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Applied Marketing Knowledge: Discussion Questions

1. Why is capturing customer lifetime value so important? Choose a retailer, and apply this concept as a way to explain, in part, its profitability and long-term viability in the marketplace.
2. The marketing mix has been compared to a toolbelt. In other words, successful marketers can devise an appropriate marketing mix by combining the right blend of tools: product, price, place, and promotion. Describe a recent product that you purchased on Amazon.com or some other online retailer (place), how you located it (promotion), and whether the price was competitive when compared to similar products.
3. Why do some marketers prefer to follow the 4Ps (product, price, place, and promotion) of marketing and others might prefer to follow the new pattern of the 5Ms (minds, minutes, machinery, materials, and money)?
4. A person can be a product. Please give an example of this.
5. According to the US Centers for Disease Control and Prevention, the birthrate is falling in communities around the world. In the United States, the birthrate fell by 4 percent in 2020, an all-time low. Describe why dwindling population is a demographic concern in the macroenvironment all businesses must contend with.
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