet customers’ needs, wants, and preferences.

At the same time, to profitably produce and sell a viable product or service, marketers must identify potential customer groups and types with certain characteristics in common—i.e., market segmentation. Segmentation requires assigning individuals to predefined categories with predictable behaviors, based on standardized assumptions.

How does segmentation differ from stereotyping? How can segmentation support diversity?

Read the following articles to further explore these nuances:

• Chron: “Difference Between Stereotyping & Market Segmentation”
• Retail Dive: “Segmentation is dead!”
• Spectrem Group Blog: “Why Segmentation Is OK in Market Research Not Life”

Keep these questions in mind as you explore Unit 2 of this book, where you will learn more about Market Segmentation, Targeting, and Positioning before exploring the considerations of Marketing in a Diverse Marketplace.

How Marketing Benefits the Organization, Its Interested Parties, and Society

Before we go on, let’s consider all the people and groups that an organization needs to consider and serve. Interested parties are those persons or entities that have an interest in the success or failure of a company. These parties can be categorized into two types: internal and external, as shown in Figure 1.2. You may see these people and groups referred to as “stakeholders” in business writing and other media.

Figure 1.2 Types of Interested Parties (attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license)

Internal interested parties are entities that reside within the organization and that affect—or are affected by—the actions of the company. These entities include employees, owners, managers, and investors (shareholders). When we think about marketing, marketers often tend to look outward. They build strategies to engage customers and show them what the company has to offer.

You might think that marketing would be primarily directed toward those outside the company, like customers, but marketing is also directed toward internal groups. Internal marketing involves promoting the objectives, products, and services of a company to its internal constituents—particularly employees.9

Think about a recent interaction you have had with a business employee. It could be the server who took your order at lunch or the sales associate at a big box store who showed you the features of the new laptop you were looking to purchase. Which interactions left you with a positive experience? Chances are that your evaluation of the experience is based on the interaction you had with the server or sales associate. That’s a function and benefit of good internal marketing, employees who are motivated and empowered to deliver a satisfying customer experience.

External interested parties include those outside the company, such as customers, creditors, suppliers, distributors, and even society at large. External groups don’t have a direct say in the company’s decision-making process. However they are vital to the success of the company because companies can only succeed with the support of others.

How does marketing benefit external parties? First, consider what marketing does for consumers. It draws out their needs, creates new demand, locates untapped opportunities, and determines the possibilities of selling new products. Second, marketing creates form, time, place, and possession utilities for the company’s goods and services. Utility refers to a product’s usefulness to customers so that they are convinced enough to make a purchase. In other words, when you hear “utility” in marketing, think “usefulness to customers.”

Marketing creates several different types of utility:

• Form utility. Form utility refers to how well an organization can increase the value of its product in the customer’s eyes by making changes and altering its physical appearance.10 For example, when you want a donut or a pastry, you don’t want to buy the ingredients to make it; you want a donut in its final form so you can eat it. That’s where the bakery and form utility come into play. The bakery combines flour, sugar, eggs, and other ingredients to make the cakes, donuts, and pastries that you purchase.
• Time utility. Marketing creates time utility when it makes products and services available to customers so that they can buy it when it is most convenient for them. Consider how many stores are open evenings, weekends, or even 24/7 to make it convenient for customers to shop there!
• Place utility. Marketing creates place utility when it makes goods or services physically available, convenient, and accessible to customers. Consider the ease a company like Uber Eats adds to your life when you’re craving tacos in the middle of the night and you don’t feel like getting dressed and driving to go get them. You can have your food delivered to you!
• Possession utility. Marketers facilitate possession utility by ensuring that a product is relatively easy to acquire. For example, many automobile manufacturers offer low (or sometimes no) interest rates on car loans to make it easy for you to walk out the door with a new set of car keys. Possession utility also encompasses the pride or satisfaction you get from owning a new product, such as a great-fitting pair of running shoes or a smartphone with all of the features you’ve been wanting.

Marketing’s primary benefit to society is that it drives the consumer economy. Marketing leads to increased sales and revenue for a business which enables them to expand operations, create more internal jobs and external jobs for partners like suppliers. Marketing also contributes tax revenue to local, state, and federal governments, ultimately leading to overall economic growth.

The Marketing Process Defined

The marketing process refers to the series of steps that assist businesses in planning, analyzing, implementing, and adjusting their marketing strategy. Do an internet search for “steps in the marketing process,” and you’ll immediately see that some websites outline a 10-step process, whereas others propose a 4-step or 6-step process. For our purposes, we’re going to use a 5-step process.

Steps in the Marketing Process

The 5-step process (see Figure 1.3) involves understanding the marketplace and customers, developing a marketing strategy, delivering value, growing customer relations, and capturing value from customers.11

Figure 1.3 Steps in the Marketing Process (attribution: Copyright Rice University, OpenStax, under CC BY 4.0 license)

Step 1: Understand Both the Marketplace and Customers

Before you can start the marketing process, you need to have a good idea of what your marketplace looks like. This means answering some basic questions about your customers, like who they are, their income and purchasing power, and how much they’re likely to spend (particularly on your products or services). If you decide to sell at lower prices in order to attain higher unit sales volume, your marketing strategy would look very different than if you decided to sell fewer products at a higher price.

Another way to approach this is to create separate brands and compete in both arenas. Consider Volkswagen. You might immediately think of the VW Beetle or the Jetta, but the company’s brand portfolio extends beyond VW passenger cars and SUVs. It’s also the parent company for Audi, Bentley, Lamborghini, Porsche, and others, and these vehicles sell at very different price points than VW passenger cars.12

Step 2: Develop a Customer-Driven Marketing Strategy

Marketing strategy refers to a business’s overall “game plan” to focus its limited resources in order to reach prospective customers and turn them into paying customers, hopefully for the long run.

It’s said that there are two basic types of marketing strategy: a product-driven, “build-it-and-they-will-come” strategy and a customer-driven strategy, in which you analyze prospective consumers and then—and only then—create something that they want or need. We’re going to focus on the latter strategy. What happens in a customer-driven marketing strategy is that the company shifts the focus from the product or service itself to its users. Customers’ needs are the central focus and the point of beginning, not an afterthought. Your primary goal in a customer-driven marketing strategy is to determine what users want and/or need and then satisfy those users. Instead of being product-centric, it’s about being customer-centric and developing a mutually beneficial relationship with customers.13

In a nutshell, it’s about establishing a connection and a relationship. It’s about understanding who your customers are, what their needs and wants are, and how you can best meet those needs and wants. It’s about knowing your target market better than your competitors do and creating a strong value proposition for those users—a promise of value that communicates the benefits of your company’s products or services. In short, it’s what makes your product or service desirable to potential customers, helps them understand why they should buy it, how your company’s product or service differs from those of its competitors, and how your offerings are superior to similar offerings from your competitors. 14

Step 3: Deliver High Customer Value

Customers have myriad buying options and alternatives today. Given that, how can a company attract and—even more importantly—retain its customers? The answer is relatively simple: you give them value for their money. By definition, customer value is the ratio between the perceived benefits and costs incurred by the customer in acquiring your products or services.

The mathematical formula is simple:

But “value” from the customer’s perspective is a complex term, because we’re really considering four different values types:

• Functional value: what the product “does” for the customer in terms of solving a particular want or need
• Monetary value: what the product actually costs relative to its perceived worth
• Social value: how much owning the product allows the customer to connect with others
• Psychological value: how much that product allows the customer to “feel better”15

Value is increased by boosting the benefits (in the form of product, place, or promotion) or minimizing the price.

Step 4: Grow Profitable Customer Relations

The bottom line is that profitable customer relationships are the “secret sauce” of any business. This step in the marketing process is where marketers acquire, keep, and grow customer relationships. Successful marketers know that acquiring customers is one of the hardest (not to mention one of the most expensive) elements of marketing. However, when you know clearly who those potential customers are, you can more effectively determine how to reach them, thus maximizing your marketing dollars.

It isn’t enough to have a one-and-done sale. You want repeat buyers, so marketers need to remind customers about the company’s products and/or services and how those products and services have met their needs and improved their lives so they make repeat purchases. Marketers need to consider how to reach customers about their offerings and make it easy and convenient for those customers to make continued purchases.

When customers have a positive relationship with a company or its products or services, they’re more likely to become repeat buyers. Satisfied customers are also more likely to be interested in buying additional products or services from your company, and they tend to recommend products to others, further reducing the company’s costs of getting new customers.16

Step 5: Capture Customer Value in the Form of Profits

The goal of successful customer relationship management (CRM) is creating high customer equity—the potential profits a company earns from its current and potential customers. It’s a relatively simple concept: increasing customer loyalty results in higher customer equity.

Increasing customer equity is the goal of marketers because it’s a bellwether for financial success. Think about it in simple terms: the higher a company’s customer equity, the more profit the company generates, and the more valuable that company (and its products or services) becomes on the market.17

Knowledge Check

It’s time to check your knowledge on the concepts presented in this section. Refer to the Answer Key at the end of the book for feedback.

1.

Coca-Cola’s mission is to refresh the world, and to that end, it has ensured that you can buy a Coke product at numerous locations—vending machines, convenience stores, restaurant fountains, stadiums, etc. What type of utility has marketing created through this process?

1. Form utility
2. Time utility
3. Place utility
4. Possession utility

2.

Which of the following provides the most complete definition of marketing?

1. Marketing creates value.
2. Marketing is made up of every process involved in moving a product or service from your organization to the consumer.
3. Marketing includes distribution decisions.
4. Marketing is about building relationships.

3.

Which of the following is not an external interested party?

1. Employees
2. Customers
3. Suppliers
4. Society

4.

The total potential profits a company earns from its current and potential customers is known as ________.

1. customer equity
2. the value proposition
3. customer value
4. the marketing process

5.

At which step in the marketing process would the lifetime values to a company’s customers be considered?

1. Developing a customer-driven marketing strategy
2. Delivering high customer value
3. Growing profitable customer relations
4. Capturing value from customers

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